DateJanuary 1February 10March 13March 15August 21ActivitiesBeginning inventoryPurchasePurchaseSalesPurchasePurchaseSeptember 5September 10 SalesTotalsCost of goods available for saleNumber of units available for saleUnits Acquired at Cost600 units @ $40 per unit400 units @ $37 per unit190 units @ $15 per unitEnding inventory190 units @ $45 per unit550 units @ $43 per unit385 units1,930 unitsRequired:1. Compute cost of goods available for sale and the number of units available for sale.73,8502. Compute the number of units in ending inventory.1,930 unitsUnits Sold at Retail805 units @ $70 per unit740 units @ $70 per unit1,545 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specificidentification. (For specific identification, units sold consist of 600 units from beginning inventory, 300 from theFebruary 10 purchase, 190 from the March 13 purchase, 140 from the August 21 purchase, and 315 from the September5 purchase.) DateJanuary 1February 10Total February 10March 13Total March 13March 15Total March 15August 21Total August 21September 5Total September 5September 10Total September 10TotalsGoods Purchased# of units400 at190 atCostper unit190 at 5550 at37.0015.0045.0043.00# of unitssoldPerpetual FIFO:Cost of Goods SoldCostper unit600 atato atN$40.00$37.00$15.00Cost of GoodsSold"1$ 24,000.000.000.00$ 24,000.00$ 24,000.00Inventory BalanceCostper unit$40.00# of units600 at600 at400 at600 at400 at190 atatNNNN70NNNNatat718$40.00$1037.00 =$40.00$37.00$15.00la$on onin iniin40.0040.00 =$37.00 =$15.00$15.00$45.00$37.00 =Tun ²²/10/201$"1$II15.00$1145.00"I$"I37.00 =43.00$40.00 $InventoryBalance$"124,000.00"I$24,000.0014,800.00$= $38.800.00$24,000.0014,800.002,850.00$41.650.00UF0.000.000.000.000.000.000.000.000.000.00

Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Answered: Activities Beginning inventory Purchase…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory F Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase $4 Sale Purchase Sale Total Purchases $4 Total COGS Gross Margin, LIFO perpetuak Sales COGS Gross Margin %24
('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01Beginning inventory 50 1.0 50 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 .input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $
Question 1 PioneerLtd is a company operating in the retail sector. The beginning inventory of Pioduct EF50S9 and information about purchases and sales made dhuing June are shown below: 1. 6000 unit: @$2.00 per unit 4500unit: @$2.25 per unit June 1 Inventory 4 Purchas es Sales 4000 units 12 Purchas es 4000 units @$2.30 per unit 21 Sales 3000 units 24 Sales 2800 units 26 Purchas es 3000 unit: @$2.35 per unit 30 Sales 2500 units Selling price for product EF5OS9 is $5 perunit. Other expenses for the monthwere $523 Required: А. Record the infomation on a peipetual inventory record using each of the following methods: 1. FIFO 2. moving a verage 3 LIFO
Question 3 Use the following information to answer the following questions: Beginning Inventory: 10,000 Units @ $4.00/unit Purchase Layer #1: 5,000 Unit @ $4.00/unit Purchase Layer #2: 5,000 Unit @ $5.00/unit Purchase Layer #3: 5,000 Unit @ $6.00/unit Sales Layer #1: 6,000 units at $15.00/unit Sales Layer #2: 4,000 units at $15.00/unit What is the ending inventory value using FIFO? A B C D E $75,000 $40,000 $5,000 $55,000 None of the above. X >
Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 20 80 Jun-13 Purchase 150 1.4 210 230 Jun-18 Sales 100 130 Jun-20 Purchase 100 1.6 160 230 Jun-30 Purchase 150 1.8 270 380 750 Round your answer to the nearest dollar. (eg $54.4.input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System Cost of Good Sold Ending Inventory Average Cost Periodic System Cost of Good Sold Ending Inventory FIFO Perpetual System Cost of Good Sold Ending Inventory Average Cost Perpetual System Cost of Good Sold Ending Inventory
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 240 $140 Sold 160 $180 Purchased 500 143 Sold 400 182 Purchased 410 150 Sold 370 214 Ending inventory 220 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Solod Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning $4 $4 Sale Purchase Sale Purchase %24
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity JFW1 SAW9 X 69 131 Cost per Unit $50 26 Market Value per Unit (Net Realizable Value) $45 30
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
Activities Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventcry using specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning…
Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?

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