Marvin Company has a beginning inventory of 12 sets of paints at a cost of $2.00 each. During the year, the store purchased 4 sets at$2.10, 6 sets at $2.70, 6 sets at $3.00, and 10 sets at $3.50. By the end of the year, 25 sets were sold.a. Calculate the number of paint sets in ending inventory.Number of paint setsb. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods.Note: Round your answers to the nearest cent.Cost of ending inventory under LIFOCost of ending inventory under FIFOCost of ending inventory under Weighted Average

To solve this problem, we need to determine the number of paint sets in the ending inventory and…

Answered: Marvin Company has a beginning…

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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Find the cost of goods sold for Coffee Time. Their beginning inventory was valued at $1,500, and they spent $2,200 during that period. At the end the period, the ending inventory was valued at $1,100
Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased 200 units at a total cost of $22,000. At the end of the year, Crane had 60 units in ending inventory. Crane Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places
Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales s 10,297.50
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Marvin Company has a beginning inventory of 14 sets of paints at a cost of $1.60 each. During the year, the store purchased 6 sets at $1.70, 8 sets at $2.30, 8 sets at $2.60, and 12 sets at $3.10. By the end of the year, 32 sets were sold. a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Average
Marvin Company has a beginning inventory of 13 sets of paints at a cost of $1.90 each. During the year, the store purchased 5 sets at $2.00, 7 sets at $2.60, 7 sets at $2.90, and 11 sets at $3.40. By the end of the year, 28 sets were sold. Calculate the number of paint sets in ending inventory. Number of paint sets = 15 Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. ost of ending inventory under LIFO $28.70selected answer correct Cost of ending inventory under FIFO $49.00selected answer correct Cost of ending inventory under Weighted Average $ Please answer weighted average question.
A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?
The following inventory was available for sale during the year for Trusted Tools: 10 units Beginning inventory...... at $160 First purchase.... at $220 Second purchase. at $280 Third purchase at $260 15 units 30 units 20 units Trusted Tools has 25 units on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the first-in, first-out method? Select one: a. $6,600 b. $11,900 c. $6,300 d. $7,800
Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail sales value of $36,200.During the year, Garrison purchased inventory with a retail sales value of $771,100. After performing a physical inventory, Garrison computed the inventory at retail to be $54,700. The markup is 100% of cost.What is the ending inventory at its estimated cost? A. $27,350 B. $136,750 C.$82,050
Writing.com has a beginning inventory of 16 sets of pens at a cost of $2.12 each. During the year, Writing.com purchased 8 sets at $2.15, 9 sets at $2.25, 14 sets at $3.05, and 13 sets at $3.20. By the end of the year, 29 sets were sold. Ending Inventory 31 pens. Calculate the cost of ending inventory under LIFO, FIFO, and weighted-average methods. ( Round your intermediate calculation and final answers to the nearest cent).
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