The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 23,900 $43.00 Jan 5 sale 5,800 85.00 Feb 15 purchase 31,800 34.25 Mar 10 purchase 8,800 41.00 May 20 sale 40,100 85.00 Aug 22 purchase 15,200 34.50 Sep 12 sale 20,150 85.00 Nov 24 purchase 10,200 55.00 Dec 5 sale 17,850 85.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round

The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 23,900 $43.00 Jan 5 sale 5,800 85.00 Feb 15 purchase 31,800 34.25 Mar 10 purchase 8,800 41.00 May 20 sale 40,100 85.00 Aug 22 purchase 15,200 34.50 Sep 12 sale 20,150 85.00 Nov 24 purchase 10,200 55.00 Dec 5 sale 17,850 85.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round

Name: The following inventory transactions took place for Blossom Ltd. for
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following inventory transactions took place for Blossom Ltd. for theyear ended December 31, 2023:Cost/SellingDateEventQuantityPriceJan 1beginning inventory 23,900$43.00Jan 5sale5,80085.00Feb 15purchase31,80034.25Mar 10purchase8,80041.00May 20sal

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

See similar textbooks

Similar questions

Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Quantity 24,000 6,400 33.000 9,600 41,600 14,400. 20,400 9,600 16.500. Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72,00 V Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)
The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 20,160 $44.75 Jan 5 sale 6,120 69.95 Feb 15 purchase 33,900 41.25 Mar 10 purchase 10,420 46.00 May 20 sale 41.800 69.95 Aug 22 purchase 14,000 42.00 Sep 12 sale 20,300 69.95 Nov 24 purchase 9,300 43.95 Dec 5 sale 14,800 69.95 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the moving- average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.) Ending inventory $ SUPPORT
The following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 19,900 $42.85 Jan 5 sale 5,840 73.00 Feb 15 purchase 34,800 40.25 Mar 10 purchase 10,200 49.00 May 20 sale 42,100 73.00 Aug 22 purchase 15,100 44.80 Sep 12 sale 20,200 73.00 Nov 24 purchase 9,000 47.00 Dec 5 sale 16,200 73.00 Calculate the ending inventory balance for Wildhorse Ltd., assuming the company uses a perpetual inventory system and the moving- average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $ eTextbook and Media Su
If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 days
Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for WCS12 are as follow s: Oct 1132220 Inventory SalePurchaseSale 320 units at $10180 units360 units at $12300 units Assuming a perpetual inventory system and using the weighted averagemethod, determine (a) the weighted average unit cost after the October22 purchase, (b) the cost of goods sold on October 29, and (c) theinventory on October 31.
Company P has the following inventory information: Date December 31, 2021 December 31, 2022 A. $89,684 Ending Inventory (End-of-Year Prices) O B. $112,884 O C. $99,684 O D. $109,884 $ 85,600 99,100 Price Index 100 Use the dollar-value LIFO method to compute the ending inventory for 2022. 111
Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit