Waterway Company's record of trIf the perpetual inventory record is kept in dollars, and are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Waterway Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales
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- Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.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 weighted average (AVG).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).
- Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = daysIvanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units Unit Cost $68 9 5 $76 $83 Sales Units 5 6Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,300 700 1,100 1,400 1,700 Unit Cost $3.03 3.23 3.33 3.43 3.54 Issued, No. of Units 800 600 400 1,100 900 1,400 Balance, No. of Units 1,300 500 1,200 600 1,300 200 1,600 700 2,400 1,000
- Bonita Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 26 Purchases 30 280 580 (@ 380 (@ $5.90 480 @ 6.30 780 6.00 6.30 6.60 380 (@ 6.80 Sales April 5 12 27 28 480 380 1,160 150Swifty Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 220 520 420 $5.30 @ 5.40 320 @ 5.60 320 @ 720 @ 5.90 5.70 6.10 Sales April 5 12 27 28. 420 320 1,040 150Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 301 units @ $17 802 units @ $20 499 units @ $21 June 10 15 27 Sold Sold Sold 195 units @ $40 496 units @ $41 300 units @ $45
- Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 Purchased. 802 units @ $20 Purchased. 499 units @ $21 Balance Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 195 units@ $40 496 units@ $41 300 units @ $45 (2) FIFOd The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual Inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.