1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $
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R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:
|
Units
|
|
Unit Price
|
|
Total Cost
|
||
| Jan. 1 - Beginning inventory |
20
|
$12
|
|
$240
|
||
| Apr. 2 - 1st Purchase |
30
|
$13
|
|
390
|
||
| Aug. 6 - 2nd Purchase |
25
|
$14
|
|
350
|
||
| Nov. 9 - 3rd Purchase |
25
|
$18
|
|
450
|
||
|
|
|
|
$1,430
|
There are 20 units of inventory on hand at December 31, 20--.
1. Calculate the total amount to be assigned to the ending inventory under each of the following methods:
| a. First-in, first-out (FIFO) | $ | |
| b. Last-in, first-out (LIFO) | $ |
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- The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 - 2nd pPurchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market 2$ b. Weighted-average lower-of-cost-or-market
- R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unlt Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 - 1st Purchase 30 $13 390 Aig. 6 - 2nd Purchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assumé the market price per unit (cost to replace) of the R. &. K. Company'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 lower-of-cost-or-marketR. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd purchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) $4 360 b. Last-in, first-out (LIFO) 240 2. Assume the market price per unit (cost to replace) of the R. &. K. Company'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 $4 b. Weighted-average lower-of-cost-or-market $4Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1, 20- Beginning inventory 1,120 $ 8.20 $ 9,184 March 5 1st purchase 880 9.20 8,096 April 16 2nd purchase 400 9.70 3,880 June 3 3rd purchase 700 10.40 7,280 August 18 4th purchase 600 11.10 6,660 September 13 Sth purchase 780 12.10 9,438 November 14 6th purchase 400 14.20 5,680 December 3 7th purchase 520 14.25 7,410 5,400 $ 57,628 There are 1,000 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: Cost of Goods Cost of Ending Sold Inventory a. FIFO %24 b. LIFO c. Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventory on…
- Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $19 $190 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $960 There are 10 units of inventory on hand on December 31 Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. 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 lower-of-cost-or-market c. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required".ower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $20 $200 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $970 There are 10 units of inventory on hand on December 31. Question Content Area 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO$fill in the blank afc0e7fdc02f065_1 b. Weighted-average (round calculations to two decimal places.)$fill in the blank afc0e7fdc02f065_2 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO…Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 450 $20.50 $9,225 October 18 1st purchase 510 21.00 10,710 November 25 2nd purchase 230 22.00 5,060 January 12, 20-2 3rd purchase 310 23.50 7,285 March 17 4th purchase 900 25.00 22,500 June 2 5th purchase 810 25.50 20,655 August 21 6th purchase 200 26.50 5,300 September 27 7th purchase 660 27.50 18,150 4,070 $98,885 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate…
- Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1, 20-- Beginning inventory 1,120 $ 8.20 $ 9,184 March 5 1st purchase 910 9.20 8,372 April 16 2nd purchase 400 9.70 3,880 June 3 3rd purchase 700 10.40 7,280 August 18 4th purchase 580 11.10 6,438 September 13 5th purchase 780 12.10 9,438 November 14 6th purchase 390 13.90 5,421 December 3 7th purchase 520 13.95 7,254 5,400 $ 57,267 There are 1,000 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: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) 2. Assume…Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company’s beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase…Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 430 $19.5 $8,385 October 18 1st purchase 520 20 10,400 November 25 2nd purchase 220 21 4,620 January 12, 20-2 3rd purchase 310 22 6,820 March 17 4th purchase 910 23.5 21,385 June 2 5th purchase 820 24 19,680 August 21 6th purchase 200 24.5 4,900 September 27 7th purchase 690 25.5 17,595 4,100 $93,785 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase…
