Do not give answer in image 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.LIFOBeginning InventoryPurchases:January 10January 18TotalCost of Goods Available for Sale Cost of Goods Sold-Periodic LIFOCost ofGoods # of unitsAvailable forsoldSale56,000#of unitsCost perunit7,000 $ 8.00 $4,000$9.007,000 $10.0018,000$36,00070,000162,0000Cost perunit$$$Cost ofGoods Sold8.00 $9.0010.00$0000Ending Inventory Periodic LIFOCost perunit# of unitsin endinginventory0$ 8.00 $S$EndingInventory9.0010.00$0000 Required information[The following information applies to the questions displayed below.]Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandisetransactions for the month of January are as follows:Date of PurchaseJan. 10Jan. 18TotalsSalesUnits4,0007,00011,000Date of SaleJan. SJan. 12.Jan. 201TotalPurchasesIncludes purchase price and cost of freight.Units3,0001,0004,0008,000Unit Cost$91010,000 units were on hand at the end of the month.Total Cost$ 36,00070,000106,000

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2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold-Periodic LIFO Cost of Goods #of units Cost per sold Cost of Goods Sold unit Available for Sale 56,000 LIFO Beginning Inventory Purchases January 10 January 18 Total of units Cost pet unit 7,000 $8.00 $ 4.000 $9.00 7,000 $10.00 18,000 $ 36,000 70,000 162.000 0 S $ $ 8.00 $ 9.00 10.00 $ 0 0 Ending Inventory Periodic LIFO Cost per # of units in ending inventory Ending Inventory unit 0 $ 8.00 $ S 9.00 $ 10.00 $ 0 0 0

2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold-Periodic LIFO Cost of Goods #of units Cost per sold Cost of Goods Sold unit Available for Sale 56,000 LIFO Beginning Inventory Purchases January 10 January 18 Total of units Cost pet unit 7,000 $8.00 $ 4.000 $9.00 7,000 $10.00 18,000 $ 36,000 70,000 162.000 0 S $ $ 8.00 $ 9.00 10.00 $ 0 0 Ending Inventory Periodic LIFO Cost per # of units in ending inventory Ending Inventory unit 0 $ 8.00 $ S 9.00 $ 10.00 $ 0 0 0

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Number : Per of Units Unit Date Transaction Jan. 1 Beg. Inv. 50 $15 | Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost Cost of Goods Sold 3,640 2,970 3,890 3,434 Ending Inventory 3,430 4,100 3,180 3,636 Gross Margin 1,460 2,130 1,210 1,666
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Numberof Units PerUnit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: SpecificIdentification First-In,First-Out Last-In,First-Out WeightedAverage Cost Cost of Goods Sold fill in the blank fill in the blank fill in the blank fill in the blank Ending Inventory fill in the blank fill in the blank fill in the blank fill in the blank Gross Margin fill in the blank fill in the blank fill in the blank fill in the blank
[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 $ 2,091 160 units @ $40.. 300 units @ $15.20 = 4,560 250 units @ $40.. 400 units @ $20.20 = 8,080 375 units @ $40.. 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units mming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 ts from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification thod, calculate the following. Cost of Goods Sold using Specific Identification te Activity nuary 1 Beginning Inventory irch 14 Purchase ly 30 Purchase :tober 26 Purchase Available for Sale Cost of Goods Sold Ending # of…
The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods sold
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities 1-Jan Beginning inventory 10-Jan Sales 20-Jan Purchase 25-Jan Sales 30-Jan Purchase Totals 140 units 60 units 180 units 380 units Units Acquired at Cost @ $6.00 = $5.00 = $4.50 $840 300 810 $1,950 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. (Use cells A2 to L12 from the given information to complete this question. Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) Specific Identification 180 5 Units sold at Retail 100 units 80 units 180 units 1-Jan 10-Jan 20-Jan 25-Jan 30-Jan 15 $15 $15 Weighted average cost per unit on: $6.00 $6.00 $5.40 $5.40 $4.59
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost ($) 16 10 14 12 15 Beginning inventory (1 Jan) Purchases (11 Jan.) Purchase (20 Jan. Total 23 53 O A. $405.5 O B. $399.7 O C. $400 O D. $410 Total Cost ($) 160 168 345 673 On 14 January, Beech Soda, Inc. sold 25 units of this product. The other 28 units remained in inventory at 31 January. Assuming that Beech Soda uses the weighted average cost flow assumption, the 28 units of this product in inventory at 31 January have a total cost of:
Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Purchases Sales Number of Units Unit Cost 560 Number of Units Sales Price $3.70 360 $5.20 660 $3.80 360 $5.20 660 $3.80 Required: 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Answer is complete and correct. Ending inventory $ 4,396.40 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Answer is complete and correct. Gross profit $ 1,064.00
Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost*Footnote asterisk Total Cost January 10 6,000 $ 8 $ 48,000 January 18 8,000 9 72,000 Totals 14,000 $ 120,000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 4,000 January 12 2,000 January 20 5,000 Total 11,000 11,000 units were on hand at the end of the month.
! Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Includes purchase price and cost of freight. Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 5,000 8,000 13,000 11,000 units were on hand at the end of the month. Units 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 3,000 3,000 4,000 10,000 5,000 8,000 21,000 Purchases Unit Cost* $ 10 11 Cost of Goods Available for Sale Cost of Number Unit Goods of units Cost Available for Sale 8,000 $9.00 $ 72,000 10.00 11.00 Total Cost $ 50,000 88,000 $ 138,000 50,000 88,000 $ 210,000 Cost of Goods Sold - January 5 Number of units sold 0 0 0 Cost per unit $…
The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 17 Units @ $19 = $323 Beginning Inventory at LIFO: 17 Units @ $15 = $255 January Transactions Purchase, January 9 Purchase, January 201 Sale, January 21 (at $39 per unit) Sale, January 27 (at $40 per unit) Required: Required 1 Required 2 Units 27 55 36 27 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management? Unit Cost $17 22 Complete this question by entering your answers in the tabs below. FIFO Inventory turnover ratio LIFO Inventory turnover ratio Total Cost $ 459 1,210
Concord Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 240 @ $5.50 April 5 440 4 540 @ 5.60 12 340 11 440 @ 5.80 27 1,080 18 340 @ 5.90 28 150 26 740 @ 6.20 30 340 @ 6.40 a) Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) b) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1)FIFO (2)LIFO (3)Average-cost Ending Inventory $ $ $ c) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be…