A company purchased merchandise inventory to be resold at increasing costs during 2020.The purchases were made at the following prices:Acquired at Cost20 units at $1040 units at $1140 units at $1250 units at $13DateActivitiesJanuary 1, 2020January 25, 2020June 20, 2020October 10, 2020Beginning InventoryPurchasePurchasePurchaseAssuming the FIFO cost flow assumption, what is the company's cost of goods sold for the120 items on December 31, 2020?

Name: A company purchased merchandise inventory to be resold at increasing
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A company purchased merchandise inventory to be resold at increasing costs during 2020.The purchases were made at the following prices:Acquired at Cost20 units at $1040 units at $1140 units at $1250 units at $13DateActivitiesJanuary 1, 2020January 2

FIFO states that the inventory purchased first would be sold first by the company.

Business

Accounting

A company purchased merchandise inventory to be resold at increasing costs during 2020. The purchases were made at the following prices: Activities Beginning Inventory Purchase Acquired at Cost 20 units at $10 40 units at $11 40 units at $12 50 units at $13 Date January 1, 2020 January 25, 2020 June 20, 2020 October 10, 2020 Purchase Purchase

A company purchased merchandise inventory to be resold at increasing costs during 2020. The purchases were made at the following prices: Activities Beginning Inventory Purchase Acquired at Cost 20 units at $10 40 units at $11 40 units at $12 50 units at $13 Date January 1, 2020 January 25, 2020 June 20, 2020 October 10, 2020 Purchase Purchase

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Dog
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 48,000 103,040 3,200 Retail $ 64,000 120,000 2025 16,000 3,200 117,850 3,800 Cost 2025 $ 115,150 3,700 Retail Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. $ 133,000 10,400 3,400 119,440 5,920 1.00 1.06 1.12
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20 % discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 2025 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 1.12
Manji
When you undertook the preparation of the financial statements for Sunland Company at January 31, 2026, the following data was available: Sporting Goods Department: Inventory, February 1, 2025 Markdowns Markups Markdown cancellations Markup cancellations Normal shortage Abnormal shortage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Apparel Department: Inventory, February 1, 2025 At Cost $66,400 6,555 206,400 4,100 At Retail $92,800 32,900 59,500 18,800 9,400 At Cost 9,400 11,000 276,500 314.900 $94,100 5.100 9.400 At Retail $106.300
View Policies Current Attempt in Progress Whispering Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,879 at both cost and market value. At Decembe 31, 2025, the inventory was $287,291 at cost and $270,300 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) No. Account Titles and Explanation (a) (b) List of Accounts Save for Later O Search Debit co DELL Attempts: 0 of 15 used M Credit 1 Submit Answer
TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method
Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method. For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.
AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage
Overton Company uses a perpetual inventory system for its single product. Its beginning inventory, purchases and sales during calendar year 2021 follow. Date Activity Units Acquired at Cost Units Sold at Retail Unit Inventory Jan 1 Beg. Inventory 400 units @ $14 = $ 5,600 400 units Jan 15 Sale 200 units @ $ 30 200 units March 10 Purchase 200 units @ $ 15 = $ 3,000 400 units April 1 Sale 200 units @ $ 30 200 units May 9 Purchase 300 units @ $ 16 = $ 4,800 500 units Sept 22 Purchase 250 units @ $ 20 = $ 5,000 750 units Nov 1 Sale 300 units @ $ 35 450 units Nov 28 Purchase 100 units @ $ 21 =$2,100 550 units Totals 1,250 units $ 20,500 700 units Required Calculate the cost of goods available for sale
The following inventory transactions took place for Sunland 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 Ending inventory Unit cost of the last item sold $ CA $ Quantity 24,300 LA 6,200 32,200 9,200 40,900 14,800 20,350 9,800 17,300 Cost/ Selling Price $47.00 77.00 38.25 45.00 Calculate the ending inventory balance for Sunland 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, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,276.) 77.00 42.50 77.00 57.00 77.00