### Periodic Inventory Using FIFO, LIFO, and Weighted-Average Cost Methods**Units of item available for sale and units sold at $55 are shown below:**| Date | Purchases/Sales | Units | Unit Cost | Total Cost ||-----------|-------------------|-------|-----------|-------------|| Jan. 1 | Inventory | 35 | $ 12.75 | $ 446.25 || Apr. 7 | Purchase | 20 | $ 13.25 | $ 265.00 || Aug. 7 | Purchase | 20 | $ 13.75 | $ 275.00 || Dec. 11 | Purchase | 10 | $ 14.00 | $ 140.00 || Dec. 31 | Total Sales | 37 | | || Totals | | 85 | | $ 1,126.25 |There are 10 units of the item in physical inventory on December 31. The Periodic Inventory System is used to determine the inventory cost using (a) the First-In, First-Out (FIFO) method, (b) the Last-In, First-Out (LIFO) method, and (c) the Weighted-Average Cost method:- **a. First-In, First-Out (FIFO)**- **b. Last-In, First-Out (LIFO)**- **c. Weighted-Average Cost** The graph or diagram section appears to have three blank boxes labeled: $, $, $Utilize the above information to perform calculations and provide your final answer to the nearest whole dollar.---This transcribed text provides a clear and concise layout for understanding inventory costing methods for educational purposes. These methodologies are critical in accounting practices and business financial management.

Name: ### Periodic Inventory Using FIFO, LIFO, and Weighted-Average Cost Me
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ### Periodic Inventory Using FIFO, LIFO, and Weighted-Average Cost Methods**Units of item available for sale and units sold at $55 are shown below:**| Date | Purchases/Sales | Units | Unit Cost | Total Cost ||-----------|-------------------|-

a. FIFO: Inventory cost = 10 units from Dec 11 + 6 units from August 7 = 10*29 + 6*27 = $452

Answered: an. 1 Inventory 7 units at $25 $175 ug.…

Business

Accounting

an. 1 Inventory 7 units at $25 $175 ug. 7 Purchase 20 units at $27 540 Dес. 11 Purchase 10 units at $29 290 37 $1.005

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

Plz don't copy answer without plagiarism please little words different answers
Prob # 2 The company Xp presents us the relation of purchase of merchandise Beginning Inventory Balance ....6,231 A $ 7.52 Purchase # 1 .... 3546 for $ 28,935 2..... 6524 @ $ 8.25 3..... 3700 @ $ 8.47 9845 units were sold. Determine a) Mechanism available b) Final inventory c) Cost of the merchandise
Date July 1 July 7 July 12 5 July 14 July 26 3 July 29 units 6 c. 254 d. 250 unit cost $47 $51 c. 254 d. 250 I $54 unit sold 4 3 NI 26. Ending inventory under LIFO is: a. 264 b. 258 2 27. Cost of goods sold under FIFO is a. 435 b. 441 c. 445 d. 250 28. Ending inventory under FIFO is: a. 264 b. 258
Date Transaction Number of Units Unit Cost & 1 Beginning inventory 400 $10 8/3 Purchase No. 1 600 $10 85 Sale No. 1 500 817 Sale No. 2 200 8/11 Purchase No. 2 800 $12 8/17 Sale No. 3 1900 8/19 Purchase No. 3 1500 $11 8/21 Sale No. 4 I 800 8/28 Sale No. 5 500 8/29 Purchase No. 4 900 $10 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold under of the following methods assuming the periodic inventory system. Method Weighted-average b FIFO S each Inventory Cost of Goods Sold $ $
Which assets depreciate?
ces aw 11 Given the following: F1 January 1 inventory April 1 June 1 November 1 Cost of ending inventory 5_1442....jpg Cost of goods sold a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 68 units). (@ F2 Number purchased 47 67 57 62 233 #3 b. Calculate the cost of goods sold using the LIFO (ending inventory shows 68 units). 80 F3 Cost per unit $5 8 $ 4 10 900 000 F4 15 Total $ % 235 536 513 620 $1,904 FS 4 8
Question 1 Inventory 1. A. Raytheon inventory information is as follows: o Beginning inventory (1/1/19): 200 units @ $1.00 o Purchase of inventory (1/14/19): 400 units @ $4.00 o Sale of inventory: 1/15/19: 300 units 1/16/19: 250 units o Total Sales Revenue = $2,250 Q1. Using the information above, compute COGS, Ending Inventory and Gross Profit under FIFO, LIFO, and Weighted average:
QUESTION 9 If merchandise sells for $3,500, with terms of 3/15, n/45 and the cost of the inventory sold is $2,100, the amount charged to sales is a. $3,500 b. $3,395 c. $2,100 d. $2,037
✔Total cost of goods sold, $791,600 SHOW ME HOW EX 6-8 Weighted average cost flow method under perpetual inventory system Obj. 3 The following units of a particular item were available for sale during the calendar year: Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Inventory Sale Purchase Sale Purchase 9,000 units at $50.00 7,000 units 8,000 units at $56.50 8,000 units 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
Vaibh
Problem 1 - Inventory Methods Magic Jelly Beans Company Operating information Sales Price per case $ 150.00 Unit Unit Extended Quantity $ Price Cost $$$ Beginning Inventory 2,000 $ 90.00 $ 180,000.00 Purchased Units 7,000 $ 110.00 $ 770,000.00 Sold 2,000 Sold 4,000 Purchased Units 10,000 $ 130.00 $ 1,300,000.00 Purchased Units 4,000 $ 135.00 $ 540,000.00 Sold 6,000 Sold Units 5,000 Fixed Selling General and Administrative costs $ 75,000.00 Income Tax rate 35% Requirement: Calculate the Cost Flow assumptions for Revenue, Cost of Goods Sold, SGA Income Tax, Net Income and Ending Inventory…
5