Inventory information for Part 311 of Crane Corp. discloses the following information for the month of June.June 1Balance298 units @ $10June 10Sold199 units @ $2411Purchased797 units @ $1215Sold497 units @ $2620Purchased505 units @ $1327Sold295 units @ $28(a)Your answer is correct.Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and(2) FIFO.(1)(2)LIFOFIFOCost of Goods Sold2$12397$11296Ending Inventory2$6712$7813eTextbook and MediaAttempts: 2 of 5 used(b)Your answer is correct.Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the valueof the ending inventory at LIFO?The ending inventory at LIFO$7320eTextbook and MediaAttempts: 1 of 5 used(c)Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the grossprofit if the inventory is valued at FIFO?Gross Profit (FIFO)$

Name: Inventory information for Part 311 of Crane Corp. discloses the follo
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Description: Inventory information for Part 311 of Crane Corp. discloses the following information for the month of June.June 1Balance298 units @ $10June 10Sold199 units @ $2411Purchased797 units @ $1215Sold497 units @ $2620Purchased505 units @ $1327Sold295 unit

A perpetual inventory system is a method of inventory management that records real-time transactions…

Answered: Assuming that the perpetual inventory…

Business

Accounting

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO? Gross Profit (FIFO) 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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inventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
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QUESTION 11 Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Lower-of-cost-or-market v Inventory turnover ratio. D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. v FIFO (first-in, first out) v Periodic inventory F. A system for calculating COGS based on ending inventory value.
Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory?
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.
d 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 369,872
A method of inventory valuation wherein each particular item in the ending inventory isvalued on the basis of the replacement price, in the volume in which they are usuallypurchased or produced by the a. Moving average inventory method.b. Market inventory method.c. Elapsed time inventory method.d. Perpetual inventory method.
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) МX62 80 $42 $40 05T4 155 20 23 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $ 6,925 x
Inventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The most widely used methods are LIFO, FIFO and average cost method. You are required to find out the inventory system applied, the method of inventory valuation used, and what does inventory consists of with their respective amount?
fifo and lifo for cost of goods sold and cost of ending inventory