Answer 2nd picture:Inventory costing: perpetual system INVENTORY COSTING:PERPETUAL SYSTEM (part 3 of 4) Use the same inventorytransactions listed aboveCalculate COGS for the month of February and Ending Inventory (El) (in dollars, notunits)YOU MAY USE THE FORMAT/PROCESS I SHOWED WHEN SOLVING EXAMPLES,OR YOUR OWN FORMAT.PLEASE CLEARLY LABEL YOUR WORK!Perpetual Weighted AVG COGS $Perpetual Weighted AVG EI $Perpetual LIFO COGS $Perpetual LIFO EI $Search or type URL%&%24 INVENTORY COSTING: ALL 6 WAYS(Part 1 of 4)Below are inventory purchases and sales transactions during the month of February.You will be asked for COGS & El for all 6 methods we learned. The answers are splitinto different questions for grading and point purposes.Your work must be on your PDF! NO WORK = NO CREDIT.PLEASE label which method you are solving.BEG INV & purchasesFeb 1: Beginning Inventory: 150 Units @ $8 cost per unitFeb 14: PURCHASE from a vendor of 225 Units @ $12 cost per unitFeb 20: PURCHASE from a vendor of 325 Units @ $14 cost per unitSales made to customers:Feb 8: SALE to a customer of 75 Units @ $18 sales price per unitFeb 18: SALE to customer of 250 Units @ $22 sales price per unitFeb 25: SALE to customer of 175 units @ $24 sales price per unitSales made to customers:Feb 8: SALE to a customer of 75 Units @ $18 sales price per unitUse the transactions above to determine:Goods Available for Sale in Dollars and UnitsFeb 18: SALE to customer of 250 Units @ $22 sales price per unitGAFS $(in dollars)Feb 25: SALE to customer of 175 units @ $24 sales price per unitUse the transactions above to determine:Goods Available for Sale in Dollars and UnitsGAFS $(in dollars)G Search or type URLGAFS Units (QTY)$%&Sales in dollars and unitsSales $(in dollars)Units sold (QTY)Units in Ending Inventory(QTY)

Working for Requirement 1 - Weighted Average Cost of Goods Sold (COGS) and Ending Inventory (EI) as…

Answered: BEG INV & purchases Feb 1: Beginning…

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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Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:   Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.)
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:   Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-10 Periodic: Assigning costs with FIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO.   Next Visit question map Question 1 linked to 2 and 3 of 5 Total1 2 3 of 5 Prev
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end.     Determine the cost of the ending inventory based on each of the following methods of.   Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit 115 3.0 110 4.6 First Purchase Second Purchase Close Assuming Ava Co sells 155 units at $12 each, what is the ending balance in the inventory account if they use LIFO?
Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $37 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) December 7 Date December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals # of units 10 units @ $23.00 cost 20 units @ $29.00 cost 15 units @ $31.00 cost Goods purchased Cost per unit 10 at $ 23.00 20 at $ 15 at $ Inventory Value $ 29.00 $ Weighted Average - Perpetual: 31.00 = $ 230.00 580.00 465.00 # of units sold 15 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 37.00 = $ $ 555.00 555.00 # of units 0 at at at at at Inventory…
The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown. Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.00 100 4.50 200 4.60 April 20 400 5.30 April 30 640 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method 2. Perpetual moving-average inventory method
Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Next Visit question map
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-17A (Algo) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Purchases: December 7 Total December 14 December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Goods Available for Sale # of units Cost per unit 18 $ 35 $ 28 $ 81 $ 10.00 15.00 18.00 14.92 Weighted average - Periodic Cost of Goods Available for Sale $ 180 525 504 1,209 Cost of Goods Sold # of units sold 53 Average Cost per Unit Cost of Goods Sold $ 0.00 # of units in ending…
Help Save & Exit Check my w [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. of 4 Activities Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Date Units Sold at Retai1 1 Beginning inventory 5 Purchase Mar. Mar. Mar. 9 Sales 250 units @ $85.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units ok k nt Problem 5-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Model Inventory,January 1 1st 2nd 3rd Inventory Count,December 31 A10 __ 4 at $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 8 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line…
Please answer in 30 mins. You have been working with the Humber Room Restaurant to determine the best method to value physical inventory. The following information is taken from the Humber Room Restaurant from the inventory records for the month of January: 1/1 Opening inventory 12 units @ $2.05 each 1/5 Purchased 22 units @ $2.75 1/12 Purchased 16 units @$1.75 1/19 Purchased 10 units @ $2.10 On January 31, the physical inventory indicated that 12 units remained on the shelf. The value on the shelf was 6 cans priced at $2.10 and 6 cans priced at $1.75 a.Determine the value of the closing inventory using the following methods : 1.Actual purchase price method 2.FIFO 3.Last purchase price method 4.Weighted-average purchase price methodLast purchase price method 5.LIFO b.After analyzing the physical inventory based on the five methods in part a, what method would be "best suited" for the Humber Room Restaurant? Explain your answer in full sentences.

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