Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.May 11524InventoryPurchasesPurchasesTotalsUnits38Cost of goods sold2537100Ending inventory at May 31$Unit Cost$$111415Total CostCompute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.FIFO$418350555$1,323$$LIFO

Name: Bonita Co. uses a periodic inventory system. Its records show the fol
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold.May 11524InventoryPurchasesPurchasesTotalsUnits38Cost of goods sold2537100Ending inventory at May 31$Unit Cost$$111415Total

Ending inventory is the amount of inventory that an entity has in hand, at the end of the period.…

Business

Accounting

Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. May 1 15 Inventory Purchases 24 Purchases Totals Units 38 25 37 100 Unit Cost $11 14 15 Total Cost $418 350 555 $1,323 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

Bonita Co. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. May 1 15 Inventory Purchases 24 Purchases Totals Units 38 25 37 100 Unit Cost $11 14 15 Total Cost $418 350 555 $1,323 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

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

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 162 units @ $10 = $1,620 May 5 Purchase 232 units @ $12 = $2,784 May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $1,456 May 24 Sales 102 units @ $21 Multiple Choice
Wildhorse Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $520 12 Purchase 520 6 3,120 23 Purchase 325 8 2,600 30 Inventory 305 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, eg. 125.) FIFO Cost of the ending inventory $ Cost of goods sold $ $ $ LIFO Average-Cost $ $
Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21 Multiple Choice C O $2,860 $2,850 O $2,590 $2,460 $2,580
Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 220 380 400 1,000 Unit Cost $25 $ 30 33 Total Cost $5,500 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 11,400 13,200 $30,100
Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 107 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Cost of goods sold e Textbook and Media Units 50 41 Save for Later 58 149 $ Unit Cost $15 18 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) $ 19 Total Cost $750 738 FIFO 1,102 $2,590 $ $ LIFO $ $ Average-cost Attempts: 0 of 3 used Submit Answer
A company uses a periodic inventory system. On April 1, the company had 9 items of beginning inventory with a cost of $13 per unit. On April 18, the company purchased 15 units at $14 per unit. Then, on April 29, the company sold 14 units. Using weighted average, the cost of the 14 units sold is closest to Cost of the units sold
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance Used
Sarasota Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 33 $11 $363 May 15 Purchase 25 12 300 May 18 Sale (44) May 24 Purchase 39 13 Total 97 13 507 $1,170 (a) Your Answer Correct Answer (Used) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 495 Ending Inventory $ 675 (b) Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, eg. 15.235 in your calculations and round final answers to 2 decimal places, ea 5.25) Cost of goods sold $ Ending Inventory
Wildhorse Company uses a periodic inventory system. Its records show the following for the month of April, with 23 units on hand at April 30: April 1 Inventory 12 Purchases 16 Purchases Total Unit Total Units Cost Cost |8 བ ཅེ སུ $7 $189 12 588 10 170 $947 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending Inventory Cost of Goods Sold FIFO $ Weighted average