Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the following inform available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost 330 $22 380 26 290 29 1,000 Total Cost $7,260 9,880 8,410 $25,550
Q: es Montoure Company uses a periodic inventory system. It entered into the following calendar-year…
A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…
Q: 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, (c) weighted average, and…
A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…
Q: Bramble Company uses a periodic inventory system. For April, when the company sold 600 units, the…
A: It is an inventory valuation approach. The cost of goods sold and ending inventory are also…
Q: he following January purchas . For specific identification, e January 20 purchase, and 2C tivities…
A: The weighted average method of inventory refers to the type of inventory valuation under which the…
Q: Hardev
A: First-In First-Out under Perpetual Inventory System300 units costing $95 per unit (remaining from…
Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $32 per…
A: Using LIFO method, the new inventory is sold out and older inventory is left in the stock. The gross…
Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Perpetual Inventory System :- Perpetual Inventory System system is an inventory management system it…
Q: Jennifer Company uses the periodic inventory system to account for inventories. Information related…
A: Periodic inventory system of accounting for inventory requires a physical count of inventory at…
Q: Pharoah Company uses the periodic inventory system to account for inventories. Information related…
A: The ending inventory can be valued on the basis of the flow used by the business entity. It can be…
Q: Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the…
A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated using,(1)…
Q: ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per…
A: The Average cost is a method of inventory valuation where all the amounts are summed up and units…
Q: Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month…
A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…
Q: Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the…
A: To compute: Weighted-average cost per unit = Total cost / Total units available for sale…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Perpetual and periodic are the two inventory system methods. Under perpetual inventory system, the…
Q: Laker Company reported the following January purchases and sales data for its only product. The…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.LIFO…
Q: Mena Company uses a perpetual inventory system. It entered into the following purchases and sales…
A: FIFO is the inventory valuation method in which inventories purchased at first will be sold first.…
Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…
A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…
Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: The cost of units available for sale is the total cost of units purchased and are available for…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method. The…
Q: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…
A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…
Q: Mena Company uses a perpetual inventory system. It entered into the following purchases and sales…
A: Under FIFO method, older units are sold first and newer units are sold later.
Q: Concord Company uses a periodic inventory system. For April, when the company sold 550 units, the…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Cost of goods available for sale formula: =(Cost of goods purchased during the period + cost of…
Q: Sarasota Corp. uses a periodic inventory system. Its records show the following for the month of…
A: Ending Inventory under FIFO Method is 29 units @ $11 equal to $ 319
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: Lets understand the basics. In Last In First Out (LIFO) basis company assumes that, goods come last…
Q: Laker Company reported the following January purchases and sales data for its only product. The…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year…
A: Date# of UnitsCost perunitCost ofgoodsavailablefor saleJan. 1580at$40.00$23,200.00Feb.…
Q: Sunland Company uses a perpetual inventory system and reports the following for the month of June.…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and…
A: Cost of goods available for sale is the sum of value of beginning inventory and the value of…
Q: Mena Company uses a perpetual inventory system. It entered into the following purchases and sales…
A: Gross profit = NET sales - cost of goods sold WN-1 calculation of closing inventory units =…
Q: Montoure Company uses a periodic inventory system. It entered into the following calendar-year…
A: The objective of the question is to calculate the cost of goods available for sale, the number of…
Q: Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…
A: Total goods available for sales is computed by adding all the units we have and all the units that…
Q: (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Help Save & Ex 4. Compute gross…
A:
Q: Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…
A: Periodic inventory system is a system where cost of goods sold is not updated simultaneously. At…
Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…
A: The question is based on the concept of Cost Accounting.
Q: The Luann Company uses the periodic inventory system. The following July data are for an item in…
A: Step 1: Compute the ending inventory (in units) as follows:
Q: erstop Corporation sells ite A as part Its product Information the beginning inventory, purchases,…
A: Inventory Management -Inventory management includes handling order processing, production, storage,…
Q: Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to…
A: Montoure Company Inventory Analysis1. Cost of Goods Available for Sale and Units Available for…
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: The following information was available from the inventory records of Jun Company for January: Unit…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Hemming Company reported the following current-year purchases and sales for its only product. Date…
A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…
Q: ble for sale during the year were as follows: r. 1 Inventory 25 units @ $32 $800 ne 16 Purchase 29…
A: Solution: Under periodic method Inventory cost is determined at the end of a specific period as…
Q: CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of…
A: Under FIFO inventory method, cost of goods goods consists of earliest available units. Under…
Q: Sales Cost of goods sold Gross profit LAKER COMPANY For Month Ended January 31 Specific…
A: Inventory Valuation Methods - Inventory can be valued using various methods - FIFO Method - Under…
Q: The following information was available from the inventory records of Apollo Company for January:…
A: Cost of inventory after 1st sale (January 9) = (P29,310 + P20,600) x (2,500 / 5,000) = P24,955
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale? Date Activities Units Acquired at Cost Units Sold at Retail October 1 Beginning inventory 15 units @ $32 = $480 October 5 Purchase 10 units @ $33 = $330 October 12 Purchase 20 units @ $34 = $680 October 15 Sales 30 units soldes Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @$60 per unit 230 units @ $62 per unit 910 units. Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
- Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit Units Sold at Retail March 1 March 5 March 9 March 18 Beginning inventory Purchase Sales Purchase 240 units @ s85.60 per unit 75 units @ $60.60 per unit 130 units @ $62.60 per unit March 25 Purchase March 29 Sales 110 units @ $95.60 per unit Totals 500 units 350 units ok Problem 5-1A (Algo) Part 4 it 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 55 units from beginning inventory, 185 units from the March 5 purchase, 35 units from the March 18 purchase, and 75 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) nces Weighted Average Gross Margin FIFO LIFO Specific ID Sales Less: Cost of goods sold Gross…Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. 28 Date January 1 January 10 January 20 January 25 January 30 Required: S ual Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 180 units @ $ 10.50 = 110 units @ Units sold at Retail $ 1,890 140 units @ $ 19.50 $9.50- 1,045 130 units @ $ 19.50 270 units @ 560 units $ 9.00 = 2,430 $ 5,365 270 units 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? งWarnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
- Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit February 10 Purchase 300 units @ $46 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit September 5 Purchase 570 units @ $52 per unit September 10 Sales 680 units @ $70 per unit Totals 1,780 units 1,460 units Required:1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…Plz explain in detailABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
- Ashavinbhaicercise 11-5 (Algo) Volume Trade-Off Decisions [LO11-5] utdoor Luggage, Incorporated, makes high-end hard-sided luggage for sports equipment. Data concerning three of the mpany's most popular models appear below. Selling price per unit Variable cost per unit Plastic injection molding machine processing time. required to produce one unit Pounds of plastic pellets per unit S Which product offers the most profitable use of the plastic pellets? Which product has the largest contribution margin per unit? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 3 Required 4 quired: f we assume that the total time available on the plastic injection molding machine is the constraint in the production ocess, how much contribution margin per minute of the constrained resource is earned by each product? Which product offers the most profitable use of the plastic injection molding machine? If we assume that a severe shortage of plastic pellets has required…ces Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals Units Acquired at Cost Units Sold at Retail 685 units @$45.00 per unit 570 units @ $42.00 per unit 285 units @ $27.00 per unit 1,140 units @ $75.00 per unit 185 units 585 units @ $50.00 per unit @ $46.00 per unit 2,310 units 770 units @ $75.00 per unit 1,910 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units