Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodicinventory method.

Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodicinventory method.

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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Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $ 23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $ 28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodic inventory method. (a1) Your answer is correct.
Sunrise company inventory records contained the following information regarding its latest Sunrise model. The company uses a periodic inventory system. Beginning inventory, January 1,2019 1,200 units @ OR 80 each Purchases: January 15 2,000 units@ OR 95 each January 21 1,600 units@ OR100 each Sales: January 5 800 units @ OR 120 each January 22 1,600 units@ OR 130 each January 29 800 units @ OR 135 each Ending inventory, January 31, 2019 was 1,600 units Required : Compute COGS for January and ending the inventory using FIFO, LIFO and weighted average…
Overton Company uses a perpetual inventory system for its single product. Its beginning inventory, purchases and sales during calendar year 2021 follow. Jan 1 Beginning inventory $5,600 Jan 15 Sold 200 units @ $30.00 March 10 Purchase 200 units @ $15 April 1 Sold 200 units @ $30 May 9 Purchased 300 units @ $16 Sept 22 Purchase 250 units @ $20 Nov 1 Sold 300 units @ $35 Nov 28 Purchased 100 units @21 Required Calculate the cost of goods available for sale. Calculate (a) ending inventory and ( b) Cost of goods sold under the LIFO and AVCO inventory costing methods. Given that expenses after gross profit totalled $ 5,000.00, compute the gross and net profit earned by the company under the LIFO and AVCO costing methods. If the company had used the FIFO inventory costing method, cost of goods sold under FIFO would have been $ 10,200.00. Management wants a report that shows how changing from FIFO to another method would change net income. Prepare a table showing (1) the amount by which…
Sunland Company's inventory on January 1, 2025, at cost and retail are $97,500 and $141,000, respectively. Sunland established its base year amounts on January 1, 2025. The current year price index was 1.20. Sunland also had the following information: Purchases Sales Mark-ups Mark-downs Cost $195,000 Retail $282,000 243,000 19,740 (11,280) Determine ending inventory using: (Round ratio to 2 decimal places, e.g. 75.35% and final answer to O decimal places, e.g. 5,275.) (a) LIFO retail. (b) Dollar Value LIFO. (a) Ending inventory under LIFO retail $ tA (b) Ending inventory under Dollar Value LIFO $
Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 124 units @ $50 per unit Purchases Purchase 1 on 3/11/20 75 units @ $52 per unit Purchase 2 on 10/18/20 94 units @ $54 per unit Sales Sale 1 on 3/15/20 110 units @ $79 per unit Sale 2 on 10/22/20 130 units @ $79 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 70 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100 gallons @ $7.4 per gallon Purchases: Sales: Apr. 10 620 gals @ $ 7.45 Apr. 5 420 gals Apr. 16 820 gals @ $ 7.50 Apr. 14 720 gals Apr. 23 620 gals @ $ 7.55 Apr. 20 520 gals Apr. 26 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be:
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The trial balance os Skysong Company at the end of its fiscal year, August 31, 2022 includes these accounts: Inventory $20,500; Purchases $174,200; Sales Revenue $225,000; Freight-In $5,500; Sales Discount $3,700; Sales Returns and Allowances $4,300; Freight-Out $2,000; Purchase Discounts $3,400; Purchase Returns and Allowances $2,900. The ending Inventory is $27,478. Do not give answer in image
Subject: accounting
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number Unit Total Cost Date of Units Cost 1/1 Transaction Beginning inventory Purchase 150 $ 30 $ 4,500 1/24 70 33 2,310 2/22 Sale (100) 3/7 90 40 3,600 Purchase. Purchase 4/10 140 36 5,040 6/11 Sale 9/28 Purchase (100) 50 (100) 39 1,950 12/4 Sale Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory
The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking. 2021 Beginning Inventory (purchased in 2020) 100 units @ $28 per unit Purchases: Purchase 1 on 1/20/21 300 units @ $30 per unit Purchase 2 on 6/15/21 1,100 units @ $34 per unit Sales: Sale 1 on 4/8/21 520 units @ $60 per unit Sale 2 on 9/25/21 860 units @ $60 per unit When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase. What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800 What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800 What is Inventory on the 12/31/21 Balance Sheet if Island…