COst Flow MethodsThe following thren identical units of Item K113 are purchased during AprilItem BetaUnitsCostApril 2Purchase$153April 15Purchase155April 20Purchase157Total$465Average cost per unit$155(s4653 units)Assume that one unit is sold on Apri 27 for $219. Detemime the gross profit for April and ending ventory on April 30 using the (a) first-in, first-out (FIro), (b) last-n, first out(LIFO); and (c) weighted average cost method.Gross ProfitEnding Inventorya. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)Weighted average cost

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Description: COst Flow MethodsThe following thren identical units of Item K113 are purchased during AprilItem BetaUnitsCostApril 2Purchase$153April 15Purchase155April 20Purchase157Total$465Average cost per unit$155(s4653 units)Assume that one unit is sold on Apr

The inventory is valued using following methods: 1. FIFO 2. LIFO 3. Weighted average method

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Cost Flow Methods The following three identical units of Item K113 are purchased during April Item Beta Cost Units 1 April 2 Purchase $153 April 15 Purchase 1 155 April 20 Purchase 1 157 Total 3 $465 Average cost per unit $155 ($4653 units) Assume that one unit is sold on April 27 for $219. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-mn, first-out i (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Cost Flow Methods The following three identical units of Item K113 are purchased during April Item Beta Cost Units 1 April 2 Purchase $153 April 15 Purchase 1 155 April 20 Purchase 1 157 Total 3 $465 Average cost per unit $155 ($4653 units) Assume that one unit is sold on April 27 for $219. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-mn, first-out i (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item A are purchased during April: Assume that one unit is...

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The following three identical units of Item A are purchased during April: Assume that one unit is sold on April 30 for 118. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The following three identical units of Item Beta are purchased during June: Assume that one unit is sold on June 27 for 110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 April 15 April 20 Total Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 Average cost per unit ($837+ 3 units) Assume that one unit is sold on April 27 for $374. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last- in, first-out (LIFO); and (c) weighted average cost method. $276 279 282 $837 $279 Gross Profit Ending Inventory
Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per unit ($348 ÷ 3 units) Item Beta Units Cost Purchase 1 $114 Purchase 1 116 Purchase 1 118 3 $348 $116 Assume that one unit is sold on April 27 for $159. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-ou and (c) weighted average cost method. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory $ $ $
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Purchase 1 Purchase 1 [[ Purchase 1 3 April 2 April 15 April 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ Units Cost $ Average cost per unit $221 ($663 3 units) Assume that one unit is sold on April 27 for $301. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit 82 ✔ $219 X 221 223 $663 Ending Inventory $ X
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta. Units Cost April 2 April 15 April 20 Total Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase 1 1 1 3 $76 80 84 $240 $80 Average cost per unit ($240 + 3 units) Assume that one unit is sold on April 27 for $106. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase $214 April 15 Purchase 216 April 20 Purchase 1 218 Total $648 Average cost per unit $216 ($648 ÷ 3 units) Assume that one unit is sold on April 27 for $272. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. > Gross Profit Ending Inventory a. First-in, first-out (FIFO) 24 b. Last-in, first-out (LIFO) 2$ c. Weighted average cost %$4 2:48 PM Tuna b na to coanch N 86°F 9/19/2021 CTR.exe - Application Error
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Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $
Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $291 Purchase 1 294 Purchase 297 3 $882 $294 ($882 ÷ 3 units) Assume that one unit is sold on April 27 for $426. Determine the gross profit for April and ending inventory on April (b) last-in, first-out (LIFO); and (c) weighted average cost method, a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory $
Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ FIFO perpetual Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO…