FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
|
Date |
|
Activities |
Units Acquired at Cost |
Units sold at Retail |
||||||||||||||
|
Jan. |
1 |
|
Beginning inventory |
185 |
units |
@ |
$ |
11.00 |
= |
$ |
2,035 |
|
|
|
|
|
|
|
|
Jan. |
10 |
|
Sales |
|
|
|
|
|
|
|
|
|
145 |
units |
@ |
$ |
20.00 |
|
|
Jan. |
20 |
|
Purchase |
100 |
units |
@ |
$ |
10.00 |
= |
|
1,000 |
|
|
|
|
|
|
|
|
Jan. |
25 |
|
Sales |
|
|
|
|
|
|
|
|
|
125 |
units |
@ |
$ |
20.00 |
|
|
Jan. |
30 |
|
Purchase |
270 |
units |
@ |
$ |
9.50 |
= |
|
2,565 |
|
|
|
|
|
|
|
|
|
|
|
Totals |
555 |
units |
|
|
|
|
$ |
5,600 |
|
270 |
units |
|
|
|
|
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
Transcribed Image Text:Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)
Perpetual FIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
Cost per # of units
unit
Cost per Cost of Goods
unit
Cost per
unit
Inventory
Date
# of units
sold
Sold
Balance
January 1
185 e s 11.00 = $2,035.00
January 10
January 20
January 25
January 30
Totals
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)
Perpetual LIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
Cost per
unit
# of units
sold
Cost per Cost of Goods
unit
Cost per
unit
Inventory
Balance
Date
# of units
Sold
January 1
185 @ $ 11.00 = $ 2,035.00
January 10
January 20
January 25
January 30
Totals
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal
places.)
Specific Identification
Available for Sale
Cost of Goods Sold
Ending Inventory
Ending
Inventory-
Ending
Unit
Units
Cost Per
Purchase Date
Activity
Units
Unit Cost
COGS
Inventory-
Cost
Cost
Sold
Unit
Units
Beginning inventory
Purchase
185$ 11.00
100$ 10.00
270 s 9.50
Jan. 1
Jan. 20
Jan. 30
Purchase
555
24
< Required 1
Required 2 >
Required 1
Required 2
Required 3
Required 4
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
sold
# of
Cost per
Cost per Cost of Goods
Sold
Cost per
Inventory
Balance
Date
# of units
units
unit
unit
unit
January 1
185 @ S 11.00 =s 2,035.00
January 10
danuary 20
Average cost
January 25
January 30
Totals
< Required 1
Required 3 >
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- 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…arrow_forwardRequired Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…arrow_forwardPlease do not give solution in image format thankuarrow_forward
- raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P Carrow_forwardurrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.arrow_forwardPerpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $41 Apr. 19 Sale 2,400 units June 30 Purchase 4,300 units at $44 Sale 5,100 units Purchase 1,800 units at $46 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 June 30 Sept. 2 Sept. 2 Nov. 15 Nov. 15 Dec. 31 Purchases Quantity Balances Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity LIFO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 00 Inventory Unit Cost Inventory Total Cost $ 000arrow_forward
- Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.arrow_forwardSdarrow_forward
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