How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods? Online teachs v2.cengagenow.comKeAssignment/tareeBookCost Allocation and Lower-of-Cost-or-MarketDouglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.Units Unit Price Total CostJanuary 1, 20-- Beginning inventory1,110 $8.000888,100March 51st purchase9009.00April 162nd purchase4209.503,990June 33rd purchase72010.207,344August 184th purchase600 10.906,540September 135th purchase78011.909,282November 146th purchase38013.805,244December 37th purchase48013.856,6485,390S 56,028There are 1.000 units of inventory on hand on December 31.Required:1. Calculate the total amount to be assigned to the ending inventory and cost of gdods sold on December 31 under each of the folcCost of GoodsCost of EndingSoldInventory5,39056,028a. FIFO12144 There are 1,000 units of inventory on hand on December 31.Required:1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:Cost of GoodsCost of EndingSoldInventorya. FIFOb. LIFOc. Weighted-average (round calculations to twodecimal places)2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventoa. FIFO lower-of-cost-or-marketb. Weighted-average lower-of-cost-or-market3. Prepare required entries to apply:a. FIFO lower-of-cost-or-marketb. Weighted-average lower-of-cost-or-marketIf no entry is required, select "No Entry Required".DescriptionDebitCreditCheck My Work 2 more Check My Work uses remainingAIL work saved.Assignment Score: 33.89%a メType here to search

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Description: How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods? Online teachs v2.cengagenow.comKeAssignment/tareeBookCost Allocation and Lower-of-Cost-or-MarketDougl

Cost of goods sold refers to the amount of expenses involved in producing the certain volume of…

Answered: December 31 under each of the following…

Business

Accounting

December 31 under each of the following methods?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
enow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator%=&inprogress-false oBook Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning Inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning Inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 7th purchase 500 10,875 21.75 September 27 4,000 $72,400 Use the following Information for the specific Identification method. There are 900 units of Inventory on hand on September 30, 20-2. Of these 900 units: 1st purchase 50 are from October 18, 20-1 3rd purchase 300 are from January 12, 20-2 4th purchase 100 are from March 17 5th purchase 200 are from June 2 6th purchase 50 are from…
Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
X CengageNOWv2 | Online teachin X N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato... Q Not syncing 田 eBook E Print Item Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 1st purchase 2nd purchase 400 $19 $7,600 October 18 490 19.5 9,555 November 25 190 20.5 3,895 January 12, 20-2 Brd purchase 310 21 6,510 March 17 4th purchase Sth purchase 6th purchase 7th purchase 890 22.5 20,025 June 2 770 23 17,710 August 21 200 24 4,800 September 27 710 25 17,750 3,960 $87,845 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 Brd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…
Three Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ E
Main.do?invoker-8takeAssignment ocate R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: 1TI Units Unit Price Total Cost Jan. 1- Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd Purchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market
File Edit View History Bookmarks Window Help A education.wiley.com ran Hassan D (74) XAYAAD XIKMO O0. w NWP Assessment Playe. N Solved > 5 -1 Accounti. C Home | Chegg.com A D09: Data Min Question 6 of 10 -/3 View Policies Current Attempt in Progress The Vogelson Company accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Camera $11,000 $9.900 Camcorders 7,800 8,500 DVDS 14,000 12,000 What is the lower-of-cost-or-net realizable value of the inventory? Lower-of-cost-or-net realizable value of the inventory 24 Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR ¢tv S 80 00 D00 DII DD F2 F3 F4 F5 F6 F7 FB F9 F10 @ # $ & % * 2 3 4 6 7 8 9 日

X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
TB MC Qu. 05-125 Jammer Company... Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 August 18 August 29 August 31 Purchase Purchase Sale Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.) Multiple Choice $10.50 $13.50 $13.30 $14.64 8 units at $10.50 per unit. 10 units at $14.00 per unit. 16 units. 13 units at $13.50 per unit. $12.44 < Prev 5 of 10 N
TB MC Qu. 05-125 Jammer Company... Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 August 18 August 29 August 31 Purchase Purchase Sale Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.) Multiple Choice $10.50 $13.50 $13.36 $14.64 8 units at $10.50 per unit. 10 units at $14.00 per unit. 16 units. 13 units at $13.50 per unit. $12.44
Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a perpetual inventory system. Company records indicate the following for a particular line of guitars. Gross margin under FIFO is $. Quantity Unit Cost $980 Date Item Gross margin under weighted-average-cost is $ Nov. 1 Balance 4 6. Sale 2 8 Purchase 13 910 The moving-weighted-average-cost method produces a V cost of goods sold (and therefore a higher gross 17 Sale Purchase 4 margin) because unit inventory costs are V in this scenario. While counts 30 8 910 the earlier inventory first, the cost of goods sold. method uses all inventory on hand in determining the The sale price of each guitar was $1,640. E (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) E (Click the icon to view the cost of goods sold calculation from the moving-weighted-average-cost perpetual inventory record.) Required Calculate the gross margin for Music Unlimited…
ower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $20 $200 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $970 There are 10 units of inventory on hand on December 31. Question Content Area 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO$fill in the blank afc0e7fdc02f065_1 b. Weighted-average (round calculations to two decimal places.)$fill in the blank afc0e7fdc02f065_2 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO…