During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for2021:DateTransactionJan. 1 Beginning inventoryMay 5 PurchaseNov. 3 PurchaseNumberof Units64163180407Ending inventoryCost of goods soldUnitCost Total Cost$62$ 3,968646710,43212,060$26,460Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

Name: During 2021, a company sells 373 units of inventory for $92 each. The
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for2021:DateTransactionJan. 1 Beginning inventoryMay 5 PurchaseNov. 3 PurchaseNumberof Units64163180407Ending inventoryCo

Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Business

Accounting

During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Data Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number Unit of Units Cost 64 $62 64 67 Ending inventory Cost of goods sold 163 180 407 Total Cost $3,968 10,432 12,060 $26,460 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

During 2021, a company sells 373 units of inventory for $92 each. The company has the following inventory purchase transactions for 2021: Data Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number Unit of Units Cost 64 $62 64 67 Ending inventory Cost of goods sold 163 180 407 Total Cost $3,968 10,432 12,060 $26,460 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 42,350 $ 77,000 Net purchases 165,890 315,000 Net markups 9,000 Net markdowns 11,000 Net sales 292,000 Retail price index, end of year 1.04 During 2022, purchases at cost and retail were $192,750 and $385,500, respectively. Net markups, net markdowns, and net sales for the year were $4,000, $5,000, and $325,000, respectively. The retail price index at the end of 2022 was 1.05.Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.)
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)
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 120,000 140,000 Purchase returns 2,000 3,000 Ending inventory 45,000 70,000 Gross profit (a) 88,000 Cost of goods sold 111,000 (e) Expenses 70,000 62,000 Net income (c) 26,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 (e) Cost of goods sold (f) Sales
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profitrate under LIFO.2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder FIFO.3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $50,400 $ 84,000 201,840 350,000 10,000 12,000 327,000 1.04 During 2022, purchases at cost and retail were $248,655 and $452,100, respectively. Net markups, net markdowns, and net sales for the year were $3,000, $4,000, and $360,000, respectively. The retail price index at the end of 2022 was 1.06. Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Answer is complete but not entirely correct. $ 60,238 Ending inventory
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
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.
During 2021, a company sells 359 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Unit of Units Cost Total Cost $67 69 Number Date Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Transaction 60 165 $ 4,020 11,385 13,248 $28,653 184 72 409 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
;) During 2024, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2024: Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Number of Total Cost $765 848 $1,613 Units Unit Cost 15 16 31 $51 53 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. December 7- Sold 10 units $50 each. December 12- Purchased 15 units at the cost of $42 each. December 17- Sold 8 units $50 each. December 23-Sold 4 units $50 each. December 27- Purchased 8 units at the cost of $44 each. December 30- Sold 10 units $50 each. What amount should be recorded to COGS for the sale transaction on December 17? Select one: a. 630 O b. 329,60 O c. 431,20 O d. 164,80