FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula. Date Oct. 2 15 29 Purchases Units Cost Total 8,100 $11 $89.100 13,500 15 202,500 Units 8,100 20,600 Units Cost (total units sold) $ Ending Inventory Cost of Goods Sold Cost $11 $ 549 Total $ Total $89,100
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Transcribed Image Text:Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula. Date Oct. 2 15 29 Purchases Units Cost Total 8,100 $11 $89.100 13,500 15 202,500 Units 8,100 20,600 Units Cost (total units sold) $ Ending Inventory Cost of Goods Sold Cost $11 $ 549 Total $ Total $89,100
Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Date Oct. 2 15 29 Purchases Units Cost 8,100 $11 13,500 15 Sales Cost of goods sold Gross profit Net income Operating expenses Income before income tax Income tax expense (30%) Total $89,100 202,500 FIFO $563,000 Cost of Goods Sold 182,000 Units 20,600 [6] [8] Average $563,000 Cost Total 182,000 Units 8,100 [1] [3] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. [7] [9] [10] [11] Ending Inventory Cost Total $11 $89,100 [2] [4] [12] [5] [13]
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Transcribed Image Text:Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Date Oct. 2 15 29 Purchases Units Cost 8,100 $11 13,500 15 Sales Cost of goods sold Gross profit Net income Operating expenses Income before income tax Income tax expense (30%) Total $89,100 202,500 FIFO $563,000 Cost of Goods Sold 182,000 Units 20,600 [6] [8] Average $563,000 Cost Total 182,000 Units 8,100 [1] [3] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. [7] [9] [10] [11] Ending Inventory Cost Total $11 $89,100 [2] [4] [12] [5] [13]
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