Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.June 1Balance302 units@$ 17June 10Sold200 units @$4011Purchased795 units@$2015Sold496 units @$4220Purchased498 units @$ 2227Sold299 units @$45(a)Your answer is partially correct.Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)FIFO.(1)(2)LIFOFIFOCost of Goods Sold%241989818994Ending Inventory%2412092%2412996e Textbook and Media

Name: Inventory information for Part 311 of Blossom Corp. discloses the fol
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Description: Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.June 1Balance302 units@$ 17June 10Sold200 units @$4011Purchased795 units@$2015Sold496 units @$4220Purchased498 units @$ 2227Sold299 units @

First in first out shows the first inventory purchased would be sold first.

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Accounting

Inventory information for Part 311 of Blossom Corp. disdloses the following information for the month of June. June 1 Balance 302 units@$ 17 June 10 Sold 200 units@$40 11 Purchased 795 units@$20 15 Sold 496 units @$42 20 Purchased 498 units@$22 27 Sold 299 units @$45

Inventory information for Part 311 of Blossom Corp. disdloses the following information for the month of June. June 1 Balance 302 units@$ 17 June 10 Sold 200 units@$40 11 Purchased 795 units@$20 15 Sold 496 units @$42 20 Purchased 498 units@$22 27 Sold 299 units @$45

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 28 units @ $30 840 Nov. 28 Purchase 46 units @ $37 1,702 98 units $3,310 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost using the FIFO method. b. Determine the inventory cost using the LIFO method. c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40 Units Sold at Retail = $30,400 April 11 Sale 1,360 units @ $110 April 16. April 22 Purchase Sale 680 units @ $44 = : $29,920 400 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 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice
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Inventory records for Capetown, Incorporated revealed the following: Number of Date April 1 April 20 Transaction Units Unit Cost Beginning Inventory Purchase 460 310 $ 2.39 2.51 Capetown sold 630 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Apr. 3 8 11 30 May 8. 10 19 28 June 5 16 2 29 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase 28 Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225
FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 42 $375 $15,750 8 Purchase 84 450 37,800 11 Sale 56 1,250 70,000 30 Sale 35 1,250 43,750 May 8 Purchase 70 500 35,000 10 Sale 42 1,250 52,500 19 Sale 21 1,250 26,250 28 Purchase 70 550 38,500 June 5 Sale 42 1,315 55,230 16 Sale 56 1,315 73,640 21 Purchase 126 600 75,600 28 Sale 63 1,315 82,845 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost…
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 C
urrent 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.
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LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 42 $225 $9,450 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15.750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33.180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the…
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 36 $150 $5,400 8 Purchase 72 180 12,960 11 Sale 48 500 24,000 30 Sale 30 500 15,000 May 8 Purchase 60 200 12,000 10 Sale 36 500 18,000 19 Sale 18 500 9,000 28 Purchase 60 220 13,200 June 5 Sale 36 525 18,900 16 Sale 48 525 25,200 21 Purchase 108 240 25,920 28 Sale 54 525 28,350 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in…