Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Sales: Mar. 10 600 gals @ $ 7.25 Mar. 5 400 gals Mar. 16 800 gals @ $ 7.30 Mar. 14 700 gals Mar. 23 600 gals @ $ 7.35 Mar. 20 500 gals Mar. 26 700 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Sales: Mar. 10 600 gals @ $ 7.25 Mar. 5 400 gals Mar. 16 800 gals @ $ 7.30 Mar. 14 700 gals Mar. 23 600 gals @ $ 7.35 Mar. 20 500 gals Mar. 26 700 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales...

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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100 gallons @ $7.4 per gallon Purchases: Sales: Apr. 10 620 gals @ $ 7.45 Apr. 5 420 gals Apr. 16 820 gals @ $ 7.50 Apr. 14 720 gals Apr. 23 620 gals @ $ 7.55 Apr. 20 520 gals Apr. 26 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be:
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350 gallons @ $7.90 per gallon = $10,665 Purchases: Sales: Mar. 10 470 gals 670 gals @ $7.95 870 gals @ $8.00 670 gals @ $8.05 Mar. 5 Mar. 16 Mar. 14 770 gals Mar. 23 Mar. 20 570 gals 770 gals Mar. 26 The ending inventory assuming FIFO is: Multiple Choice $7,874. $7,814. $7,794. $7,784.
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,850 gallons @ $8.90 per gallon = $16,465 Purchases: Sales: March 10 770 gallons @ $8.95 March 5 570 gallons March 16 970 gallons @ $9.00 March 14 870 gallons March 23 770 gallons @ $9.05 March 20 670 gallons March 26 870 gallons The ending inventory under a periodic inventory system assuming average cost is: $12,279. $12,381. $12,351. $12,361.
Inventory records for a company revealed the following: March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625 Purchases: Sales: Mar. 10 650 gals @ $ 7.75 Mar. 5 450 gals Mar. 16 850 gals @ $ 7.80 Mar. 14 750 gals Mar. 23 650 gals @ $ 7.85 Mar. 20 550 gals Mar. 26 750 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is: A. $6,987 B. $6,905 C. $7,007 D. $6,977
Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Mar. 10 Mar. 16. Mar. 23 600 gals @ $7.25 800 gals @ $7.30 600 gals @ $7.35 Multiple Choice Ending inventory assuming LIFO in a periodic inventory system would be: $5,040. O $5,055. $5,075. Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 $5,135. 400 gals 700 gals 500 gals 700 gals
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,100 gallons @ $7.40 per gallon = $8,140 Sales: March 5 Purchases: March 10 March 16 March 23 March 14 March 20 March 26 The ending inventory assuming FIFO is: Multiple Choice O 620 gallons @ $7.45 820 gallons @ $7.50 620 gallons @ $7.55 O $5,881. $5,791. $5,821. $5,801. 420 gallons 720 gallons 520 gallons 720 gallons
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,050 gallons @ $7.30 per gallon = $7,665 Purchases: Sales: March March 10 14 March 1,000 26 gallons March 16 March 23 610 gallons@ $7.35 810 gallons @ $7.40 610 gallons @ $7.45 The Cost of Goods Sold under a perpetual inventory system assuming moving average cost is: Note: Round unit cost to three decimal places and final answer to whole dollars. $13,148 710 gallons $11,987 $12,112 O $12,576
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: March 10 March 16 March 23 Sales: March 5 400 gallons March 14 700 gallons 500 gallons March 20 March 26 700 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice 600 gallons @ $7.25 800 gallons @ $7.30 600 gallons @ $7.35 $5,080. $4,960. $5,060. $5,140.
During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Unit Total Number of Units 20 Date Transaction Cost Cost Jan. 1 Beginning inventory Sep. 8 Purchase $50 68 $1,000 680 10 30 $1,680 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method. (Rour weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold
During 2021, a company sells 365 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 60 $ 64 $ 3,840 May 5 Purchase 161 66 10,626 Nov. 3 Purchase 189 69 13,041 410 $ 27,507 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory: _________ Cost of goods sold: _________
During 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Transaction Cost. Total Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase 67 $62 $ 4,154 166 63 10,458 12,220 188 65 421 $26,832 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold 吕口 F3 88 F4 4) FI1 F5 FB F9 F12 F10 @ # $ 4 & 3 5 6 7 8 { W E Y F H J K > ? C V alt command option command .. .* V • * co B.