Ur Inventory records for Herb's Chemicals revealed the following:March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665Purchases:March 10March 16March 23Sales:March 5March 14March 20March 26670 gallons@ $7.95870 gallons@ $8.00670 gallons @ $8.05470 gallons770 gallons570 gallons770 gallonsEnding inventory assuming LIFO in a perpetual inventory system would be:

Name: Ur Inventory records for Herb's Chemicals revealed the following:March
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Description: Ur Inventory records for Herb's Chemicals revealed the following:March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665Purchases:March 10March 16March 23Sales:March 5March 14March 20March 26670 gallons@ $7.95870 gallons@ $8.00670 gallons

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Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665 Purchases: March 10 March 16. March 23 Sales: March 5 March 14 March 201 March 26 470 gallons 770 gallons 570 gallons 770 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: 670 gallons@ $7.95 870 gallons@ $8.00 670 gallons@ $8.05

Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665 Purchases: March 10 March 16. March 23 Sales: March 5 March 14 March 201 March 26 470 gallons 770 gallons 570 gallons 770 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: 670 gallons@ $7.95 870 gallons@ $8.00 670 gallons@ $8.05

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 70APSA: Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing...

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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, 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.
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: 1,850 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 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 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: 1,100 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:
14. Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @ P7.20 = P7,200 Purchases Mar. 10 - 600 gals @ P7.25 Mar. 16- 800 gals @ P7.30 Mar. 23 - 600 gals @ P7.35 Sales Mar. 5 - 400 gals Mar. 14- 700 gals Mar. 20- 500 gals Mar. 26- 700 gals Ending inventory assuming FIFO in a perpetual inventory system would be: 4,960 5,060 5,080 5,140
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 Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2019, Ortman had 5,000,000 gallons on hand, for which it had paid $0.50 per gallon. During 2019, Ortman made the following purchases: During 2019, Ortman sold 65 000,000 gallons at $0.75 per gallon (35,000,000 gallons were sold on June 29 and 30,000,000 gallons were sold on Nov. 22), leaving an ending inventory of 7,000,000 gallons. Assume that Ortman uses a perpetual inventory system. Ortman uses the lower of cost or market for its inventories, as required by generally accepted accounting principles. Required: 1. Assume that the market value of the chemical is $0.76 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. Assume that the market value of the chemical is $0.58 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of $7. During May, the company purchased inventory as follows:▪ 580 units at $7▪ 860 units at $8The company sold 1440 units during the month for $12 per unit. Sunland Company uses the average cost method. The value of Sunland Company's inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.) $2030. $2320. $2175. $12970.
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.