Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 140 150 2,240,000 600,000 16,000 4,000 15,000 20,000 1,000 8,000 4,000 30,000 3,200,000 160,000 160 160 150 4,500,000 What is the moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000
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- Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 1 $ fill in the blank 2 May $ fill in the blank 3 $ fill in the blank 4 FIFO perpetual Cost of Goods Sold Ending Inventory April $ fill in the blank 5 $ fill in the blank 6 May $ fill in the blank 7 $ fill in the blank 8 LIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 9 $…Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.40 25 Sale 150 28 Purchase 100 5.90 May 5 Purchase 250 5.40 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ FIFO perpetual Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ NO handwritten answer allowed thankuThe following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
- The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods soldLisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $ 4 $ 2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 1,050 units occurred on June 15 for a selling price of $8 and a sale of 1,080 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ 2$ Cost of goods sold $ $ $I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions. The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 65 13 $845 2-May Purchase 75 14 $1,050 3-May Purchase 70 16 $1,120 10-May Sale 100 $30 15-May Purchase 40 17 $680 17-May Sale 45 $30 30-May Sale 100 $30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory $ Gross Profit $
- Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units Dec. 20 1,710 units at $27 Dec. 14 2,280 units Dec. 31 1,140 units Question Content Area a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…Cheyenne Corp, Uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost 120 $5 $ 600 June 1 Inventory 12 Purchase 360 2,160 23 Purchase 200 1,400 30 Inventory 203Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 365 6 2,190 23 Purchases 210 7 1,470 30 Inventory 250
- Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Units Unit Cost Price $ 10 July 1 July 13 July 25 Beginning Inventory 41 Purchase 205 12 Sold (100) $ 16 July 31 Ending Inventory 146 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost per FIFO (Periodic). Units Total Unit Beginning Inventory Purchases מ 4 . ו. .!