l TEW LTE 12:05 PM @ 10% AA 2-xythos.content.blackboardcdn.com C Directions & Honesty Cash over short Inventory Valuation Inventory Turnover 4 Points Inventory Calculations: Units Per Unit S Total Cost Beginning Inventory 9/1/20 10 10 100 Purchase 9/5/20 60 11 660 Purchase 9/15/20 Total Goods Available 50 120 12 600 1,360 The Company had 30 units left in Ending Inventory at the End of the month. Using FIFO - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in S): Ending Inventory (in S): Using WEIGHTED AVERAGE - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in $): Ending Inventory (in S): Show work:

l TEW LTE 12:05 PM @ 10% AA 2-xythos.content.blackboardcdn.com C Directions & Honesty Cash over short Inventory Valuation Inventory Turnover 4 Points Inventory Calculations: Units Per Unit S Total Cost Beginning Inventory 9/1/20 10 10 100 Purchase 9/5/20 60 11 660 Purchase 9/15/20 Total Goods Available 50 120 12 600 1,360 The Company had 30 units left in Ending Inventory at the End of the month. Using FIFO - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in S): Ending Inventory (in S): Using WEIGHTED AVERAGE - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in $): Ending Inventory (in S): Show work:

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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Q.3 The following are the inventory records of the Jordan Company: Total $40 Cost $2 Units Balance, January 1 Purchases: 20 February May August December 30 3 90 40 200 6. 10 20 120 10 100 Available for sale 120 $550 Calculate ending inventory, which consists of 30 units, and cost of sales, using: (a) FIFO, (b) LIFO, and (c) average give your opinion on the results
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 28 units @ $16 30 Sale 14 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. All work saved. SAMSUNG #3 $ % & 6. 7 * 00
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.ll Verizon LTE 11:41 AM 1 0 77% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. 1 Inventory 270 units at $18 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 %24 b. Inventory on March 31 4. PE.07-04B O eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer…
Bramble Company reports the following for the month of June. June 1 (a) 12 23 30 (b) Inventory 290 Purchase 400 Purchase Inventory Units Unit Cost $5 Cost of goods sold 300 130 Cost of the ending inventory Your answer has been saved. See score details after the due date. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Save for Later 6 $ 7 in Total Cost $1,450 2,400 2,100 FIFO 910 5040 Which costing method gives the higher ending inventory? 5 $ LIFO 650 5300 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer
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Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In
Bleistine Company had the following transactions for the month. F3 # 3 E Beginning inventory Purchased Jun. 1 Purchased Nov. 1 Ending inventory Calculate the ending inventory dollar value for FIFO periodic. 3,850 110 O4,560 O4,730 KA F4 $ 4 R F5 do 5 Number of Units % 880 750 800 110 F6 T < 6 DELL (7) Cost per Unit $35 40 43 ? F7 Y & 7 (DELL F8 U * 00 F9 8 F10 PrtScr F11 86°F
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During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ P24 14 Purchased 800 units @ P36 700 units @ P30 24 Purchased 8 Sold 400 units @ P50 10 Sold 1,000 units @ P40 29 Sold 600 units @ P44 Find: a. Ending Inventory under FIFO b. Ending Inventory under LIFO c. COGS under FIFO d. COGS under LIFO e. Gross Profit under FIFO f. Gross Profit under LIFO
.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…