Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning 500 $ 16 For the year: b. Purchase, April 11 800 14 c. Purchase, June 1 700 17 d. Sale, May 1 (sold for $44 per unit) 500 e. Sale, July 3 (sold for $44 per unit) 660 f. Operating expenses (excluding income tax expense), $19,500 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning 500 $ 16 For the year: b. Purchase, April 11 800 14 c. Purchase, June 1 700 17 d. Sale, May 1 (sold for $44 per unit) 500 e. Sale, July 3 (sold for $44 per unit) 660 f. Operating expenses (excluding income tax expense), $19,500 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold

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Description: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventorycosting method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accountingrecords provided t

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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s Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…
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Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
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Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $
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Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Ending inventory Purchases Sales Number of Units Unit Cost Number of Units 570 $3.90 $4.00 $4.00 670 Gross profit 670 370 370 Sales Price Required: 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) $5.40 $5.40 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.)