Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:Jan. 1Mar. 10Aug. 30InventoryPurchase50 units at $11050 units at $118Purchase30 units at $122Dec. 12 Purchase70 units at $124There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all othercalculations and your final answers to the nearest dollar.Cost of Ending Inventory and Cost of Goods SoldInventory MethodFirst-in, first-out (FIFO)Last-in, first-out (LIFO)$Ending Inventory Cost of Goods Sold$Weighted average cost

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Answered: Periodic inventory by three methods;…

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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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010 units @ $126 Feb. 17 Purchase 1,390 units @ $128 July 21 Purchase 1,665 units @ $129 Nov. 23 Purchase 1,150 units @ $131 There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. $4 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.
Determine the cost of goods sold for the transaction on October 25 using the perpetual inventory system and the FIFO method Units Cost Total Date Item Beginning inventory $10 $50 5 October 4 Purchase 11 88 October 8 Sale 6 October 20 Purchase 15 12 180 October 25 Sale 12 a. $138 b. $137 c. $144 d. $180
Presented below are summary financial data from Pebble Company’s annual report: Assume that the Pebble Company is all equity financed. Calculate the following ratios for Years 1 and 2: Return on equity, Return on assets (levered), Return on sales (levered), Total asset turnover, Financial leverage
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,005 units @ $140 Feb. 17 Purchase 1,440 units @ $142 July 21 Purchase 1,530 units @ $145 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. $ c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $124 Mar. 10 Purchase 50 units at $132 Aug. 30 Purchase 30 units at $136 Dec. 12 Purchase 70 units at $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6
4. Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Date Line Item Description Units and Cost Jan. 1 Inventory 5 units at $42 Feb. 17 Purchase 19 units at $43 Jul. 21 Purchase 20 units at $45 Nov. 23 Purchase 8 units at $45 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 10 units at $46 Aug. 13 8 units at $49 Nov. 30 4 units at $51 22 units Inventory Purchase Purchase Available for sale $1,056 There are 13 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method $460 392 204 000
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $96 Mar. 10 Purchase 70 units @ $106 Aug. 30 Purchase 30 units @ $110 Dec. 12 Purchase 60 units @ $114 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Oct. 1 Oct. 7 Oct. 15 Oct. 24 Inventory Sale Purchase Sale Value 38 units @ $24 26 units 30 units @ $26 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24: b. Inventory on October 31:
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $49 $343 Aug. 7 Purchase 20 units at $52 1,040 Dec. 11 Purchase 15 units at $54 810 42 units $2,193 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
< Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 May 15 Aug. 7 Inventory Nov. 20 Purchase 12 units at $2,040 17 units at $2,100 There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Purchase Purchase 21 units at $1,800 30 units at $1,950 Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Feedback Ending Inventory Cost of Goods Sold 0 X 0 X 0 Cost X $ 114,660 ✓ 0 X 0 X
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Inventory 10 units at $970 each Purchase 45 units at $960 each July 28 Purchase 30 units at $890 each November 1 Purchase 15 units at $920 each There are 35 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Cost 4 Ending Inventory January 1 June 9 Inventory Method a. First-in, first-out- b. Last-in, first-out c. Weighted average Feedback X 32,690 ✔ Cost Cost of Goods Sold

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