Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities $ 12,000 26,000 100,000 26,000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. < Prev 7. of 9 Next > ...

Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities $ 12,000 26,000 100,000 26,000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. < Prev 7. of 9 Next > ...

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 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

See similar textbooks

Similar questions

( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
2/attempt.php?attempt3D131673&cmid%3D62729&page%3D6 Raya Khamis Alsadi 24. Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/2020 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. How many units did the company sell during the month of January, 20120? Select one: O a. 80 units Ob. 120 units C. 200 units O d. None of the answers are correct Oe. 280 units
Edit View History Bookmarks Window Help A education.wiley.com ssan D 74) XAYAAD XIKMO OO. w NWP Assessment Playe. N Solved > 5-1 Accounti.. C Home | Chegg.com A DQ9: Data Mining - S Question 5 of 10 - /3 view Policies Current Attempt in Progress Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3,34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. (Round cost per unit to 2 decimal places, e.g. 15.25 and ending inventory and cost of goods sold to the nearest dollar, e.g. 5,275.) Ending inventory Cost of goods sold $ Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR 7 tv ... 80
Exercise 8.7 (Algo) Costing Inventory in a Periodic System (LO 8-4) Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Feb. 23 Apr. 201 May 4 Nov. 30 Beginning inventory Purchase Purchase Purchase Purchase Totals a. Average cost b. FIFO C. LIFO A physical count indicates 24 units in inventory at year-end. Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember to use periodic inventory costing procedures.) (Round your intermediate and final answers to 2 decimal places.) 13 units@ $3.00 $ 39.00 16 units@ $3.50 56.00 28 units@ $3.80 106.40 140.00 35 units@ $4.00 19 units@ $5.00 111 units 95.00 $436.40 Ending Inventory
education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddlewa Prin X M Question 4 - Chapter 5, Assign X Maps Porter's Five Forc... signment 2 8 January 1 April 1 October 1 The following information pertains to the inventory of Parvin Company during Year 2. 300 units @ $37 2,900 units @ $42 500 units @ $45 During Year 2, Parvin sold 3,500 units of inventory at $80 per unit and incurred $46,000 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $84,000, inventory of $11,100, common stock of $59,000, and retained earnings of $36,100. FIFO General Journal Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of journal entries and T-accounts for each method. Beginning Inventory…
Crane Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10400 $7.00 Purchases: June 18 9700 7.60 November 8 5600 9.00 A physical inventory on December 31 shows 5600 units on hand. Under the FIFO method, the December 31 inventory is O $42560. O $39200. O $42752. O $50400. Save for Later Attempts: 0 of 1 used Submit Answer
S. Question_content subject No. Intercontinental, Ic., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 1 units for $1,190 or $119 per unit; July 31, sold 23 units. Accountim Using LIFO, the cost of goods sold for the sale of 23 units on July 31 is the inventory balance at July 31 is One item is omitted in each of the following summaries of balance sheet and income statement data for three different companies, A, B, and C. Determine the amounts of the missing items, identifying each company by letter (You must show your calculations) and Accountin COMPANY. 2.
TB MC Qu. 8-98 (Static) A company has the following information... A company has the following information related to its ending inventory: 12/31/2023 12/31/2024 FIFO LIFO $ 400,000 $300,000 480,000 350,000 The company makes an adjusting entry with a debit to Cost of Goods Sold and a credit to LIFO Reserve for $130,000 at the end of 2024 ($480,000 - $350,000). Which of the following statements is correct? Multiple Choice The company should instead debit the LIFO Reserve. The adjusting entry should instead be made for $30,000. Cost of goods sold is higher under LIFO than under FIFO by $130,000 in 2024. < Prev 15 of 16 Next
K Inventory- 10- ACCT1100: Finar x * CengageNOwv2 |Online teachi x 310) Inventory Cost Flow - First x G https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLo... Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 160 $10 Purchased Mar. 31 180 15 Purchased Oct. 15 130 18 Ending Inventory 60 Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) 6,640 B. Last-in, First-out (LIFO) C. Weighted Average (AVG) Feedback Check My Work FIFO and LIFO refer to the inventory 'layers that are used to complete the order for a sale. The amount remaining after the order is 'filled' is the ending inventory amounts. Previgs Next 1:5 Check My Work 4 more Check My…
Problem 11-18 (AICPA Adapted) During the month of January, Metro Company which used a perpetual inventory system recorded the following information pertaining to inventory: Units Unit cost Total cost Units on hand Balance on 1/1 Purchased on 1/7 6,000 Sold on 1/20 Purchased 1/25 10,000 100 300 1,000,000 1,800,000 10,000 16,000 7,000 11,000 9,000 4,000 500 2,000,000 Under the moving average method, what amount should Metro report as inventory on January 31? a. 2,640,000 b. 3,225,000 c. 3,300,000 d. 3,900,000
Required Information [The following information applies to the questions displayed below) The following data is provided for Garcon Company and Pepper Compeny for the year ended December 31. Garcon Company $12,100 15, e Pepper Company $18,55e 21,7 10,s00 14,40 25, 20,400 .0 25,3 22, 00 20,0 7,000 12,25e 47,000 34,620 1, Finished goods inventory, beginning Mork in process inventory, beginning Raw naterlals lnventory, beginning Rental cost on factory equlpeent Direct labor 11,250 intshed goods inventory, ending Mork in process ineeetory, ending Ran naterials inventory, ending Factory utilities General and adeanistrative expenses Indirect labor Repairs-factory equipeent Raw naterials purchases Selling expenses Sales Cash Accounts receivable, net 17,4s0 7.000 13,35e 34, 14,95e 5,420 43,500 271,60 2,4 29,20 22,e 13,200 1. Complete the table to find the cost of goods manufsctured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the toble to calculate the…