Required information [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 units of Its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 9 Date of Purchase Units Total Cost $ 54,00e 9e,eee Jan. 10 6, eee Jan. 18 9, eee 10 Totals 15, eee 144,eee * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,eee 3,eee Jan. 12 Jan. 20 6,eee Total 14,eee 10,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory = of units Avg.Cost Cost of # of units

Required information [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 units of Its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 9 Date of Purchase Units Total Cost $ 54,00e 9e,eee Jan. 10 6, eee Jan. 18 9, eee 10 Totals 15, eee 144,eee * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,eee 3,eee Jan. 12 Jan. 20 6,eee Total 14,eee 10,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory = of units Avg.Cost Cost of # of units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold
[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost* Total Cost January 10 5,000 $ 9 $ 45,000 January 18 6,000 10 60,000 Totals 11,000 $ 105,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO,…
A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual Average Sales Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost 5,000 units were on hand at the end of the month. Sale - January 12 Subtotal Average Cost Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Number of units Purchases Unit Cost* $8 9 10,000 4,000 2,000 X 6,000 3,000 9,000 1,000 X Inventory on hand Cost per unit 7.0000 $ 28,000 0 8.0000 Answer is not complete. Inventory Value 28,000 24,000 52,000 Total Cost $…
Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?
! Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Includes purchase price and cost of freight. Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 5,000 8,000 13,000 11,000 units were on hand at the end of the month. Units 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 3,000 3,000 4,000 10,000 5,000 8,000 21,000 Purchases Unit Cost* $ 10 11 Cost of Goods Available for Sale Cost of Number Unit Goods of units Cost Available for Sale 8,000 $9.00 $ 72,000 10.00 11.00 Total Cost $ 50,000 88,000 $ 138,000 50,000 88,000 $ 210,000 Cost of Goods Sold - January 5 Number of units sold 0 0 0 Cost per unit $…
I Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic inventory system Perpetual inventory system Amount of shrinkage
Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost* Total Cost January 10 6,000 $7 January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Answer is not complete. Inventory on hand Cost of Goods Sold Perpetual Average Cost Number per of units Inventory Value unit Number of units sold Average Cost per Cost of Goods unit Sold Beginning Inventory 7,000 6.0000 ( $…
HUUW OL UE enu UI e aun aLUu U eUu, LELem aL Unit Cost $ 45 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 (S160 each) 1, 600 2, 300 (1, 250) 1,000 (1,500) 49 75 Assuming that for Specific identification method (item id) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out b. Weighted average cost. c First-in, first-out. d. Specific identification, assuming that 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…
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.