Required information[The following information applies to the questions displayed below.]For the current year, Parker Games has the following inventory transactions related to its traditional board games. ParkerGames uses a periodic inventory system.DateTransactionsJanuary 1March 12Beginning inventoryPurchaseUnits120Unit Cost$219016September 17Purchase609270January 1 to December 31Sales170Required:1. Using FIFO, calculate ending inventory and cost of goods sold.Answer is complete but not entirely correct.Ending inventory$700Cost of goods sold$4,500Total Cost$2,5201,440540$4,500

Calculate the cost of goods sold (COGS) using FIFO: Total Sales = 170 units First, we use up the…

Answered: Required information [The following…

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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Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Quantity (unit) Total Cost 13 Jan 10 Apr 21 Jul 18 Aug | 23 Oct 11 Nov Beginning inventory Purchases Purchases Sales Purchases Sales $6,000 $4,800 S12,000 60 S100 40 S120 100 S120 80 S110 S17,600 160 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
Questions # 16-20 are based on the information below: Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($150 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase A. $2,210 B. $2,300 C. $2,650 D. $2,630 16. What is the cost of goods sold using FIFO for August? Units 7 5 A. $1,880 B. $2,210 C. $2,300 D. $2,630 9 7 12 10 12 A. $2,150.50 B. $2,347.50 C. $2,029.50 D. $2,480.50 Cost per Unit $130 120 110 17. What is the ending inventory using LIFO at August 31, 2021? 100 Total Cost $910 1,080 1,320 1,200 $4,510 18. What is the ending inventory using weighted-average cost at August 31, 2021?
Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date January 2 January 5 January 9 January 18 January 24 January 30 Type of Transaction Beginning Inventory Purchase Sale Purchase Sale Purchase Number of Units 60 52 55 50 56 57 Amount Per Unit $55.00 $56.00 $105.00 $57.00 $105.00 $58.00 Required: Use the information above to produce a 9-column perpetual inventory. schedule of merchandise activity in January, 2022. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average
Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Total Quantity (unit) Cost $100 Beginning inventory Purchases Purchases Sales Purchases Sales 13 Jan 10 Apr $6,000 $4,800 S12,000 60 40 S120 21 Jul 100 $120 18 Aug 23 Oct 11 Nov 80 160 $110 S17.600 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory 55 Purchase Sale Purchase Sale Purchase Sale Ending inventory Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 $ tA 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO tA $ 28 LA 45 29 50 31 50 FIFO tA tA tA AVERAGE-COST
Consider the following information for Maynor Company, which uses a periodic Inventory systern: January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. Ending Inventory Cost of Goods Sold CICLOS
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
A perpetual inventory system is used by EhsaanTraders and an inventory record card is maintained for each type of product in stock. The following transaction show beginning inventory, purchases, and sales of product JC209 for the month of May 2020 : May 01 : Balance on hand, 20 units, cost Rs. 40 each. May 05 : Sales, 8 units, sales price Rs. 60 each. May 06 : Purchases, 20 units, cost Rs. 45 each. May 11 : Purchases, 15 units, cost Rs. 50 each. May 21 : Sales, 10 units, sales price Rs. 60 each. May 31 : Sales, 15 units, sales price Rs. 65 each. May 31 : Purchases, 10 units, cost Rs. 55 each. Required : Calculate the cost of ending inventory under FIFO and Weighted Average Cost Method. Calculate the amount of cost of goods sold under FIFO and total sales during the month. Instead of perpetual, if Ehsaan Traders follows periodic inventory system, do you think if it will be beneficial in all business…
You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Beginning inventory Description Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price $22 65 130 95 95 65 75 105 24 45 25 50 27 50 Ending inventory $ Cost of goods sold Gross profit Solution eTextbook and Media (a3) $ $ * Your answer is incorrect. Gross profit rate LIFO 2270 LIFO 6680 6095 i 32.3 Calculate the gross profit rate under each of the following methods. 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) $ % $ $ FIFO FIFO 2650 6300 i 6475 34.4 % $ $ $ AVERAGE-COST 2452 6498 i 6277 Attempts: 3 of 3 used AVERAGE-COST 33.3 %
Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 102 16 9 Sale 89 16 Purchase 128 0 25 Sale 83 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.
Beginning inventory, purchases, and sales for Item CSW15 are as follows: August 1 Inventory 106 15 9 Sale 91 16 Purchase 128 19 25 Sale 78 Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the inventory value on August 31
Prepare the journal entry for the inventory write-down using the LCM, net realizable method Company A is preparing their annual financial statements dated December 31, 20X1. Ending inventory is presently recorded at its total cost of $5,465. Information about its inventory item is as follows: Product Line Quantity on Unit Cost When Value at Year-End Hand Acquired (FIFO) Product A 20 12 $ 14 Product B 75 40 38 Product C 35 55 50 Product D 10 30 35

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