FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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### Required Information *(The following information applies to the questions displayed below)* Glasgow Corporation has the following inventory transactions during the year: | Date | Transaction | Number of Units | Unit Cost | Total Cost | |-----------|----------------------|-----------------|-----------|------------| | Jan. 1 | Beginning Inventory | 56 | $4 | $ 2,688 | | Apr. 7 | Purchase | 106 | $5 | $ 530 | | July 15 | Purchase | 286 | $6 | $1,716 | | Oct. 6 | Purchase | 116 | $8 | $ 928 | | | | **554** | | **$5,070** | For the entire year, the company sells 442 units of inventory for $66 each. ### Question 4 Determine which method will result in higher profitability when inventory costs are rising. #### Multiple Choice - ( ) Weighted-average - ( ) FIFO - ( ) LIFO ### Explanation This table presents the inventory transactions of Glasgow Corporation over a year, detailing the number of units purchased, unit cost, and total cost for each transaction. The overall total cost and units are also summarized. The question asks which inventory costing method—Weighted-average, FIFO (First-In, First-Out), or LIFO (Last-In, First-Out)—leads to higher profitability when inventory costs are rising. This is an essential consideration in accounting and finance, influencing financial statements and tax obligations.
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Transcribed Image Text:### Required Information *(The following information applies to the questions displayed below)* Glasgow Corporation has the following inventory transactions during the year: | Date | Transaction | Number of Units | Unit Cost | Total Cost | |-----------|----------------------|-----------------|-----------|------------| | Jan. 1 | Beginning Inventory | 56 | $4 | $ 2,688 | | Apr. 7 | Purchase | 106 | $5 | $ 530 | | July 15 | Purchase | 286 | $6 | $1,716 | | Oct. 6 | Purchase | 116 | $8 | $ 928 | | | | **554** | | **$5,070** | For the entire year, the company sells 442 units of inventory for $66 each. ### Question 4 Determine which method will result in higher profitability when inventory costs are rising. #### Multiple Choice - ( ) Weighted-average - ( ) FIFO - ( ) LIFO ### Explanation This table presents the inventory transactions of Glasgow Corporation over a year, detailing the number of units purchased, unit cost, and total cost for each transaction. The overall total cost and units are also summarized. The question asks which inventory costing method—Weighted-average, FIFO (First-In, First-Out), or LIFO (Last-In, First-Out)—leads to higher profitability when inventory costs are rising. This is an essential consideration in accounting and finance, influencing financial statements and tax obligations.
## Inventory and Financial Analysis using Weighted-Average Cost ### Required Information The following information details the inventory transactions for Glasgow Corporation throughout the year: | Date | Transaction | Number of Units | Cost per Unit ($) | Total Cost ($) | |------------|------------------------|-----------------|-------------------|----------------| | Jan. 1 | Beginning Inventory | 56 | 51 | 2,856 | | Apr. 7 | Purchase | 126 | 54 | 6,804 | | Jul. 16 | Purchase | 216 | 53 | 11,448 | | Oct. 06 | Purchase | 116 | 55 | 6,380 | | **Total** | | **514** | | **27,488** | For the entire year, the company sells 442 units of inventory at $66 each. ### Financial Calculation Task Using the weighted-average cost method, compute the following: 1. Ending inventory 2. Cost of goods sold (COGS) 3. Sales revenue 4. Gross profit (Round "Average Cost per unit" to four decimal places and all other answers to the nearest whole number.) ### Weighted-Average Cost Calculation #### Cost of Goods Available for Sale - **Number of Units**: 514 - **Cost of Goods Available for Sale**: $27,488 #### Cost of Goods Sold - Weighted Average Cost - **Number of Units Sold**: 442 #### Ending Inventory - Weighted Average Cost - **Number of Units in Ending Inventory**: 72 **Tables for Calculation:** - **Weighted Average Cost per Unit**: Not directly provided; requires calculation from total cost divided by total units. The table below shows the breakdown of calculations, including cost per unit and total costs for both goods sold and ending inventory. | Description | Number of Units | Cost per Unit ($) | Total Cost ($) | |----------------------------|-----------------|-------------------|----------------| | **Cost of Goods Available**| 514 | | 27,488 | | **Cost of Goods Sold** | 442 | | | | **Ending Inventory** | 72 | | | ### Sales Revenue and Gross Profit Calculation - **Sales Revenue**: To be calculated by
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Transcribed Image Text:## Inventory and Financial Analysis using Weighted-Average Cost ### Required Information The following information details the inventory transactions for Glasgow Corporation throughout the year: | Date | Transaction | Number of Units | Cost per Unit ($) | Total Cost ($) | |------------|------------------------|-----------------|-------------------|----------------| | Jan. 1 | Beginning Inventory | 56 | 51 | 2,856 | | Apr. 7 | Purchase | 126 | 54 | 6,804 | | Jul. 16 | Purchase | 216 | 53 | 11,448 | | Oct. 06 | Purchase | 116 | 55 | 6,380 | | **Total** | | **514** | | **27,488** | For the entire year, the company sells 442 units of inventory at $66 each. ### Financial Calculation Task Using the weighted-average cost method, compute the following: 1. Ending inventory 2. Cost of goods sold (COGS) 3. Sales revenue 4. Gross profit (Round "Average Cost per unit" to four decimal places and all other answers to the nearest whole number.) ### Weighted-Average Cost Calculation #### Cost of Goods Available for Sale - **Number of Units**: 514 - **Cost of Goods Available for Sale**: $27,488 #### Cost of Goods Sold - Weighted Average Cost - **Number of Units Sold**: 442 #### Ending Inventory - Weighted Average Cost - **Number of Units in Ending Inventory**: 72 **Tables for Calculation:** - **Weighted Average Cost per Unit**: Not directly provided; requires calculation from total cost divided by total units. The table below shows the breakdown of calculations, including cost per unit and total costs for both goods sold and ending inventory. | Description | Number of Units | Cost per Unit ($) | Total Cost ($) | |----------------------------|-----------------|-------------------|----------------| | **Cost of Goods Available**| 514 | | 27,488 | | **Cost of Goods Sold** | 442 | | | | **Ending Inventory** | 72 | | | ### Sales Revenue and Gross Profit Calculation - **Sales Revenue**: To be calculated by
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