The following information was available from the inventory records of Jun Company for January:Unit CostTotal Cost$9.77$87,930UnitsBalance at January 19,000Purchases:Sales:January 6January 266,0008,100January 7January 3110.3010.7161,80086,751(7,500)(11,100)Balance at January 31 4,500Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar?Group of answer choices$192,516.$190,413.$189,861.$188,286.

The following information was available from the inventory records of Jun Company for January: Unit Cost Total Cost $9.77 $87,930 Units Balance at January 19,000 Purchases: Sales: January 6 January 26 6,000 8,100 10.30 10.71 61,800 86,751 January 7 (7,500) January 31 (11,100) Balance at January 31 4,500 Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar? Group of answer choices $192,516. $190,413. $189,861. $188,286.

The following information was available from the inventory records of Jun Company for January: Unit Cost Total Cost $9.77 $87,930 Units Balance at January 19,000 Purchases: Sales: January 6 January 26 6,000 8,100 10.30 10.71 61,800 86,751 January 7 (7,500) January 31 (11,100) Balance at January 31 4,500 Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar? Group of answer choices $192,516. $190,413. $189,861. $188,286.

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

Shellhammer Company's inventory and purchases accounts show the following data for the month of September: Inventory, Purchases: September 1 September 8 September 18 Ending inventory Cost of goods sold $ tA Units $ 100 450 350 Unit Cost A physical inventory on September 30 shows 200 units on hand. Calculate the cost of ending inventory and cost of goods sold if the company uses the FIFO method and a periodic inventory system. $3.34 3.50 3.70 A
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
The following information was available from the inventory records of Apollo Company for January: Unit Total Units Cost Cost Balance at 3,000 P9.77 P29,310 January 1 Purchases January 8 2,000 P10.30 P20,600 January 26 2,700 P10.71 P28,917 Sales January 9 (2,500) January 31 (4,000) Balance at 1,200 January 31 Assuming that Apollo maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest peso? O P12,312. O P12,432. O P12,606. P12,284.
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior year 1,990 $ 7 For the current year: Purchase, March 21 5,150 9 Purchase, August 1 2,960 10 Inventory, December 31, current year 4,010 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO LIFO Average Cost Ending inventory $ 39,050 Cost of goods sold $ 50,830
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 162 units @ $10 = $1,620 May 5 Purchase 232 units @ $12 = $2,784 May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $1,456 May 24 Sales 102 units @ $21 Multiple Choice
Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIF0 cost flow assumption. by using DATE IN OUT BALANCE Quantity Price Total Quantity Price Total Quantity Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29
The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $928,850 6,281,050 5,512,700 46,300 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Re ired 2 A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage Required 1 1. Use the retail…
[The following information applies to the questions displayed below) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Units Acquired at Cost 198 units e $52.88 per unit 278 units e $57.80 per unit Bnits Sold at Retail 350 units e s87.se per unit Purchase Sales 130 units e $62.88 per unit 240 units e $64.80 per unit 220 units e s97.80 per unit Totals 830 units 570 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 110 units from beginning inventory, 240 units from the March 5 purchase, 90 units from the March 18 purchase, and 130 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Answer is complete but not entirely correct. Welghted…
The following information was available from the inventory records of the Lunacia Company for January 2021: Units Unit Cost Total CostBalance, January 01, 2021 2000 9,775.00 19,550.00 Purchases: January 06, 2021 1500 10,300.00 15,450.00 January 26, 2021 3400 10,750.00 36,550.00 Sales January 07, 2021 1800 January 31, 2021 3200 Balance, January 31, 2021 1900 Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?
Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 220 380 400 1,000 Unit Cost $25 $ 30 33 Total Cost $5,500 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 11,400 13,200 $30,100
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Total Cost $ 2,184 3,192 Purchase 4,928 Purchase 5,734 $ 16,038 January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,980 $7 For the current year: Purchase, March 21 5,090 9 2,970 10 Purchase, August 1 Inventory, December 31, current year 4,100 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.