еВookShow Me HowPrint ItemThere are 20 units of inventory on hand on December 31.1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:a. FIFOb. Weighted-average (round calculations to two decimal places)2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. Calculatethe total amount to be assigned to the ending inventory on December 31 under each of the following methods:a. FIFO lower-of-cost-or-market$4b. Weighted-average lower-of-cost-or-market$43. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If noentry is required, select "No Entry Required".а.b. Chapter 13-14-15 HomeworkeВookI Show Me HowPrint ItemLower-of-Cost-or-MarketBouie Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:UnitsUnit PriceTotal CostJan. 1Beginning inventory20$27$540Mar. 51st purchase2234748Sept. 9 2nd purchase2435840Dec. 83rd purchase224088088$3,008There are 20 units of inventory on hand on December 31.1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:a. FIFOb. Weighted-average (round calculations to two decimal places)$42. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned tothe ending inventory on December 31 under each of the following methods:a. FIFO lower-of-cost-or-market

Name: еВookShow Me HowPrint ItemThere are 20 units of inventory on hand on
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: еВookShow Me HowPrint ItemThere are 20 units of inventory on hand on December 31.1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:a. FIFOb. Weighted-average (round calculatio

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Business

Accounting

There are 20 units of inventory on hand on December 31. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO $4 b. Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market $4 b. Weighted-average lower-of-cost-or-market $4 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required". a. b.

There are 20 units of inventory on hand on December 31. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO $4 b. Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market $4 b. Weighted-average lower-of-cost-or-market $4 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required". a. b.

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

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 25 units @ $29 $725 Inventory Purchase June 16 29 units @ $32 928 Nov. 28 Purchase 41 units @ $37 1,517 95 units $3,170 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
The units of an item available for sale during the year were as follow: Jan 1 Inventory 14 units at $37 $518 Aug 13 Purchase 10 units at $39 390 Nov 30 Purchase 10 units at 41 410 There are 17 units of the itam in physical inventory at December 31. The Periodic inventory system is used Determine the cost of ending inventory using the weighted average cost method.
At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $15.20 per unit: Transactions Units Inventory, January 1 560 Amount $1,792 Purchase, January 12 540 Purchase, January 26 140 2,808 1,008 Sale Sale (420) (200) Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 2a. Between FIFO and…
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 3- accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Ending inventory Cost of goods sold $ $ Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inv Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount FIFO Units 1,990 X Answer is complete but not entirely correct. Average Cost 24,013 34,692 30,000 $ 20,720 $ 5,000 2,960 4,070 LIFO 20,440 38,240 $ $ Unit Cost $4 6
Please help solve and explain process
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 140 $1,400 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 490 6,080 Ending inventory 70 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $29 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
A company sells three different products.The following inventory information is available on December 31: Inventory Item Units Cost per unit $4.00 Market value unit per $3.50 $1.50 300 Y 600 $2.00 1,500 $3.00 $4.00 After applying the lower of cost or market (LCM) rule to inventory, what amount should be reported for total ending inventory on its Dec. 31 balance sheet? O a. $6,600 O b. $6,450 O c. $6,900 O d. $7,950
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $14 per unit. Transactions Unit Cost Inventory, January 1 $ 5.00 Units 190 Total Cost $ 950 Sale, January 10 (140) Purchase, January 12 5.50 240 1,320 Sale, January 17 (100) Purchase, January 26 6.50 70 455 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will…
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095 units @ $140 Feb. 17 Purchase 1,385 units @ $141 Jul. 21 Purchase 1,680 units @ $143 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40