To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.

To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.

Name: Please answer each part with all the methods including FIFO, LIFO, and
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Description: Please answer each part with all the methods including FIFO, LIFO, and WAC. To continue with our Periodic Inventory Management topic andso I can get a "temperature check" on how you areunderstanding this topic:Please try this scenario which will be l

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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****I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE**** You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $26 Oct. 9 Purchase 125 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 70 45 Oct. 25 Purchase 80 31 Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $28.50 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The Ending Inventory 2660 2660 2850 The cost of goods sold 7895 7495 7695 Gross Proft 3780…
You are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit…
Use the following data to calculate the cost of ending inventory using the II f o method. September 1st beginning inventory 15 units at $20 Each. September 10th purchase 20 units at $25 each. September 20th Purchase 25 units at $28 each. September 30th ending inventory 30 units. which is the best Answer? A. $825 b. $750 C. $675 D $600.
Show Attempt History Current Attempt in Progress You are provided with the following information for Waterway Inc. for the month ended June 30,2020. Waterway uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June Beginning inventory 42 $41 June 4 Purchase 135 46 June 10 Sale 107 67 June 11 Sale return 18 67 June 18 Purchase 52 49 June 18 Purchase return 8. 49 June 25 Sale 62 72 June 28 Purchase 32 53 (a1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg 5.25.) Weighted-average cost per unit 24 46.58 eTextbook and Media Attempts: 1 of 3 used (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to O decimal places, eg 1,250) LIFO FIFO AVERAGE-COST The ending %24 inventory The cost of goods %24 %$4 %24 sold Gross profit %24
If the begning inventory is 0 and purchases during the period are as follows: Date of purchase Units Unit Cost 1st April 120 2 7th April 80 2 12 - Aug 50 3 9th Sept 100 5 3rd Nov 150 6 2nd Feb 120 5 31st March Ending Inventory 220 What will be the COGS for the period using FIFO method Question 1Answer a. 1250 b . 1150 c. 1350 d. 1450 which is write ans plz explai step by step
Use the following information to calculate the value of inventory on hand on April 30 and issue price to production during April using FIFO inventory system. 01-April Beginning Inventory50 units @ R15 per unit 5 April Purchase 135 units @ 20 per unit 9 april: Issue to production 95 units 11 april : Purchase 30 units @ R16 per unit 16 April Purchase: 78 units @ R17per unit20 20 April Issue to production :125 units 30 April Issue to production 65 units
The units of an item available for sale during the year were as follows: Jan. 1 16 units at $38 Inventory Purchase Feb. 17 16 units at $39 Jul. 21 Purchase 5 units at $40 Nov. 23 Purchase 20 units at $42 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. 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.
Use the following information to calculate the value of inventory on hand on April 30 and issue price to production during April using FIFO inventory system. 50 units @ R15 per 01-April 5 Beginning Inventory Purchase unit 9 6 Issue to production 11 Purchase 16 Purchase 135 units @ 20 per unit 95 units 30 units @ R16 per unit 78 units @ R17per unit 30 20 20 Issue to production 125 units Issue to production 65 units
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $40 Feb. 17 Purchase 9 units at $42 Jul. 21 Purchase 20 units at $44 Nov. 23 Purchase 9 units at $46 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3
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…
You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. Unit Cost or Description Beginning inventory Purchase Date Quantity 42 135 Selling Price $41 June June 4 46 June 10 Sale 107 67 67 June 11 Sale return Purchase Purchase return 18 June 18 52 49 June 18 25 49 June Sale 62 72 June 28 Purchase 32 53 (a1) V Your aswer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted-average cost per unit 46 58 eTextbook and Media Attempts: 1 of 3 used (a2) V Your answer is correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg 1250.25 and other answers to O decimal places e 1.250J LIFO FIFO AVERAGE-COST The ending inventory 4482 5048 %24 4751.16 The cost of goods sold 7302 %24 6736 %24 7033.58 Gross profit 3125 3691…
Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description Value Oct. 1 Inventory 340 units at $14 Oct. 13 Sale 160 units Oct. 22 Purchase 320 units at $15 Oct. 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.fill in the blank 1 of 1$ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$ c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$