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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Vaughn Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Vaughn had 66 units in ending inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)
FIFO
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LIFO
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Average-cost
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The cost of the ending inventory
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$enter a dollar amount
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$enter a dollar amount
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$enter a dollar amount
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The cost of goods sold
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$enter a dollar amount
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$enter a dollar amount
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$enter a dollar amount
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- A wholesale company prices its inventory at $143,483. If the original price of the items was $229,622, find the rate of markdown on the original price. The rate of markdown on the original price was %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)arrow_forwardCrane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased 200 units at a total cost of $22,000. At the end of the year, Crane had 60 units in ending inventory. Crane Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal placesarrow_forwardClassic Vehicles had a beginning inventory of $156,700 and an ending inventory of $98,500. If the cost of goodssold was $152,100, calculate the inventory turnover. (Round to the nearest tenth) 1.3 times 1.1 times 1.2 times 1.7 timesarrow_forward
- Marvin Company has a beginning inventory of 13 sets of paints at a cost of $1.90 each. During the year, the store purchased 5 sets at $2.00, 7 sets at $2.60, 7 sets at $2.90, and 11 sets at $3.40. By the end of the year, 28 sets were sold. Calculate the number of paint sets in ending inventory. Number of paint sets = 15 Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. ost of ending inventory under LIFO $28.70selected answer correct Cost of ending inventory under FIFO $49.00selected answer correct Cost of ending inventory under Weighted Average $ Please answer weighted average question.arrow_forwardZhang Company reported Cost of goods sold of $735,000, beginning Inventory of $37,200 and ending Inventory of $46,300. The average Inventory amount isarrow_forwardSLR Corporation has 1,200 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 Cost $ 54 $ 36 Selling price 80 38 Costs to sell 4 5 Determine the carrying value of SLR’s inventory assuming that the lower of cost or net realizable value (LCNRV) rule is applied to individual products. What is the before-tax income effect of the LCNRV adjustment? What is the before-tax income effect of the LCNRV adjustment?arrow_forward
- Tefft Industires has an average inventory of $170,000, sells on term of 2/10, net 30, and its cost of sales is $540,000. What is Tefft's inventory conversion period? *show work* A) 85 days B) 115 days C) 105 days D) cannot be determined from the data givenarrow_forwardMartha Inc. had 20,000 units of ending inventory that were recorded at the cost of five dollars per unit using the FIFO method. The current replacement cost is $4.25 per unit which of the following amounts would be reported as ending merchandise inventory in the balance sheet, using the lower of cost or market rule. A) $85,000 B) $100,000 C) $120,000 D) $185,000 arrow_forwardSunland Company had 140 units in beginning inventory at a total cost of $11,200. The company purchased 280 units at a total cost of $30,800. At the end of the year, Sunland had 75 units in ending inventory. (a) Partially correct answer icon Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $ $ $ The cost of goods sold $ $ $arrow_forward
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