Please ven the followingNumberpurchased46Costper unit$4TotalJanuary 1 inventoryApril 1Dune 1November 118466462568448616.549229$ 1,643. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 67 uniunit cost" and final answer to the nearest cent.)Cost of ending inventory1.046.75b. Calculate the cost of goods sold using the weighted-average method. (Round your intermediate calculaticthe nearest cent.)Cost of goods sold

Name: Please ven the followingNumberpurchased46Costper unit$4TotalJanuary 1
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Description: Please ven the followingNumberpurchased46Costper unit$4TotalJanuary 1 inventoryApril 1Dune 1November 118466462568448616.549229$ 1,643. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 67 uniunit cost" a

Weighted-Average Cost is a method of Inventory Valuation where average cost of each unit is…

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ven the following Cost per unit $ 4 Number purchased 46 Total January 1 inventory April 1 Dune 1 November 1 184 66 462 56 8. 448 61 549 229 $1,643 Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 67 un anit cost" and final answer to the nearest cent.) Cost of ending inventory 1.046.75 b. Calculate the cost of goods sold using the weighted-average method. (Round your intermediote calculatic the nearest cent.) Cost of goods sold

ven the following Cost per unit $ 4 Number purchased 46 Total January 1 inventory April 1 Dune 1 November 1 184 66 462 56 8. 448 61 549 229 $1,643 Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 67 un anit cost" and final answer to the nearest cent.) Cost of ending inventory 1.046.75 b. Calculate the cost of goods sold using the weighted-average method. (Round your intermediote calculatic the nearest cent.) Cost of goods sold

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...

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Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
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Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?
Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.