None Waite Company just starting business had the following transactions in May:PurchaseJune 1SaleJune 5PurchaseJune 10130 units @ 5.50100 units @ 8.00200 units @ 5.60$ 715.00$800.00$1,120.00PurchaseJune 15200 units @ 5.70$1,140.00SaleJune 25325 units @ 8.00$2,600.00PurchaseJune 28150 units @ 5.90$ 885.00A physical count of merchandise Inventory on May 31st reveals that there are 255 units on hand.Assume that no returns occurred during the month and no discounts were given.Using the periodic inventory method calculate Ending Inventory under FIFO.O $3,860.00$2,390.00O $1,470.00O $1,483.50

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Answered: Waite Company just starting business…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T transactions during the month are as follows: 1 Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600 28 March 2,000 Required: (a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method of pricing issues. (b) Calculate the value of inventory for the financial year ended 31 March 2019. (c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.
QP Corp. sold 5,450 units of Its product at $45.50 per unit during the year and Incurred operating expenses of $6.50 pe unit In selling the units. It began the year with 650 units In Inventory and made successive purchases of Its product as follows. 1 Beginning inventory 20 Purchase 650 units @ $18.50 per unit 1,550 units @ $19.50 per unit 750 units e $20.50 per unit 450 units e $21.50 per unit 3,350 units @ $22.50 per unit Jan. Feb. 16 Purchase May oct. 3 Purchase 11 Purchase Dec. Total 6,750 units Required: 1. Prepare comparative Income statements for the three Inventory costing methods of FIFO, LIFO, and weighted average which includes a detailed cost of goods sold section as part of each statement. The company uses a perlodic inventory system, and Its Income tax rate is 40%. (Round your average cost per unlt to 2 declmal places and round your final answers to nearest whole dollar amount.) QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December…
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Please solve the sub parts. ( The first three parts were solved) At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions: Units Unit Cost Cost Beginning Inventory 150 $640 $96,000 Purchase #1 150 $704 $105,600 Purchase #2 70 $760 $53,200 Purchase #3 30 $840 $25,200 During the current period, Haitijah sells 340 units. A. Assume Haitijah uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. B. Assume Haitijah uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. C. Assume Haitijah uses the average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. D. Compute LIFO reserve.
Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 Purchased 500 units @ $25.00 each 4 Purchased 300 units @ $24.00 each 6 Sold 400 units @ $38.00 each 8 Purchased 700 units @ $23.00 each 13 Sold 450 units @ $37.50 each 20 Purchased 250 units @ $25.25 each 22 Sold 275 units @ $36.00 each 27 Sold 300 units @ $37.00 each 28 Purchased 550 units @ $26.00 each 30 Sold 100 units @ $39.00 each Calculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost Periodic Total Sales (not dependent on inventory method) $fill in the blank 1 Total Merchandise Available for Sale (round to the nearest cent) $fill in the blank 2 Round your final answers to two decimal places. In your computations, round the average cost per unit to…
E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
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Prepare a statement showing the pricing of issues, on the basis of: (a) First In First Out (FIFO) (b) Last In First Out (c) Simple Average 2018 March 1 Purchased 200 units @ OMR10 each 2 Purchased 340 units @ OMR 10.5 each. 5 Issued 450 units to Job X vide M.R.No.12 7 Purchased 400 units @ OMR 9.50 each Purchased 200 units @ OMR 9.80 each 10 13 Issued 400 units to Job Y vide M.R.No.15 Issued 250 units to Job Z vide M.R.No.17 18 20 Purchased 300 units @ OMR 11 each
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