What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase for the year: $113,000 Freight-in for the shipping under F.O.B Shipping Point term: $5,000 Purchase Discount for the year: $12,000 Purchase Return for the year: $6,000 End of the year physical inventory balance: $35,000

The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the average cost method? Oa. $1,510 Ob. $1,250 Oc. $1,375 Od. $1,380 Previous Next

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $79.00   $592,500   10   Purchase 22,500   89.00   2,002,500   28   Sale 11,250   158.00   1,777,500   30   Sale 3,750   158.00   592,500   Feb. 5   Sale 1,500   158.00   237,000   10   Purchase 54,000   91.50   4,941,000   16   Sale 27,000   168.00   4,536,000   28   Sale 25,500   168.00   4,284,000   Mar. 5   Purchase 45,000   93.50   4,207,500   14   Sale 30,000   168.00   5,040,000   25   Purchase 7,500   94.00   705,000   30   Sale 26,250   168.00   4,410,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000

The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance using the LIFO method? a.$1,380 b.$1,375 c.$1,250 d.$1,510

The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $50 First purchase 18 units at $53 Second purchase 55 units at $56 Third purchase 14 units at $61 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?

Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $5,000 $75,000 Aug. 7 Purchase 16 units at $5,100 81,600 Dec. 11 Purchase 11 units at $5,300 58,300 42 units $214,900 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) С. Weighted average cost

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Ending Inventory?