What is the value of the company's closing inventory of engines at 30 April 20X3?
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- A company values its inventory of engines using the FIFO (first in,first out) method. At 1 May 20x5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20x6 the following transactions took place: 20x5 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20x6 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company’s closing inventory of engines at 30 April 20x6 ?company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X3 the following transactions took place: 20X2 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20X3 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20X3?A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X3 the following transactions took place: 20X2 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20X3 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20X3? A $188,500 B $195,500 C $166,000 D None of these figures
- A company values its inventory using the FIFO method. At 1 May 20X5 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X6 the following transactions took place: 20X5 1 July Purchased 500 engines at $220 each 1 November Sold 400 engines for $160,000 20X6 1 February Purchased 300 engines at $230 each 15 April Sold 250 engines for $125,000 What is the value of the company’s closing inventory of engines at 30 April 20X6? A $188,500 B $195,500 C $166,000 D $106,000Massive Company provided the following information for the current year: Unit cost Total cost Units January 1 Inventory on hand Аpri October 1 Purchase 200 300 500 1,500 1,750 2,000 300,000 525,000 1,000,000 3 Purchase The entity sold 400 units on June 25 and 400 on December 10. What is the weighted average cost of the inventory at year-end? а. 350,000 b. 400,000 c. 730,000 d. 365,000Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
- During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 41 121 191 101 454 Unit Cost $33 35 38 39 Total Cost $1,353 4,235 7,258 3,939 $16,785 $ For the entire year, the company sells 410 units of inventory for $51 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c&d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c& d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c& d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs arb rising.Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning inventory Apr, 1 Oct. 1 Purchased Purchased 400 units # $17 2,900 units # $22 1,200 units # $23 During Year 3, Parvin sold 3,825 units of inventory at $43 per unit and incurred $18,30% of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $148,700, inventory of $6,800, common stock of $131,000, and retained earnings of $24,500. Required a. Prepare income statements using FIFO and LIFO. (Round intermediate calculations and final answers to the nearest whole dollar amount.) PARVIN COMPANY Income Statements For the Year Ended December 31, Year 3 FIFO Sales $ 164,475 Cost of goods sold Gross margin Operating expenses Income before tax 0 0 Income…Zoola, Inc. provided the following information regarding its inventory for the current year, its second yearof operations.Transaction Units Unit CostBeginning inventory1/1 3,000 17.00Purchases, January 23 4,500 16.00Purchases, February 14 1,200 16.50Purchases, March 17 2,300 17.00 Units Sold-April 13 at 20 9,600Purchases, May 5 5,600 15.00Purchases, July 4 3,200 16.00 Unit Sold-October 31 at 19 8,700Purchases, November 22 1,400 15.00Instruction :1.1 Compute Zoola’s ending inventory and cost of goods sold under the following cost-flow assumptions assuming a perpetual inventory…
- Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued at $22,000. What was cost of goods sold (COGS) for the quarter? $ Answer 0During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 45 $37 $1,665 April 7 Purchase 125 39 4,875 July 16 Purchase 195 42 8,190 October 6 Purchase 105 43 4,515 470 $19,245 For the entire year, the company sells 414 units of inventory for $55 each. Required:1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
