What is the value of the inventory on August 20 if the last in first out method of evaluation is used? Show your complete computation.
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- 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).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.Calculate the cost of goods sold dollar value for B67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for 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.)( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)Cost formula Information on Entity A's inventory of Product A is as follows: Units Unit Cost Total Cost P 58,650 Balance at Jan. 1 5. Info sho 3,000 P19.55 Lower o Purchases: Jan. 6 Jan. 26 Sales: 10,200 21.50 219,300 2,250 20.60 46,350 Purch Jan. 7 Jan. 31 Freig Sell 2,700 7,200 Fre 2. How much are the ending inventory and cost of sales under Ge the FIFO cost formula? Ending inventory a. 117,300 b. 120,300 Cost of sales 207,000 204,000 C. 121,300 d. 124,300 203,000 200,000 3. How much are the ending inventory and cost
- 1.1 Complete the table provided using the weighted average cost (AVCO) method (with the weighted (4 marks) average cost per unit expressed to the nearest cent). INFORMATION Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount TRANSACTIONS The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took place during April 2021 in respect of a component used in production: April Transactions 01 Opening inventory 50 units @ R20 per unit 06 Issued to production 30 units 16 Purchased from a supplier 170 units @ R22 per unit 20 Returned to the supplier (See purchase on 16th) 100 units 21 Issued to production 80 unitsInventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24↑ Given the following data, calculate the cost of goods sold using the average-cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar. Item Date Unit Beginning inventory Purchase of inventory Purchase of inventory Ending inventory 30 units at $30 per unit 10 units at $10 per unit 10 units at $22 per unit 48 units 1/1 5/10 10/9 1231 OA $1,903 OB. $49 EE OC. $51 OD. $1,220
- Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 700 $1.00 $0.80 1 300 1.50 1.55 200 4.90 5.15 2 100 6.50 6.40 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A Product B Product C Product D Product E Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value 24 %24 B.1.1 Complete the table provided using the weighted average cost (AVCO) method (with the weighted average cost per unit expressed to the nearest cent). INFORMATION Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount TRANSACTIONS The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took place during April 2021 in respect of a component used in production: April Transactions 01 Opening inventory 50 units @ R20 per unit 06 Issued to production 30 units 16 Purchased from a supplier 170 units @ R22 per unit 20 Returned to the supplier (See purchase on 16th) 100 units Issued to production 80 units 21A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory. Beginning inventory 100 units at $10 cost per unitPurchase 1 . 40 units at $12 cost per unitPurchase 2 . 20 units at $14 cost per unit Compute cost of goods sold using the LIFO periodic system. a. $400 b. $1,460 c. $1,360 d. $300