You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting for its inventorytransactions Beginning inventory 2200 liters at a cost of 60e per liter. March March 3 Purchased 2.500 liters ata cost of 70c per liter. 5 Sold 2300 iters for $105 per liter. 20 Purchased 4000 liters at a cost of 77e per liter. 20 Purchased 2400 liters ata cost of 85c per liter. March 30 Solds.000 iters for $125 per liter. March March March (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, es 125.25) (1) Specific identification method assuming O The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase; and O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 iters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO

You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting for its inventorytransactions Beginning inventory 2200 liters at a cost of 60e per liter. March March 3 Purchased 2.500 liters ata cost of 70c per liter. 5 Sold 2300 iters for $105 per liter. 20 Purchased 4000 liters at a cost of 77e per liter. 20 Purchased 2400 liters ata cost of 85c per liter. March 30 Solds.000 iters for $125 per liter. March March March (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, es 125.25) (1) Specific identification method assuming O The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase; and O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 iters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO

Name: You have the followinginformation for Oriole inc. Oriole inc uses the
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Description: You have the followinginformation for Oriole inc. Oriole inc uses the periodic method of accounting for its inventory transactions.1 Beginning inventory 2200 liters at a cost of 60e per liter.3 Purchased 2.500 liters atacost of 70e per liter.MarchMa

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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Required information [The following information applies to the questions displayed below.] Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 50 items @ $370 April 10 Sold 30 items @ $450 June 19 Sold 60 items @ $450 September 16 Purchased 70 items @ $390 November 28 Sold 45 items @ $480 Requireda. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Calculate the gross margin Pam’s Creations would report on the Year 2 income statement. c. Determine the ending inventory balance Pam’s Creations would report on the December 31, Year 2, balance sheet.
Oriole Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost O $7.70. O $8.00. O $7.55. O $7.40. 10000 8500 November 8 6500 $9.40 7.00 6.00 A physical inventory on December 31 shows 4500 units on hand. Oriole sells the units for $13 each. The company has an effective tax rate of 18%. Oriole uses the periodic inventory method. The weighted-average cost per unit is
You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,400 liters at a cost of 77¢ per liter. March 30 Sold 5,100 liters for $1.25 per liter. (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from…
Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.
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ntercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units. Using LIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.
24. July 1, 2021, Top Company purchased as a long term investment in Hill Company’s ten-year 12% bonds with a face amount of P 5,000,000 for P 4,760,000. Interest is payable semiannually on January 1 and July 1. The bond mature on July 1, 2022. Top Company uses the straight line method of amortization The journal entry on July 1, 2021 would be:
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Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the LIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 11 units that were sold?
Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: → 56 Units @ $23 = $1.288 Inventory, December 31, using FIFO Inventory, December 31, using LIFO 56 Units @ $19 = $1,064 Units Total Cost Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $47 per unit) Sale, January 27 (at $48 per unit) Unit Cost 68 24 $ 1,632 118 25 2,950 98 74 Required: 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. 2. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. 3. Does the inventory method used make a significant difference in the inventory turnover ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20