5 E8-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) April 3 500 @ $10.00 600 @ $6.00 1,500 6.08 4 9 1,300 10.00 8 800 6.40 11 600 11.00 13 1,200 @ 6.50 23 1,200 11.00 21 27 12.00 700 @ 6.60 500 @ 6.79 29 4,500 5,300 Instructions (a) Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) FIFO and (2) average-cost. (b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) average-cost. (c) In an inflationary period, which inventory method-FIFO or average-cost-will show the highest net income? 900 @

5 E8-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) April 3 500 @ $10.00 600 @ $6.00 1,500 6.08 4 9 1,300 10.00 8 800 6.40 11 600 11.00 13 1,200 @ 6.50 23 1,200 11.00 21 27 12.00 700 @ 6.60 500 @ 6.79 29 4,500 5,300 Instructions (a) Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) FIFO and (2) average-cost. (b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) average-cost. (c) In an inflationary period, which inventory method-FIFO or average-cost-will show the highest net income? 900 @

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivable
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnover
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
M6-13 (Algo) Preparing a Multistep Income Statement [LO 6-6] Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $1,600; Cost of Goods Sold, $18,360; Income Tax Expense, $2,680; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,800; Net Sales, $30,770; and Delivery (freight-out) Expense, $220.Prepare a multistep income statement for distribution to external financial statement users.
E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3] Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning 1,500 $ 28 For the year: b. Purchase, March 5 7,500 29 c. Purchase, September 19 3,500 31 d. Sale, April 15 (sold for $73 per unit) 2,200 e. Sale, October 31 (sold for $76 per unit) 6,500 f. Operating expenses (excluding income tax expense), $398,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and…
18. The following information pertains to Q Company:Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000Notes receivable, P30,000 due in 12 months, P210,000Advances to officers, due in 2 years, P20,000Advances to suppliers, P10,000Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000Security deposit paid on a one-year lease contract, P6,000Dividends receivable, P30,000Determine the total current receivables.
1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
P8-4 (Comute FIFO , LIFO , and Average-Cost) Hull Company's record of transactions concering part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 Comute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units onlt. Carry unit costs to the nearest cent . 1) First- in , first-out (FIFO). 2) Last-in , first-out (LIFO 3) Average-cost
P8-4 (Comute FIFO , LIFO , and Average-Cost) Hull Company's record of transactions concering part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 Comute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units onlt. Carry unit costs to the nearest cent . 1)FIFO)2)LIFO2 3)Average cost B) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal , what amount would be shown as ending inventory in (1) , (2), (3) above ? (Carry average unit costs to four decimal places.).
MYD company’s record of transactions concerning part VF5 for the month of September was as follow (dalam Rp. 000.000) : Purchases Sales Sept 1 Balance on hand 600@Rp. 6 Sept 3 500@Rp. 10 Sept 4 1.500@Rp. 6.08 Sept 9 1.300@Rp. 10 Sept 8 800@Rp. 6.4 Sept 11 600@Rp. 11 Sept 13 1.200@Rp. 6.5 Sept 23 1.200@Rp. 11 Sept 21 700@Rp. 6.6 Sept 27 900@Rp. 12 Sept 29 500@Rp. 6.79 Instruction: Assuming that periodic inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost Assuming that perpetual inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost In an inflationary record, which inventory method will show the highest net income?
35.The following data were available for ABC Corp at Dec 31, 20X2:Net purchases P345,000Inventory, Dec 31 P11,000Gross Sales, 446,250Sales returns, P10,000Gross profit is 25% of costHow much was the beginning inventory during the year? 23,000 15,000 7,000 1,000
The following data were reported by Lechon Corporation during the current year.· Accounts payable, January 1- P200,000· Accounts payable, December 31- P250,000· Inventory, January 1- P400,000· Inventory, December 31- P210,000· Purchase returns and allowances- P6,000· Purchase discounts- P3,000· Payment- P800,000· Cash purchase- P10,000How much is the total cost of sales under accrual basis of accounting?