A company had the following purchases and sales during its first year of operations: March: April: August December: Beginning Inventory. 100 units at $50 Purchases 150 units at $52 125 units at $54 110 units at $55 90 units at $56 Sales 125 units 100 units 140 units 160 units On December 31, there were 50 units remaining in ending inventory. (Assume all sales were made on the last day of the month.) 1. Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? 2. Using the perpetual FIFO inventory costing method, what is the value of ending

A company had the following purchases and sales during its first year of operations: March: April: August December: Beginning Inventory. 100 units at $50 Purchases 150 units at $52 125 units at $54 110 units at $55 90 units at $56 Sales 125 units 100 units 140 units 160 units On December 31, there were 50 units remaining in ending inventory. (Assume all sales were made on the last day of the month.) 1. Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? 2. Using the perpetual FIFO inventory costing method, what is the value of ending

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
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A company had the following purchases and sales during its first year of operations: Purchases January: 10 units at $120 20 units at $125 February: May: September: 15 units at $130 12 units at $135 November: 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $3,540 Sales 6 units 5 units 9 units 8 units 13 units $3,445
A company began January with 7,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 6,000 7,000 13,000 12,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Units 3,000 1,000 4,000 8,000 6,000 7,000 20,000 Purchases Unit Cost* $ 10 11 Cost of Goods Available for Sale Number Unit Cost of Goods of units Cost Available for Sale 7,000 $9.00 10.00 11.00 $ 63,000 $ Total Cost $ 60,000 77,000 $ 137,000 60,000 77,000 200,000 Cost of Goods Sold - January 5 Number of units sold 0 Cost per unit $ 9.00 10.00 11.00 Cost of Goods Sold 0 0 0 0 Cost of Goods Sold - January 12 Number of units sold 0…
A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual Average Sales Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost 5,000 units were on hand at the end of the month. Sale - January 12 Subtotal Average Cost Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Number of units Purchases Unit Cost* $8 9 10,000 4,000 2,000 X 6,000 3,000 9,000 1,000 X Inventory on hand Cost per unit 7.0000 $ 28,000 0 8.0000 Answer is not complete. Inventory Value 28,000 24,000 52,000 Total Cost $…
A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Date of Sale January 5 January 12 January 20 Total Sales Perpetual Average * Includes purchase price and cost of freight. Units Beginning Inventory Sale - January 5 Subtotal Average Cost 5,000 6,000 11,000 Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Purchases Units 3,000 2,000 4,000 9,000 Unit Cost* 8,000 units were on hand at the end of the month. $9 10 Problem 8-5 (Static) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Total Cost $ 45,000 60,000 $ 105,000 Inventory on hand Number Cost per Inventory of units unit…
[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…