A sneaker outlet made the following wholesale purchase of new running shoes: 12 pairs at $45, 18 pairs at $40, and 20 pairs at $50. An inventory taken last week indicates that 23 pairs are still in stock. Calculate the cost of this inventory by FIFO.
Q: Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had…
A: Cost of goods sold: Beginning Inventory $200 Add: Purchases $144 Less: Ending…
Q: ) On the 1" day of 1)_december2) madi 's shoe store ordered inventory. They purchased 100 pairs of…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The purchases by Nizwa Stationary are given below. If the shop sold 120 pens, find the value of…
A: Average method means where the inventory sold and ending inventory is neither valued at latest price…
Q: Marigold Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at…
A: FIFO values the ending inventory by assuming that the goods that are purchased first will be sold…
Q: Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had…
A: Answer - Calculation of Inventory Shrinkage Cost : Units to be hand = Beginning inventory +…
Q: You are told that 15 of the units sold on November 24, 2013 were on account. State the journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: George’s Gorgeous Gowns is a small boutique located in Ohio that sells special occasion gowns to…
A: The retail inventory method measures the cost of the closing inventory in relation to the retail…
Q: [The following information applies to the questions displayed below.] Home Hardware reported…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…
A: Specific identification method: Specific identification method is a method in which the company…
Q: [The following information applies to the questions displayed below.] The Shirt Shop had the…
A: Under FIFO cost flow assumption, the inventory received first is charged to Cost of Goods sold and…
Q: U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased…
A: Specific identification method can be applied in situations where different purchases can be…
Q: All Things Auto are retailers who purchase and sell vehicle parts & accessories, including…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: While she was at the store, it purchased 962 dress shirts that were listed for $71 each less trade…
A: A situation at which a company neither earns profit nor bears any loss or a situation at which the…
Q: Assume Huxley has the following purchases of inventory during the first month of operations…
A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…
Q: Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a…
A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…
Q: Aldo's Shoes bought a shipment of 656 pairs of women's shoes for $25.00 per pair. The store sold 176…
A: Given: Particulars Women shoes 656 Price $25 Sold 176 Selling price $200 Clearance…
Q: A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at…
A: As per FIFO, the ending inventory would consist of the last inward items as the first items would be…
Q: During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are…
A: Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…
Q: Special Sports Store, which uses the FIFO method of valuing inventory, has 60 tennis rackets…
A: Correct option is c i.e. $ 942 Chart showing purchases made by Special Sports Store : January 3…
Q: A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.70…
A: Inventory valuation methods includes: FIFO Method LIFO Method Weighted average method FIFO Method:…
Q: Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of…
A:
Q: Esperado Furnishings are retailers who purchase and sell household furnishings, including…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: FIFO method:- In first in first out(FIFO) method company value the inventory on the assumption that,…
Q: Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year,…
A: As per the LCM method, the inventory should be valued at market price or cost price, whichever is…
Q: On June 1, Dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and…
A: FIFO Method - Under FIFO Method of inventory valuation company used to sell those inventory first…
Q: When Mercator Manufacturing Inc. checked its stores, it had the following inventory on hand as at…
A: Introduction:- The term inventory refers to both the raw materials utilised in production and the…
Q: Bonnie Denim Company sells blue jeans. Last year, skinny Jeans were fashionable; this year,…
A: Inventory - Inventory is an assets of the company. It is always valued at lower of cost or market…
Q: A small gift shop has a beginning inventory that is valued at $8,700. If the additional inventory…
A: Cost of goods sold (COGS) : Cost of goods sold means the expenses incurred for the producing of the…
Q: are retailers who pu parts & accessories, uses a perpetual inventory system and began the last…
A: Income Statement is a statement to record all the expenses and revenues to determine profit and loss…
Q: Crane Company applied FIFO to its inventory and got the following results for its ending inventory.…
A: Inventory valuation has different methods like FIFO, LIFO, weighted average, etc. The valuation can…
Q: I'm having issues with the problem attached. Thank you
A: Compute the weighted average rate of purchase.
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: Under the FIFO method, the inventory which is purchased first is also sold first. Whereas under the…
Q: Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a…
A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…
Q: Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first…
A: Cost Sales value Beginning 64500 123000 Purchases 315000 483000 Total 379500 606000…
Q: a. At December 31, Software City takes a physical inventory and finds that all 18 units of…
A:
Q: You are told that 15 of the units sold on November 24, 2013 were on account. State the journal…
A: Journal: Recording of a business transactions in a chronological order.
Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…
A: Solution : Number of units sold = beginning units + units purchased - ending inventory units = 320 +…
Q: n its first month of operations, WeatherallCompany made three purchases of merchandise in the…
A: Under weighted average cost method using periodic inventory system, value of ending inventory and…
Q: When a Mercator manufacturing Inc. checked its stores, it had the following inventory on hand as at…
A: a) Table Showing Closing Inventory Value as on date December 31: Inventory Quantity Price…
Q: Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doingso, it decides that…
A: Inventory: Inventory refers to the raw materials, work-in-process, and the finished goods products…
Q: Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is…
A: 1. Cost of goods sold & ending inventory under FIFO method ( pls refer the table attached for…
Q: Traylor Corporation began the year with three items in beginning inventory, each costing $5. During…
A: Particulars Units Price per unit Total value Beginning inventory 3 $5 $15 Purchases 5 $6 $30…
Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of…
A: Under FIFO method of inventory valuation goods purchased first, are sold first. Specific…
Q: Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year,…
A: INVENTORY SHOULD BE RECORDED AT COST OR NRV WHICHEVER IS LOWER PARTICULARS UNIT COST NRV…
Q: Calculate the cost of this inventory by FIFO.
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11…
A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…
Step by step
Solved in 3 steps
- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compute the annual carrying cost. 3. Compute the cost of Ottiss current inventory policy. Is this the minimum cost? Why or why not?Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
- A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.00 on October 1, 25 pairs at $39.00 on October 8, and 20 pairs at $49.00 on October 15. An inventory taken last week indicates that 32 pairs are still in stock. Calculate the cost of this inventory by FIFO.A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $46.30, 25 pairs at $41.30, and 20 pairs at $51.30. An inventory taken last week indicates that 36 pairs are still in stock. Calculate the cost of Ending inventory by FIFO.Marvin Company has a beginning inventory of 13 sets of paints at a cost of $1.90 each. During the year, the store purchased 5 sets at $2.00, 7 sets at $2.60, 7 sets at $2.90, and 11 sets at $3.40. By the end of the year, 28 sets were sold. Calculate the number of paint sets in ending inventory. Number of paint sets = 15 Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. ost of ending inventory under LIFO $28.70selected answer correct Cost of ending inventory under FIFO $49.00selected answer correct Cost of ending inventory under Weighted Average $ Please answer weighted average question.
- Marvin Company has a beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 4 sets at $1.60, 6 sets at $2.20, 6 sets at $2.50, and 10 sets at $3.00. By the end of the year, 25 sets were sold.a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. (Round your answers to the nearest cent.) Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted AverageAllstate Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a total of $1,500. During April, Allstate purchased 20 sets of clubs for $3,200. At the end of the month, Allstate had six sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these two accounting methods, assuming the periodic system is used. Weighted-average cost FIFO If the store manager wants the most current cost for ending inventory, which method should he choose?When a Mercator manufacturing Inc. checked its stores, it had the following inventory on hand as at December 31, 2020: I) 5,000 litres of lubricating oil that had cost $2.50 per litre: As at December 31, the selling price was $3.0 per litre. II) 50,000 kg of steel that had cost $0.50 per kg: As at December 31, the market price was $0.48 per kg III) spare parts that had cost $25,000: Mostly for production machinery that was no longer in use, so it was unlikely they could be used. They have no resale value IV) A replacement control unit for a customer's milling machine, which has a resale value of $10,000: The control unit was bought by the customer so that the Mercator could use it to repair their milling machine V) $20,000 of electronic parts that were in good working order but had gone beyond their "sell by" dates on the packages Required a) Show how the inventory would appear in the balance sheet as at December 31, 2020 b) If Mercator manufacturing sales for 2020 totalled $500,000,…
- Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 585 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,210 units of relaxed-fit jeans with a cost of $26 per unit and a market value of $30 per unit. Required:Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)On June 1, Dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and sales during June are as follows: Date Purchases Sales June 3 100 @ $125 each June 10 50 @ $110 each June 17 150 @ $130 each June 28 50 @ $120 each What is the cost of Dollar's inventory on June 30 using the FIFO method?Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 585 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,210 units of relaxed-fit jeans with a cost of $26 per unit and a market value of $30 per unit. What amount should be reported as Ending Inventory on the Balance Sheet?
