solve the problem by looking at the given information and show formulas and calculations ...... AВDF2829 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO.3031 (Use cells A4 to D10 from the given information to complete this question.)32LIFO Ending Inventory# of Units3334Total CostDescription35 Beginning InventoryCost per Unit36Jan. 15 Purchase37443839LIFO Cost of Goods Sold40Description# of UnitsCost per UnitTotal Cost41 Jan. 20 Purchase42 Jan. 15 Purchase43364445 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below.46 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold.4748 (Use cells A4 to D10 from the given information to complete this question.)4950Cost of Goods Available for SaleWeighted Average Cost =%3D51Number of Units Available for Saleper unit52 FileHomeInsertDrawFormulasDataReviewViewHelpO EditingCalibriV 11GenВ35fxABCEF1Better Bottles, Inc., uses a periodic inventory system and has the following information available:34# of UnitsTotal CostDescriptionBeginning InventoryCost per Unit20$20.00$400.006.Jan. 15 Purchase2722.00594.007Jan. 20 Purchase3330.00990.008Goods Available for Sale80$1,984.00Less: January Sales10 Ending Inventory9.36441112 Required:

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Description: solve the problem by looking at the given information and show formulas and calculations ...... AВDF2829 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO.3031 (Use cells A4 to D10 from the given information to complet

LIFO method: Under the last-in, first-out (LIFO) method of inventory valuation Inventory purchased…

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Better Bottles, Inc., uses a periodic inventory system and has the following information available: Cost per Unit Total Cost $20.00 Description # of Units Beginning Inventory 20 $400.00 Jan. 15 Purchase 27 22.00 594.00 Jan. 20 Purchase 33 30.00 990.00 Goods Available for Sale 80 $1,984.00 Less: January Sales 36 Ending Inventory 44

Better Bottles, Inc., uses a periodic inventory system and has the following information available: Cost per Unit Total Cost $20.00 Description # of Units Beginning Inventory 20 $400.00 Jan. 15 Purchase 27 22.00 594.00 Jan. 20 Purchase 33 30.00 990.00 Goods Available for Sale 80 $1,984.00 Less: January Sales 36 Ending Inventory 44

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 30CE: ( Appendix 6B) Inventory Costing Methods: Periodic FIFO Refer to the information for Filimonov Inc....

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( 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.)
Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butchs ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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).
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, 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).
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?
Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
( Appendix 6B) Inventory Costing Methods: Periodic LIFO 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 LIFO inventory costing method.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
( 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.)