1 ) By FIFO show Ending inventory and Cost of goods sold2 ) By LIFO show Ending inventory and Cost of goods sold June 1 Balance302 unitse $17June 10Sold200 units@ $4011 Purchased795 units@ $2015Sold496 units@ $4220 Purchased498 units@ $2227Sold299 units@ $45

Name: 1 ) By FIFO show Ending inventory and Cost of goods sold2 ) By LIFO sh
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 1 ) By FIFO show Ending inventory and Cost of goods sold2 ) By LIFO show Ending inventory and Cost of goods sold June 1 Balance302 unitse $17June 10Sold200 units@ $4011 Purchased795 units@ $2015Sold496 units@ $4220 Purchased498 units@ $2227Sold299 u

Introduction: FIFO : FIFO stands for First in First out. Which means first received inventory to be…

Answered: By FIFO show Ending inventory and Cost…

Business

Accounting

By FIFO show Ending inventory and Cost of goods sold 2 ) By LIFO show Ending inventory and Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

June 1 Balance 450 units @ $11 June 15 Sold 200 units @ $24 jun11 Purchased 950 units @ $13 june15 Sold 575 units @ $25 june20 Purchased 525 units @ $14 june27 Sold 324 units @ $27 prepare the adjusting journal entries to record cost of goods sold for the month of June for the perpetual inventory method only.
3. Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso? a. 201b. 210c. 230d. 204
June 1 Balance 450 units @ $11 June 15 Sold 200 units @ $24 jun11 Purchased 950 units @ $13 june15 Sold 575 units @ $25 june20 Purchased 525 units @ $14 june27 Sold 324 units @ $27 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the cost of goods sold and ending inventory under (4) LIFO, (5) FIFO, (6) Average Cost.
Date Activity #units cost/ea June 1 Beginning Inventory 5 $6 June 5 Purchased 12 7 June 10 Sold 10 units @$15 June 15 Purchased 12 8 June 25 Purchased 10 9 June 30 Sold 15 units @15 FIFO/ LIFO
Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.
Question 2 A) Haly Ltd, a Limited Liability Company, maintains inventory on Average Cost (AVCO) bases. On 1 January 2020, it had opening inventory of 300 units at OMR 10 per unit. The following transactions in respect of Material ‘abc’ occurred during the month of January 2020. Month Purchase (Units) Price per unit (OMR) Issued (Units) 2 January 2020 1200 12 3 January 2020 500 10 January 2020 900 13 15 January 2020 1200 20 January 2020 600 14 29 January 2020 800 A) Using Average Cost (AVCO) Method, you are required to calculate: 1) Cost of inventory as on 31 January 2020 2) Cost of goods sold during the month of January 2020. Show all the workings clearly. Molly Ltd produced goods in batches. On 1 January 2020 it had Opening WIP of 7,500 units, 80% completed. Also, Molly Ltd started and completed 18,000 units in the month of January 2020. By the end of January…
Beginning inventory, 100 units @P1.50;purchases: Jan 24 – 300 units @P1.56 Jun 11-150 units @P1.60 Oct 15- 150 units @P1.70Units sold: Feb 8 – 80 units @P2 Mar 18 – 140 units @ P2.50 Aug 18 – 130 units @P3.00 Sept 6 – 110 units @P3.50 Dec 29 – 140 units @P5.1. P1,037.13 will be the gross profit of the company under?2. Purchases made by the company amounted to?3. this is the cost of sales on December 29 under perpetual, FIFO?
Ma3 The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 16,000 units at a cost of $7.00 per unit = 112,000 During 2018, inventory quantity declined by 18,000 units. All units purchased during 2018 cost $8.00 per unit. -Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material.
3) A company purchased inventory as follows:200 units at $6.50300 units at $6.20The average unit cost for inventory is a)$6.32. b)$6.50. c)$6.36. d)$6.20.
Ch12.2 Crazycorp. had the following inventory transactions in the month of SeptemberDate Type # units Price per unit1 Purchase 450 $4.503 Purchase 350 $4.407 Sales -275 $6.0011 Sales -300 $6.0012 Purchase 350 $4.2513 Purchase 75 $4.3014 Sales -400 $6.5018 Purchase 200 $4.4021 Sales -100 $6.5024 Sales -200 $6.6028 Purchase 200 $4.40Required:Using Perpetual system, compute Inventory as at 31st Dec using FIFO methodUsing Perpetual system, compute Inventory as at 31st Dec using Weighted Average methodCh12.3 Variour Inc recently completed its stock take and have provided you the below informationCategoryUnits in InventoryCost per unit NRV per unitWA1 85 $105.00 $100.00WB1 110 $80.00 $85.00WC1 135 $190.00 $195.00WD1 150 $45.00 $50.00WE1 165 $200.00 $190.00Required:Calculate the total value of Kentex' closing Inventory
Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00
March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414