Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,400 units at $25; purchases, 5,100 units at $30; operating expenses (excluding income taxes), $98,500; ending inventory per physical count at December 31, 1,450 units; sales price per unit, $60; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Inventory Costing Method Weighted Average Income Statement Units FIFO LIFO Sales Revenue Cost of Goods Sold* 126,000 Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income $ 0 $ 2$ Weighted Average Units FIFO LIFO *Cost of Goods Sold Equation: Beginning Inventory 60,000 Purchases 153,000 Goods Available for Sale 213,000 Ending Inventory 87,000 Cost of Goods Sold 126,000 $ $ 2$

Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,400 units at $25; purchases, 5,100 units at $30; operating expenses (excluding income taxes), $98,500; ending inventory per physical count at December 31, 1,450 units; sales price per unit, $60; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Inventory Costing Method Weighted Average Income Statement Units FIFO LIFO Sales Revenue Cost of Goods Sold* 126,000 Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income $ 0 $ 2$ Weighted Average Units FIFO LIFO *Cost of Goods Sold Equation: Beginning Inventory 60,000 Purchases 153,000 Goods Available for Sale 213,000 Ending Inventory 87,000 Cost of Goods Sold 126,000 $ $ 2$

Name: Courtney Company uses a periodic inventory system. The following data
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 2,400 units at $25;purchases, 5,100 units at $30; operating expenses (excluding income taxes), $98,500; ending inventory per physical count at

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

See similar textbooks

Similar questions

Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.