ActivitiesUnits Acquired at Cost140 unitsDateUnits sold at Retaile $ 6.00 -$ 840January 1January 10January 20January 25January 30Beginning inventorySales100 unitse$ 15PurchaseSalese $ 5.00 -60 units30080 unitse $ 15180 unitse $ 4.50-Purchase810380 units$ 1,950180 unitsTotalsTotal cost of goods sold value and ending inventory value? LIFO method

Name: ActivitiesUnits Acquired at Cost140 unitsDateUnits sold at Retaile $
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Description: ActivitiesUnits Acquired at Cost140 unitsDateUnits sold at Retaile $ 6.00 -$ 840January 1January 10January 20January 25January 30Beginning inventorySales100 unitse$ 15PurchaseSalese $ 5.00 -60 units30080 unitse $ 15180 unitse $ 4.50-Purchase810380 u

Introduction: LIFO Method: LIFO stands for Last in first out. which means last received inventory to…

Business

Accounting

Date Activities Units Acquired at Cost e$ 6.00 - Unita sold at Retail $ 840 Beginning inventory Sales Purchase Sales 140 units January 1 January 10 January 20 January 25 January 30 100 units e$ 15 60 units e $ 5.00 - 300 80 units e$ 15 180 unita 380 units Purchane e$ 4.50 B10 $1,950 180 units Totals Total cost of goods sold value and ending inventory value? LIFO method

Date Activities Units Acquired at Cost e$ 6.00 - Unita sold at Retail $ 840 Beginning inventory Sales Purchase Sales 140 units January 1 January 10 January 20 January 25 January 30 100 units e$ 15 60 units e $ 5.00 - 300 80 units e$ 15 180 unita 380 units Purchane e$ 4.50 B10 $1,950 180 units Totals Total cost of goods sold value and ending inventory value? LIFO method

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.7C

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An item of inventory was purchased by company X for £500. Company X expects to sell the inventory for£700 and has to date incurred conversion costs of £130. A further £60 is expected to be incurred. Salesstaff will receive a commission of 4% from the sale.Compute the value at which this inventory item will be measured in company X’s statement of financialposition.
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Chicago Company has two products in the inventory. Selling price 2,000,000 3,000,000 Materials and conversion costs 1,500,000 1,800,000 General administration costs 300,000 800,000 Estimated selling costs 600,000 700,000 Required:a. What amount should be reported as inventory using the LCNRV individual approach?b. What amount should be reported as inventory using the LCNRV total approach?
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The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…
Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average
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