Determine cost of goods sold during the period under a periodic inventory system using the average-cost method. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) Average-cost
Q: The following units of an inventory item were available for sale during the year: Beginning…
A: A periodic inventory system is a form of accounting stock valuation practice. In this system, the…
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A: Formula: Average price per unit = Total purchase value / number of units Division of total purchase…
Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales…
A: Ending units=Beginning units+Purchases -Units sold=260+340+440+190-800=430 units
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A: units cost per unit Total Jan.1 180 108 $ 19,440 Mar.10 224 110…
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A: Perpetual inventory system: A perpetual inventory system is a system of measuring inventory which is…
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A: FIFO: The first-in, first-out (FIFO) method is a widely used inventory valuation method that assumes…
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A: Using weighted method, the units cost is calculated as total cost of goods available for sale…
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A: FIFO Method: First in, first-out (FIFO) is an accounting approach in which assets that are bought or…
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A: The periodic inventory system is an inventory valuation system that computes ending inventory at the…
Q: The accounting records of Sage Hill Electronics show the following data. Beginning inventory…
A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at…
A: There are various methods by which the cost of ending inventory and cost of goods sold can be…
Q: The following units of an inventory item were available for sale during the year: Unit Unit Cost…
A: The average cost per unit is computed as total cost of goods available for sale divided by number of…
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A: Given, Units in ending inventory = 100 units. First, compute the weighted average cost per unit as…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,090…
A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…
Q: (a) Sales Revenue $fill in the blank 1 (b) Cost of Goods Sold fill in the blank 2 (c) Gross Margin
A: A perpetual inventory system is the inventory system where the level of inventory is updated…
Q: Computing Cost of Sales and Ending Inventory Howell Company has the following financial records for…
A: "FIFO" stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold…
Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…
A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…
Q: The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: Required: 1. Determine the inventory on June 30 and the cost of goods sold for the three-month…
A: "Since you have posted a question with multiple sub-parts, we will be answering the first 3…
Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…
A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…
Q: he units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @…
A: solution ending inventory =7 units a inventory cost by FIFO =under FIFO the goods…
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A: Under the weighted-average (AVG) cost allocation method, a weighted-average cost per unit is…
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A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased…
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A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…
Q: 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using…
A:
Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 First…
A: Gross Margin = Sales - Cost of goods sold
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A:
Q: Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the…
A: Cost to retail ratio = (Merchandise available for sale at cost / Merchandise available for sale at…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units…
A: "Since you have asked multiple question, we will solve the first question for you. If you want…
Q: .Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and…
A: Solution: A Perpetual Inventory system is a system which is automatically recorded and updated the…
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A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…
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A: Cost-to-Retail percentage = Goods available for sale at cost / Goods available for sale at retail…
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A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: the following information for Coronado Industries for the month ended October 31, 2022. Coronado…
A: Periodic inventory system: It is inventory system which involves the physical counts of goods at a…
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A: The weighted average cost per unit is calculated as total cost divided by number of units available…
Q: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to…
A:
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units…
A: Average cost per unit = Cost of goods available for sale / No. of units Available for sale = 1378/42…
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A: Ending inventory = Merchandise inventory at retail price x Ratio of cost
Q: Required: Assuming the entity used the periodic system, compute the December 31 inventory and cost…
A: COGS refers to total cost of producing the goods which are sold by the company.
Q: The following units of an inventory item were available for sale during the year: Beginning…
A: Periodic Inventory System: The periodic inventory system, records inventory balance on hand…
Q: There are 11 units of the product in the physical inventory at November 30. The periodic inventory…
A: a. The inventory cost by FIFO method is $418
Q: Consider the following information: Units Cost per unit Total costs Goods in inventory at…
A: Under Weighted average cost method, value of ending inventory and cost of goods sold is calculated…
Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…
A: Inventory is the current asset posted in the balance sheet of the company.
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A: FIFO: Oldest purchases from the inventory will be sold first LIFO: sales will be made from most…
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A:
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A: Inventory refers to the stock that the company held for resale purposes or the stock that is not…
Q: Determine cost of goods sold during the period under a periodic inventory system using the LIFO…
A: LIFO - last in first out. Means the goods at last will be sold first. Under periodic LIFO the…
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- Costco, Walmart, Nordstrom: Inventory turnover and number of days sales in inventory The general merchandise retail industry has a number of segments represented by the following companies: Company Name Merchandise Concept Costco Wholesale Corporation Membership warehouse Walmart Stores, Inc. Discount general merchandise Nordstrom, Inc. Fashion department store For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: Costco Walmart Nordstrom Cost of goods sold 98,458 365,086 8,406 Inventories: Beginning of year 7,894 44,858 1,531 End of year 8,456 45,141 1,733 A. Determine the inventory turnover ratio for all three companies. (Round all calculations to one decimal place.) B. Determine the number of days sales in inventory for all three companies. (Use 365 days and round all calculations to one decimal place.) C. Interpret these results based on each companys merchandising concept.The following data pertain to 2012 activities of Twisp Industries: Use your completed worksheet to determine the firms cost of goods sold for 2012. Remember to change the year in row 24 and to enter new beginning inventory balances. Save the 2012 file as MFG3. Print the worksheet when done. If sales and other expenses were identical in 2011 and 2012, during which year did Twisp earn more income? Why?Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
- Communication 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.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).( 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 by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.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?Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: May 1. Paid rent for May, 5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, 36,000. 4. Paid freight on purchase of May 3, 600. 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, 68,500. The cost of the merchandise sold was 41,000. 7. Received 22,300 cash from Halstad Co. on account. 10. Sold merchandise for cash, 54,000. The cost of the merchandise sold was 32,000. 13. Paid for merchandise purchased on May 3. 15. Paid advertising expense for last half of May, 11,000. 16. Received cash from sale of May 6. 19. Purchased merchandise for cash, 18,700. 19. Paid 33,450 to Buttons Co. on account. 20. Paid Korman Co. a cash refund of 13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was 13,500 and the cost of the returned merchandise was 8,000. Record the following transactions on Page 21 of the journal: 20. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, 110,000. The cost of the merchandise sold was 70,000. 21. For the convenience of Crescent Co., paid freight on sale of May 20, 2,300. 21. Received 42,900 cash from Gee Co. on account. May 21. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, 88,000. 24. Returned of damaged merchandise purchased on May 21, receiving a credit memo from the seller for 5,000. 26. Refunded cash on sales made for cash, 7,500. The cost of the merchandise returned was 4,800. 28. Paid sales salaries of 56,000 and office salaries of 29, 000. 29. Purchased store supplies for cash, 2,400. 30. Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, 78,750. The cost of the merchandise sold was 47,000. 30. Received cash from sale of May 20 plus freight paid on May 21. 31. Paid for purchase of May 21, less return of May 24. Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for July, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). f. The adjustment for customer returns and allowances is 60,000 for sales and 35,000 for cost of merchandise sold. 5. (Optional) Enter the unadjusted trial balance on a IO-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.