Given the following:NumberCostper unit$ 4purchasedTotalJanuary 1 inventoryApril 140160607420June 1508400November 1559.495205$ 1,475a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).Cost of ending inventoryb. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).Cost of goods sold From the following, calculate the cost of ending in(Round your answers to the nearest cent.)Beginning inventoryand purchasesJanuary 1April 10May 15July 22August 19September 30November 10December 15UnitsUnit cost5$ 2.00102.50123.00153.25184.00204.20324.40164.80Cost of ending inventoryCost of goods sold

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Description: Given the following:NumberCostper unit$ 4purchasedTotalJanuary 1 inventoryApril 140160607420June 1508400November 1559.495205$ 1,475a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).Cost of ending inventoryb.

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Given the following: Number Cost per unit $4 purchased Total $ 160 January 1 inventory April 1 40 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $ 1,475 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units). Cost of goods sold

Given the following: Number Cost per unit $4 purchased Total $ 160 January 1 inventory April 1 40 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $ 1,475 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units). Cost of goods sold

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 23CE: Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
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Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
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).
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual 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.)
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).
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180