Guitars and more had a large inventory of guitars and other musical instruments. Using the FIFO method and the Perpetual Inventory System, the company recorded initial inventory, purchases, and sales. Determines the cost of the merchandise sold and the value of the inventory. Date Detail Amount Unit cost (unit cost) May 1 Initial inventory $75 Sale 8. Purchase 11 85 13 Sale 15 15 Sale 19 Purchase 20 105 21 Sale 8. 22 Sale 27 Purchase 10 90 30 Sale 3.
Q: Hermani Company uses the periodic inventory system. Hermani started the period with $100,000 in…
A: When a physical inventory count is performed, a periodic inventory system only updates the ending…
Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1…
A:
Q: Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1…
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…
A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…
Q: Sale 108 Dec 6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300 Dec 19 Purchase
A: Ans. As per First In First Out method the unit of stock which was first purchased by the entity will…
Q: Crandall Distributors uses a perpetual inventory system and has the following data available for…
A: Solution Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). =…
Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…
A: First in first out method: This is a simple method of inventory valuation. In this method, the first…
Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory…
A: Inventory refers to the stock that is held by the company for resale purposes or the inventory that…
Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…
A: Last-in First Out (LIFO) is method used to account for inventory that record recent purchase of…
Q: The following information has been extracted from the records of Irish Company about one of its…
A: First in First Out Method of inventory valuation is based on concept that the material which enters…
Q: andhill Co. uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The…
A: Solution: Inventory at lower of cost or market (applied to individual items) Units Unit cost…
Q: Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…
A: Inventory valuation is used to find out the ending inventory and cost of goods sold. It is basically…
Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…
A: First-in-First-Out (FIFO): In the First-in-First-Out method, the first purchased items are sold…
Q: Mary Company sells many products. Gizmo is one of its popular items. Below is an analysis of the…
A: Workings:
Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…
Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…
Q: Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a…
A: Sales = total 6 units x 1640 = 9840
Q: Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units (@…
A: From the given information, Number of units sold = Opening inventory+Purchases-Closing inventory…
Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…
A: Under FIFO Method, using perpetual inventory system, Cost of goods sold and value of ending…
Q: Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March…
A: Solution: Nos of units sold = Units available for sale - Units in ending inventory = (100 + 350+ 70)…
Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April Inventory 12…
A: LIFO: LIFO stands for Last in First out which means Last received inventory to be sold first.
Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…
A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…
Q: Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units @…
A: FIFO Method - This is a FIrst In First out Method where in Cost of Goods is calculated where the…
Q: Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: Tyler Company has the following information related to purchases and sales of one of its inventory…
A: Calculating the ending inventory and cost of goods sold using the FIFO is as follows:
Q: During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are…
A: Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…
Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…
A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…
Q: Need help solving this problem
A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…
A: Under FIFO method, the units purchased first are sold first.
Q: I tried to put all the questions in one picture to the best of my abilities
A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Beginning inventory, purchases, and sales data for portable CD players are as follows: April 1…
A: In the perpetual method, the cost of goods sold is determined for each sale transaction and the…
Q: Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to…
A: The ending inventory as per retail ratio includes cost and profit both. So for calculating ending…
Q: Tyler Company has the following information related to purchases and sales of one of its inventory…
A: Average cost per unit = Total cost of purchaseNumber of units purchased…
Q: Jensen Company had the following transactions regarding their inventory, They use a perpetual…
A: As Specifically Asked only FIFO method is Answered FIFO Method: It is Inventory Valuation Method…
Q: Guitars and more had a large inventory of guitars and other musical instruments. Using the Average…
A: Following is a perpetual inventory record, using the FIFO inventory costing method and company’s…
Q: Top Purse Company applies the periodic inventory system using the specific identification method.…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO,…
Q: Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic…
A: Cost of goods of sold in simple terms is the amount or price at which the seller sells the goods or…
Q: The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…
A: Cost of goods sold for LIFO method calculated by considering the units sold at a latest price from…
Q: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount…
A: Date Account titles Debit amount($) Credit amount($) 2nd July Inventory A/c (300 units *$4.20)…
Q: Roman Sound uses a periodic inventory system. One of the store's products is a wireless headphone.…
A: In periodic inventory system, the entry for recording inventory transaction is done at the end of…
Q: Guitars and more had a large inventory of guitars and other musical instruments. Using the Average…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: Guitars and more had a large inventory of guitars and other musical instruments. Using the UFO…
A: Cost of goods sold as per LIFO. As per LIFO (Last in first out) latest purchased will be sold first.…
Q: Beginning inventory, purchases, and sales data for widgets are as follows: April 3…
A: Cost of Goods SoldCost of goods sold refers to the direct costs of producing the goods sold by a…
Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…
A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…
Q: Compute the cost of ending inventory for the best selling purse based on the following:
A: Special Identification Method: The Specific identification method identifies the cost of each item…
Q: he following accounts and balances are taken from the books of Bosox Company which…
A: Cost of goods sold is the actual cost of goods that is being sold to the customers. Gross profit is…
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- Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?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.Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
- Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?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%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?
- Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example.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).Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
- Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example.RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.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).