¢ iCloudx Q Accounti x Norfolk S x Q CIS Test : xb Answere xWeek 6 - XParaphra xBLOG 31 X +ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false☆ TpUpoPeriodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory7 units @ $42Feb. 17 Purchase9 units @ $44Jul, 21Purchase4 units @ $45Nov. 23Purchase18 units @ $46There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to thenearest whole dollar, if required.a. Determine the inventory cost by the first-in, first-out method.b. Determine the inventory cost by the last-in, first-out method.C. Determine the inventory cost by the weighted average cost method.%24%24

solution ending inventory =7 units a inventory cost by FIFO =under FIFO the goods…

Answered: he units of an item available for sale…

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( 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
FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65
49.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsHow much is the ending inventory under FIFO perpetual? 400 419 438 480
Effect of the error # 6 for the year 2020 Answer the ff: O-Overstated U-Understated X-No effect Purchases Cost of Sales Net income Inventory Accounts Payable RE before closing RE after closing
6. Cypress Corp. uses dollar-value LIFO. Certain information follows:YearEnding InventoryCurrent Cost Index2004 $5,000 1002005 5,610 1012006 5,304 1022007 6,042 103Compute the ending 2007 inventory.a. $5,742b. $5,888c. $5,866d. $5,881 Please show work. Do not use excel
FE19Closing InventoryDec Type Qty Price1 Op Inv 65 $34.001 Purchase 79 $36.2511 Purchase 72 $36.5018 Purchase 60 $36.7522 Purchase 59 $37.003 Sale -84 $45.005 Sale -45 $46.0019 Sale -85 $48.0029 Sale -48 $49.0031 Sale -57 $50.00Required:a) Calculate closing inventory Qty and Value as per FIFO method b) Calculate closing inventory Qty and Value as per Weightage Average method
Patel Company adopted the dollar-value inventory method on 12/31 / 20 . Inventory data are as follows: Inventory Price Year at Yr End Index 2020 5,785 1.00 2021 9,2501.23 202211,225 1.36 20238,575 1.25 2024 16,425 1.40 Instructions : Calculate the inventory for must show your work . 20, 2021, 2022, 20 and 2024.
a 0prepare a PERPETUAL INVENTORY record for this merchandise using the first in first out (FIFO) method of inventory valuaton to determine SOUND CORE,s cost of good sold for the quater and the value of ending b)given the selling ,distribution and admintrative cost associated wit TOZO T6 brand of earbuds for the quater were $42,840, $38,120 and $157,076 respecttively, prepare an income statement for SOUND CORE WIRELESS TOZO T6 fot the quater ending december 31, 2021 c) journalize the transaction for the month of october assuming the company uses a i. periodic inventory system ii. perpetual inventory system
Ch12.2 Crazycorp. had the following inventory transactions in the month of SeptemberDate Type # units Price per unit1 Purchase 450 $4.503 Purchase 350 $4.407 Sales -275 $6.0011 Sales -300 $6.0012 Purchase 350 $4.2513 Purchase 75 $4.3014 Sales -400 $6.5018 Purchase 200 $4.4021 Sales -100 $6.5024 Sales -200 $6.6028 Purchase 200 $4.40Required:Using Perpetual system, compute Inventory as at 31st Dec using FIFO methodUsing Perpetual system, compute Inventory as at 31st Dec using Weighted Average methodCh12.3 Variour Inc recently completed its stock take and have provided you the below informationCategoryUnits in InventoryCost per unit NRV per unitWA1 85 $105.00 $100.00WB1 110 $80.00 $85.00WC1 135 $190.00 $195.00WD1 150 $45.00 $50.00WE1 165 $200.00 $190.00Required:Calculate the total value of Kentex' closing Inventory

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