HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   150   $4     $600   12   Purchase   450   5     2,250   23   Purchase   400   6     2,400   30   Inventory   80             Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.

Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual…

A: Inventory valuation refers to the methods used by the company to determine the value of its…

Q: Garrison Company uses the retail method of inventory costing. It started the year with an Inventory…

A: Markup is the difference between the cost and sales price that is considered as profit for the…

Q: es Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 37 57 47 52…

A: Since the method "first in first out" is followed the closing inventory would include those…

Q: Unit Units Cost Total Cost June 1 Inventory 260 $6 $1,560 12 Purchase 450 3,150 23 Purchase 330 8…

A: Number of units sold = Beginning inventory + Purchases - Ending inventory…

Q: Units Unit cost Total Cost June  1 Inventory 250 $7 $1,750           12…

A: Inventory valuation is a method which shows cost of goods sold and cost of ending inventory which…

Q: he inventory data for an item for November are: Nov. 1   Inventory 24 units at $24 4   Sold 11…

A: Cost of Goods Sold under LIFO = (11*24) + (17*20) = 264 + 340 = 604

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: A company just starting the business made the following four inventory purchases in June: Unit Unit…

A: Average method of inventory accounting focuses on the average price of the goods available for sales…

Q: Given the following:     Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A:

Q: ok int Given the following: erences January 1 inventory April 1 June 1 November 1 Cost of ending…

A: Inventory Units Cost per unit Amount Beginning Inventory 36 5 180 Apr 01 Purchases 56 8 448…

Q: Beginning inventory and purchases Units Unit Cost Total Cost Jan 1 60 $7 $420 April 1 45 $10 $450…

A: LIFO or Last in and First out as the name indicates means that the recent purchases will be sold…

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: 1. Calculate cost of ending inventory and cost of goods sold using periodic FIIFO, LIFO, and…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105…

A: Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Q: Monty Corp. reports the following for the month of June.         Units   Unit Cost   Total Cost…

A: GIVEN   Monty Corp. reports the following for the month of June.         Units   Unit Cost…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Given information Date units per unit cost Amount ($) 1-Jan 40 $4 $160 1-Apr 60 $7 $420…

Q: Spotter Corporation reported the following for June in its periodic inventory records. Description…

A: The periodic inventory records for the month of June is given. Required  1. Calculate the Cost of…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…

A: Introduction: FIFO: FIFO stands for First in First out which means first received inventory to be…

Q: Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1   Inventory 330 units at…

A: Weighted Average Perpetual Date Goods Purchased Cost of goods sold Ending Inventory   Units Cost…

Q: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO.(2…

A:

Q: Tomasino's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan.…

A: First in First Out Method (FIFO) In first in first out method inventory valuation is taken from the…

Q: Use the information below for questions 7-11 20 units at $19 70 units at $20 10 units at $22 $380…

A: Calculation of Ending inventory using Weighted Average Method Value of ending inventory = Number of…

Q: The Sonny Company sells blankets for P30 each. The following was take from the inventory records…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Given the following:     Number purchased Cost per unit Total January 1 inventory 41 $ 5   $ 205…

A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147

Q: Use the information below for questions 7-11 $ 380 July 1 Beginning inventory Purchases 20 units at…

A: Inventory Valuation can be done by the First In First Out (FIFO) method and the Last In First…

Q: Using the specific identification method:   Date Units purchased Cost per unit Ending inventory…

A: Ending inventory refers to amount of inventory ,company has stored in the warehouse at the end of…

Q: During June, the following changes in inventory took place:              June   1     Balance…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: [The following information applies to the questions displayed below.] The following are the…

A: a. FIFO (Periodic) Units Cost per unit Total Beginning inventory 41 $10 $410 Purchases…

Q: Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory…

A: Inventory valuation methods are based on the flow of inventory used by the firm. There are several…

Q: Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10…

A: LIFO stands for last in first out. It is a method of valuing inventories in which the goods…

Q: Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number…

A: Solution: Last-in-First-out (LIFO) method of inventory valuation assumes that the amount of goods…

Q: A company just starting business made the following four inventory purchases in June: Unit Unit Cost…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: Given the following: Number Cost per unit $ 4 purchased Total January 1 inventory April 1 40 2$ 160…

A: Ending inventory is computed by adding the beginning inventory and purchases and then subtracting…

Q: Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption,…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…

A: FIFO (First-In-First-Out) is a way of inventory valuation wherein the goods which are purchased…

Q: Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of…

A: The cost of goods sold refers to the direct costs of making products sold by a company (COGS). This…

Q: ouie company sells Astro's photocards for P30 each. the following was taken from the inventory…

A: 1 First-In First out method :  Cost of sales :  March 10 : 300 units @ P15 = P4,500 March 20 : 200…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: Under the LIFO method, goods purchased at last are sold first and the initial purchases constitute…

Q: -/ 1 Question 3 of 6 Pearl Industries uses a periodic inventory system and reports the following for…

A: Cost of goods sold refers to the cost of produced goods which are sold by the company. These costs…

Q: So what was the cost of products sold and ending inventory under (4) LIFO, (5) FIFO, and (6) Average…

A: LIFO Method   Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39…

A: Average Rate = Value of goods available for sale / No. units available for sale   1. April 1 =…

Q: Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10…

A: LIFO method: Last-in, first-out (LIFO) method is one of the inventory valuation methods under which…

Q: Given the following: Number Cost per unit $4 purchased Total $ 160 January 1 inventory April 1 40 60…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost of goods…

A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

Q: Assume the following data with regard to inventory for Caciato Company: Aug. 1 Inventory 40 units @…

A: The inventory valuation method would be considered as the one under which the cost of goods sold and…