How many units must be in ending inventory if beginning inventory was 15,000 units, 58,000 units were started, and 54,000 units were completed and transferred out? Units in ending inventory
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- There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the beginning inventory was 2,000 units, how many units were started in process? A. 1.000 B. 2,000 C. 15,000 D. 17,000Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.3. How many units must be in ending inventory if beginning inventory was 15,000 units, 55,000 units were started, and 57,000 units were completed and transferred out? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Beginning inventory ? Units started ? Total units to account for ? Units completed and transferred out ? Ending inventory ?
- 2. The Vanity, Inc., had the following inventory transactions in January:1/1 Purchased 200 units @ $3.00 per unit1/15 Sold 60 units1/21 Purchased 100 units @ $5.00 per unit1/31 Purchased 40 units @ $10.00 per unitVanity's inventory at the beginning of the month was $400.00 (200 units). What was Vanity'scost per unit at the end of January, using the moving average method?a. $3.00b. $3.65c. $4.00d. $6.00 Please show work. Do not use excel Example solution given below 14. The Vanity, Inc., had the following inventory transactions in January:1/1 Purchased 200 units @ $3.00 per unit1/15 Sold 40 units1/21 Purchased 300 units @ $5.00 per unit1/31 Purchased 40 units @ $10.00 per unitVanity's inventory at the beginning of the month was $400.00 (200 units). What was Vanity'scost per unit at the end of January, using the moving average method?a. $3.00b. $2.00c. $4.00d. $6.00 Q14.Since the company uses the moving average method, we need to update the inventorycost per unit whenever there is a…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 excelFIFO and LIFO Costs Under Perpetual Inventory System OBJ. 2, 3 The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO? Answer b. $763,200
- 4. Sylvia's Designs Co. had the following inventory activity during April:UnitsUnitCostBeginning inventory 100 $10Purchase (April 3) 40 12Sale (April 10) 80Purchase (April 18) 40 14Purchase (April 23) 60 15Sale (April 28) 90Assuming Sylvia's uses a perpetual FIFO cost flow assumption, ending inventory for Aprilwould bea. $ 750b. $2,560c. $ 500d. $1,040 Please show work. Do not use excel3. FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units at $150 Sale 5,400 units at $250 First purchase 12,800 units at $155 Sale 10,400 units at $250 Second purchase 14,100 units at $162 Sale 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average
- Beginning inventory, 100 units @P1.50;purchases: Jan 24 – 300 units @P1.56 Jun 11-150 units @P1.60 Oct 15- 150 units @P1.70Units sold: Feb 8 – 80 units @P2 Mar 18 – 140 units @ P2.50 Aug 18 – 130 units @P3.00 Sept 6 – 110 units @P3.50 Dec 29 – 140 units @P5.1. If a perpetual inventory system is used on a FIFO basis, what will be the value of the ending inventory?2. No perpetual inventory is maintained, quantities at the end are determined through physical count, and the data on purchases are provided but not the data on sales. Using FIFO what would be the value of the ending inventory? 3. If moving average is used under perpetual inventory system, how much would be the cost of sales on March 18? 4. P1,037.13 will be the gross profit of the company under?5. Purchases made by the company amounted to?6. this is the cost of sales on December 29 under perpetual, FIFO?2. The Vanity, Inc., had the following inventory transactions in January:1/1 Purchased 200 units @ $3.00 per unit1/15 Sold 60 units1/21 Purchased 100 units @ $5.00 per unit1/31 Purchased 40 units @ $10.00 per unitVanity's inventory at the beginning of the month was $400.00 (200 units). What was Vanity'scost per unit at the end of January, using the moving average method?a. $3.00b. $3.65c. $4.00d. $6.00 please show work, do not use excelWhat is the beginning inventory? You left it blank. Direct Materials Conversion costs Beginning Inventory ? ? ? Add: Current costs 3798000 2160000 1638000 ($594000+$1044000) Total costs to account for (A) 3798000 2160000 1638000
