Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases   Sales April  1 (balance on hand) 100 @ $5.00   April  5 300 4   400 @  5.10   12 200 11   300 @  5.30   27 800 18   200 @  5.35   28 150 26   600 @  5.60       30   200 @  5.80       Instructions a.    Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. 1.    First-in, first-out (FIFO). 2.    Last-in, first-out (LIFO). 3.    Average-cost. b.    If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in (1), (2), and (3) above? (Carry average unit costs to four decimal places.)

The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached)   1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below) Date   Purchases     Cost of Merchandise sold     Inventory                         Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1                   10                   10                   28                   28                   30                   Feb. 5                   10                   10                   16                   16…

[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = @ $ 13.00 = 215 units 160 units 355 units 730 units $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $23.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold…

Nash Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 Sales 210 @ $5.20 510 @ 5.30 410 @ 5.50 April 5 27 5.60 28 310 @ 710 @ 5.80 310 @ 6.00 12 410 310 1,020 150 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Make a simple formula to find the FIFO, LIFO, & Average-Cost (nothing complicated)

The beginning inventory and the purchases and sales of inventory for March for the Carolina Company                   are as presented below. Complete the inventory schedule assuming the FIFO Inventory valuation                   method is used.                                       Date Transaction Number of Units Per Unit Total           Mar 1 Inventory 10,500 1.5 $15,750           Mar 8 Purchase 12,000 1.6 $19,200           Mar 11 Sold 11,000 2.5 $27,500           Mar 12 Sold 9,500 2.5 $23,750           Mar 14 Purchase 8,000 1.65 $13,200           Mar 15 Sold 5,000 2.6 $13,000           Mar 19 Sold 4,000 2.6 $10,400           Mar 22 Purchase 7,000 1.7 $11,900           Mar 24 Sold 4,000 2.6 $10,400           Mar 25 Sold 2,500 2.6 $6,500           Mar 26 Purchase 10,000 1.72 $17,200           Mar 28 Sold 5,000 2.6 $13,000                                       FIFO Purchases Cost of Goods Sold Inventory           Quantity UnitCost TotalCost…

Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($46 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($46 each) Units Unit Cost 160 $ 30 32 210 (60) 36 280 (310) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b.…

Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Total Beginning inventory Purchases: March 14 July 30 October 26 b) Periodic LIFO Total Beginning inventory Purchases: March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales c) Gross profit Purchase Sales Purchase Totals Exercise 6-10A (Algo) Periodic: Inventory costing LO P3 # of units Cost of Goods Available for Sale FIFO # of units 0 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Cost per unit 0 Cost of…

Skysong Company's record of transactions for the month of April was as follows. (b) Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Purchases Sales April 1 (balance on hand) 1,800 @ $5.60 April 3 1,500 @ $10.00 4 4,500 @ 5.70 9 4,200 @ 10.00 8 2,400 @ 6.00 11 1,800 @ 11.00 Inventory $ 13 3,600 @ 6.10 21 2,100 @ 6.20 27 22 23 3,600 @ 11.00 2,700 @ 12.00 eTextbook and Media 29 1,500 @ 6.40 13,800 Save for Later 15,900 (1) FIFO $ (2) LIFO 11790 Attempts: 0 of 3 used Submit Answ

Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical count, December 31 = P440,000 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory?

Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 Inventory, August 31 Purchases Purchases returns and allowances Purchases discounts Freight in Schedule of the Cost of Goods Sold For the Month Ended August 31 Line Item Description Cost of merchandise purchased: Net purchases Total cost of merchandise purchased $ 71,130 90,820 368,870 16,360 12,190 3,540 Amount Amount 1000 $