Inventory Costing Methods Date Item Quantity Cost Per Unit Total $1,332.00 $1,710.00 $2,400.00 $3,294.00 $3,120.00 $111.00 1-Jul Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase 12 15 $114.00 $120.00 $122.00 20 27 24 $130.00 Sold 83 Units @ $145 each Sales FIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Gross Profit %===> Operating Expenses $1,100.00 Net Income LIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income AVERAGE COST Average Cost Per Unit= Cost of Goods Sold=== Ending Inventory==== Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income

Inventory Costing Methods Date Item Quantity Cost Per Unit Total $1,332.00 $1,710.00 $2,400.00 $3,294.00 $3,120.00 $111.00 1-Jul Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase 12 15 $114.00 $120.00 $122.00 20 27 24 $130.00 Sold 83 Units @ $145 each Sales FIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Gross Profit %===> Operating Expenses $1,100.00 Net Income LIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income AVERAGE COST Average Cost Per Unit= Cost of Goods Sold=== Ending Inventory==== Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income

Name: Inventory Costing MethodsDateItemQuantityCost Per UnitTotal1-Jul Begi
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Description: Inventory Costing MethodsDateItemQuantityCost Per UnitTotal1-Jul Beginning Inventory8-May Purchase15-May Purchase22-May Purchase29-May Purchase$111.00$114.00$120.00$122.00$130.00$1,332.00$1,710.00$2,400.00$3,294.00$3,120.001215202724Sold 83 Units @

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...

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Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
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).
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).
Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at 360 7,200 Aug. 13 Purchase 260 units at 342 88,920 Nov. 30 Purchase 40 units at 357 14,280 Available for sale 320 units 110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (A) first-in, first-out (FIFO) method; (B) last-in, first-out (LIFO) method; and (C) weighted average cost method.
LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
( 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) Inventory Costing Methods Grencia Company uses a periodic inventory system. For 2018 and 2019, Grencia has the following data (assume all purchases and sales are for cash): Required: 1. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using FIFO. 2. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using LIFO. 3. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using the average cost method. ( Note: Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 5. CONCEPTUAL CONNECTION Which method produces the most realistic amount for income? For inventory? Explain your answer. 6. CONCEPTUAL CONNECTION What is the effect of purchases made later in the year on the gross margin when LIFO is employed? When FIFO is employed? Be sure to explain why any differences occur. 7. CONCEPTUAL CONNECTION If you worked Problem 6-68B, compare your answers. What are the differences? Be sure to explain why any differences occurred.