Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @ P7.20 = P7,200 Purchases Mar. 10 - 600 gals @ P7.25 Mar. 16 - 800 gals @ P7.30 Mar. 23 - 600 gals @ P7.35 Sales Mar. 5 - 400 gals Mar. 14- 700 gals Mar. 20- 500 gals Mar. 26- 700 gals
Q: The records of Rami co. show the following data on June 30, 2020, During the month inventory Sold on…
A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…
Q: Inventory records for a company revealed the following: March 1, 2021, inventory: 1,250 gallons @…
A: Definition: Periodic inventory system: The method or system of recording the transactions related to…
Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…
A: The question is based on the concept of Cost Accounting. Perpetual moving average is one of the…
Q: Inventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units…
A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…
Q: At December 31, 2022 the following information (in thousands) was available for Swifty Inc: ending…
A: Formula: Inventory turnover = Cost of goods sold / Average inventory.
Q: At May 1, 2022, Sunland Company had beginning inventory consisting of 290 units with a unit cost of…
A: Ending inventory is the goods leftover in hand at the conclusion of the year.
Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350…
A: First In, First Out (FIFO) - It is an accounting mentioned under which materials are purchased first…
Q: At the beginning of 2022, no Co. has an inventory amounting to P400,000. During the year, no Co.…
A: Inventory Turnover Ratio=Cost of Goods SoldAverage Inventory
Q: Debra King Company was formed on December 1, 2019. The following information is available from…
A: FIFO (First In First Out):Under this method, it is assumed that goods purchased first is sold first,…
Q: During January 2018, FRS Company completed the following transactions. Beginning inventory as of…
A: Journal records the day to day transactions of the business.
Q: Inventory records for Marvin Company revealed the following: Transaction Date Mar. 1 Beginning…
A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, the LIFO…
Q: Required information [The following information applies to the questions displayed below.] During…
A: The FIFO strategy states that the stock that is delivered or procured first is sold, utilized, or…
Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350…
A: Last in, first out (LIFO) cost flow method assumes that the last units of inventory are sold first.…
Q: Urgentttt During January 2018, FRS Company completed the following transactions. Beginning…
A: The company records primarily the transactions of the period in the form of a journal entry, in the…
Q: Periodic and Perpetual Systems -Calculating Ending Inventory and Cost of Sales using Average Cost,…
A: Specific Identification Method DATE UNITS COST PER UNIT IN $ BALANCE UNITS Opening…
Q: The following information was taken from the accounting records of Tampa Roofing Company for the…
A: Under fifo method of inventory valuation the units purchased first will be sold first. And in…
Q: Altira Corporation provides the following Information related to Its merchandise Inventory during…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Cost of…
Q: uly 1 150 units $5.20 $ 780 July 10 200…
A: Inventory may be : Opening Inventory Closing Inventory Number of units sold = Number of units…
Q: Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200…
A: Total units available for sale = 200 + 300 + 500 = 1000 units Total units sold = 400 + 400 = 800…
Q: The following data were taken from the financial records of Crane Company. Net Sales Beginning…
A: Average inventory = Beginning inventory+ Ending inventory 2 2021 =…
Q: On January 1, 2016, the Wind Company’s beginning inventory P400,000. During 2016, Wind purchased…
A: Given information, beginning inventory=P400,000 purchases =P1,900,000 ending inventory=P500,000
Q: The inventory value for the financial statements of Z for the year ended 31st March 2022 was based…
A:
Q: On January 20, 2020, Stewart Company’s records revealed the following information: Inventory, July…
A: Inventory shows the current assets reported in the balance sheet.
Q: The inventory records of Mod Oil Company for January 2020 showed the following data for an item of…
A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…
Q: At December 31, 2022, the following information (in thousands) was available for Swifty Inc.: ending…
A: Formula: Inventory turnover = ( Cost of goods sold / Average inventory )
Q: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…
A: The First in first out method refers to the assumption that the goods which are received first are…
Q: Sunrise company inventory records contained the following information regarding its latest Sunrise…
A: 1. Calculate the cost of goods sold and ending inventory cost under FIFO.
Q: Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO…
A: Under the LIFO method, the goods which are purchased in the last are sold first. The ending…
Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…
A: Working note: Computation of cost of goods sold: Cost of goods sold=Beginning…
Q: The following lots of a particular commodity were available for sale during the year Beginning…
A:
Q: (i) FIFO method. (ii) Specific identification method.
A: (i) FIFO method. Purchases Cost of Goods Sold Ending inventory Qty Rate Qty Rate…
Q: Required information [The following information applies to the questions displayed below.] During…
A:
Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000…
A: Formula: Ending inventory = Cost of goods sold available for sale - Cost of goods sold
Q: Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100…
A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…
Q: On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750…
A: Inventory costing methods are those methods which are used for valuation and costing of inventory.…
Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Apr. 20…
A: Introduction: WACC is a key input in discounted cash flow assessment and is frequently discussed in…
Q: 6. Anderson Company's year-end inventory balance on December 31, 2023 is P1,650,000 based on…
A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…
Q: On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the…
A: Cost of goods sold = Beginning inventory + purchases - ending inventory = P450000 + 2950000 - 925000…
Q: ABC Co. made the following transactions during the month of January 2021: Jan 1 Purchased 1,000…
A: No. of units sold = Total no. of units available for sale - Ending inventory units
Q: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…
A: Introduction:- LIFO means Last-in-first-out It is one of the inventory valuation method. As per…
Q: Whitelands Inc. had the following operating transactions during January 2020, its first month of…
A: Balance sheet is the financial statement which is useful for knowing the financial position of an…
Q: Causwell Company began 2018 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…
A: 1.
Q: The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000…
A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…
Q: Lopez Company reported the following current-year data for its only product. The company uses a…
A: solution : calculation of ending inventory (480 units) specific identification (the inventory is…
Q: Coney Island Inc. had the following operating transactions during January 2020, its first month of…
A: FIFO Method: FIFO means First in First out method is a method to sell the inventory in first which…
Q: Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200…
A: FIFO: Under FIFO method, goods purchased first are sold first. FIFO stands out for…
Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning…
A: Given that, Beginning inventory = 450 units @ $2.48 per unit Purchase = 350 units @ 2.76 per unit…
Q: Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value…
A: Working notes: 2019: Inventory value on 2018 $200,000 Add: Layer of LIFO in 2019…
Q: Lily Technologies Company reported the following income statement data for a 2-year period.…
A: The income statement is one of the essential part of financial statements used for reporting the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso.At May 1, 2022, Ayayai Corp. had beginning inventory consisting of 280 units with a unit cost of $7. During May, the company purchased inventory as follows:▪ 560 units at $7▪ 850 units at $8The company sold 1410 units during the month for $11 per unit. Ayayai Corp. uses the average cost method. The value of Ayayai Corp.'s inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.) $1960. $2240. $2100. $12680.Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100 gallons @ $7.4 per gallon Purchases: Sales: Apr. 10 620 gals @ $ 7.45 Apr. 5 420 gals Apr. 16 820 gals @ $ 7.50 Apr. 14 720 gals Apr. 23 620 gals @ $ 7.55 Apr. 20 520 gals Apr. 26 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be:
- 11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:*Goods purchased in transit, FOB shipping point, P130,000*Goods held on consignment, P56,000*Goods out on approval, at sales price of P32,500 (cost is P25,000)What is the correct amount of inventory at December 31, 2021?Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Sales: Mar. 10 600 gals @ $ 7.25 Mar. 5 400 gals Mar. 16 800 gals @ $ 7.30 Mar. 14 700 gals Mar. 23 600 gals @ $ 7.35 Mar. 20 500 gals Mar. 26 700 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:On January 2020, Tony Corporation has the following inventory purchases:January 2 Bought 5,750 units at a total amount of P7,500January 7 Bought 5,100 units at a total amount of P5,850January 15 Bought 7,600 units at a total amount of P6,300January 25 Bought 6,600 units at a total amount of P4,950A physical count of inventory on January 30 reveals that there are 1,000 units on hand.Using the FIFO inventory method, what is the value of the ending inventory on January 30?
- 1. At the beginning of September 2020, Bonita company reported inventory of 8200. During the month, the company purchases of 35900. At September 30 2020, a physical count of inventory reported 8600 on hand. Cost of goods solids for the month is ?17. On January 2020, Roel Corp. Has th following inventory purchases. January 2 5.750 7 5,100 15 7,600 25 6,600 Units Amount P7.500 5.850 6.300 4.950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,850 gallons @ $8.90 per gallon = $16,465 Purchases: Sales: March 10 770 gallons @ $8.95 March 5 570 gallons March 16 970 gallons @ $9.00 March 14 870 gallons March 23 770 gallons @ $9.05 March 20 670 gallons March 26 870 gallons The ending inventory under a periodic inventory system assuming average cost is: $12,279. $12,381. $12,351. $12,361.
- 1. Norfarina Company reported P5,000,000 of inventory on December 31, 2021, based on physicalcount. Additional information is as follows:• Excluded from the physical count were goods billed to a customer, fob shipping point onDecember 31, 2021. The goods had a cost of P200,000 and had been billed at P350,000. Theshipment is ready for pick-up by the delivery contractor on January 5, 2022.• Goods were in transit from a vendor. The invoice cost was P300,000 and goods were shipped fobshipping point on December 31, 2021.• Work-in-process costing P400,000 was sent to an outside processor for finishing on December 31,2021.• Goods out on consignment with sales price of P1,000,000 and markup of 25% on cost. Shippingcosts amounted to P50,000. The correct amount of inventory on December 31, 2021 should be?Inventory records for a company revealed the following: March 1, 2021, inventory: 1,250 gallons @ $7.7 per gallon = $9,625 Purchases: Sales: Mar. 10 650 gals @ $ 7.75 Mar. 5 450 gals Mar. 16 850 gals @ $ 7.80 Mar. 14 750 gals Mar. 23 650 gals @ $ 7.85 Mar. 20 550 gals Mar. 26 750 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is: A. $6,987 B. $6,905 C. $7,007 D. $6,977Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47 May 1, 2022 Purchase 132 $49 The company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using LIFO? (rounded to whole dollars)
