Lauer Corporation has provided the following information about one of its laptop computers:NumberDateTransactionof UnitsCost per Unit1/1Beginning Inventory2109105/5Purchase310$41,0108/10Purchase410$41,11010/15Purchase255$41,160During the year, Lauer sold 1,025 laptop computers.What was ending inventory using the FIFO cost flow assumption?Multiple Cholce$145,600.$165,600.$185,100.$185,600.

FIFO is the first in first out inventory method which says that inventory purchased first should be…

Lauer Corporation has provided the following information about one of its laptop computers: Number Date Transaction of Units Cost per Unit 1/1 Beginning Inventory 210 24 910 5/5 Purchase 310 1,010 8/10 Purchase 410 $4 1,110 10/15 Purchase 255 $4 1,160 During the year, Lauer sold 1,025 laptop computers. What wa ending invento using the FIFO cost flow assumption? Multiple Cholce $145,600. $165,600. $185,100. $185,600.

Lauer Corporation has provided the following information about one of its laptop computers: Number Date Transaction of Units Cost per Unit 1/1 Beginning Inventory 210 24 910 5/5 Purchase 310 1,010 8/10 Purchase 410 $4 1,110 10/15 Purchase 255 $4 1,160 During the year, Lauer sold 1,025 laptop computers. What wa ending invento using the FIFO cost flow assumption? Multiple Cholce $145,600. $165,600. $185,100. $185,600.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lauer Corporation uses the periodic inventory system and thefollowing information about their laptop computer is available: Date Transaction Number of Units Cost per Unit 1/1 BeginningInventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 750 laptop computers were sold.What was ending inventory and cost of goods sold on 12/31 under the FIFO costflow assumption? A. $60,000 and $710,000 B. $52,500 and $717,500 C. $52,000 and $718,000 D. None of the answers is correct
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At thedate of this sale, Hudson's perpetual inventory records included the following cost layers for theMillennium laptops: Purchase DateApr. 9May 1Total on hand Quantity Unit Cost 70 30 $1,500$1,600 100 Total Cost$105,000 48,000$153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assumethat Hudson Computing uses the:a. Specific identification method (62 of the units sold were purchased on April 9, and the tmaining units were purchased on May 1).b. Average-cost method.c. FIFO method.d. LIFO method.e. Discuss briefly the financial reporting differences that may arise from choosing the FlFOmethod over the LIFO method.
On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Quantity Unit Cost Total Cost Apr. 9 110 $ 1,530 $ 168,300 May 1 40 $ 1,500 60,000 Total on hand 150 $ 228,300 Prepare journal entries to record the cost of the 140 Millennium laptops sold
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Quantity Unit Cost Total Cost Apr. 9 70 $ 1,500 $ 105,000 May 1 30 $ 1,600 48,000 Total on hand 100 $ 153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1). b. Average-cost method. c. FIFO method. d. LIFO method
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Zimt AG started business in 2007 and uses the FIFO method. During 2007, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2008,it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its2008 ending inventory balance (€ thousands) was closest to:A. €105.B. €109.C. €110
If Comcast is upgrading its cable boxes and has 500 obsolete boxes in ending inventory. Beginning inventory and purchases Boxes Box Cost Total Cost Beginning inventory: January 1 15,500 $ 15 $ 232,500 March 1 6,500 16 104,000 June 1 2,500 20 50,000 September 1 1,500 23 34,500 December 1 1,000 32 32,000 27,000 $ 453,000 What is the cost of ending inventory using FIFO, LIFO, and the weighted average method? (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Ending inventory FIFO LIFO Weighted average