What is the cost of the inventory on January 31 using FIFO method?
Q: Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of…
A: Under First in First Out Method, units which comes in first will be sold first and the ending…
Q: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending…
A: FIRST IN FIRST OUT: In FIFO, Goods or Materials that are purchased first are used in sale or in…
Q: What is the inventory on April 30?
A: Step 1 Inventory accounting is the accounting that deals with valuing and accounting for changes in…
Q: Iculate the ending balance in inventory on May 31 using the first-in, first out (FIFO) method.
A: There are methods to control the inventory of a business such s LIFO, FIFO, average stock level,…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: What is the Cost of Sales for June, using the perpetual inventory system?
A: Cost of Sales Cost of sales which is calculated by the adding up of opening value of inventory with…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A:
Q: On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the…
A: Ratio of Cost to Retail Price = Merchandise Available for Sale at cost/Merchandise Available for…
Q: Beginning inventory, purchases, and sales for Item CSW15 are as follows: August 1 Inventory 106 15…
A: FIFO method of inventory valuation includes the valuation on the basis of the first in and first…
Q: Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of…
A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units…
A: Average cost per unit = Total cost of goods available for sale / total units available for sale =…
Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units
A: Cost of goods sold represents the cost incurred in order to sell the goods or provide service to the…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: FIFO method is the inventory valuation method which states the inventory purchased first are sold…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Under FIFO, the inventory purchased at first is issued first. Under LIFO, the inventory purchased in…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A:
Q: Under the weighted average method, what amount should bo ronorted as inventory on December 31?
A: Date Receipts Issues Balances Qty Rate Amt Qty Rate Amt Qty Rate Amt…
Q: What is the ending inventory at cost at December 31, using the FIFO retail inventory method?
A: Under, the FIFO retail inventory method, the inventory is value based on retail inventory price used…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: The valuation of inventory can be done using various methods. These are; FIFO, LIFO and Weighted…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Under FIFO first goods will be sold first
Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: First-in, first-out method states that the inventory that is purchased at first will be issued at…
Q: 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost…
A: Under the LIFO method, periodic inventory system, the ending inventory would be multiplied with the…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Solution:- Determination of the inventory cost using periodic inventory system as follows:-
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: calculating ending inventory a)first in first out =(6*40+3*39)=$357 b)last in first…
Q: Judy Company uses the retail inventory method to approximate its ending inventory. The following…
A: It is one of the inventory valuation method to determine the value of inventory at store. This…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A:
Q: Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 109 16…
A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: FIFO Method Value of ending inventory Under FIFO method using periodic inventory system, Value of…
Q: here are 17 units of the product in the physical inventory at November 30. The periodic inventory…
A:
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: For any manufacturing company inventory management play a vital role. There are mainly three methods…
Q: Lupin Inc. utilizes the retail inventory method in estimating its inventory for interim statement…
A: Average cost retail method: Under this method, the two things cost and retail prices are taken into…
Q: eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: LIFO method - Last in first out. It assumes that last inventory are sold first FIFO - First on…
Q: What is the amount of the inventory at the end of the year using the LIFO method?
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: What is the value of the inventory on August 20 if the last in first out method of evaluation is…
A: Last in First Out (LIFO) is one of the method of valuation of inventory. Under this method, Closing…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: In FIFO earlier goods will be sold first
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Periodic inventory system:The method or system of recording the transactions related to inventory…
Q: Required: Assuming the entity used the periodic system, compute the December 31 inventory and cost…
A: COGS refers to total cost of producing the goods which are sold by the company.
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Periodic inventory system is one of system used in the valuation of inventory, in this system…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: FIFO stands for First in First Out LIFO stands for LIFO in First Out
Q: petermine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a)…
A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Inventory valuation can be defined as the technique used to find out the cost of the inventory.…
Q: why both the "beginning inventory" and "ending inventory" figures both appear on the Income…
A: Periodic inventory system is a inventory system in which all purchase and sale transactions related…
Q: The cost of the ending inventory is:
A: Ending inventory cost is $1,210
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: The average cost per unit would be $1976 / 43 = $45.95
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: The total goods sold of 18 is computed by subtracting closing inventory, 20 from the total units…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Periodic Inventory system The purpose of using of this system to ease the working calculation which…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: Introduction: FIFO: FIFO stands for First in First out which means first received inventory to be…
Q: Determine cost of goods sold during the period under a periodic inventory system using the LIFO…
A: LIFO - last in first out. Means the goods at last will be sold first. Under periodic LIFO the…
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- Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases of welding rods that had been purchased for S88 per case. Welding Products purchased 1,150 cases at a cost of $95 per case on June 3. On June 19, the company purchased another 950 cases at a cost of $112 per case. Sales data for the welding rods are: Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case. Required: 1. Compute the cost of ending inventory and cost of goods sold using the FIFO method. 2. Compute the cost of ending inventory and cost of goods sold using the LIFO method. 3. Compute the cost of ending inventory and cost of goods sold 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 Assume that operating expenses are $21,600 and Welding Products has a 30% tax rate. How much will the cash paid for income taxes differ among the three inventory methods? 5. CONCEPTUAL CONNECTION Compute Welding Products' gross profit ratio (rounded to two decimal places) and inventory turnover ratio (rounded to three decimal places) under each of the three inventory costing methods. How would the choice of inventory costing method affect these ratios?Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.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. 17,000
- Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February: During February, VanderMeer sold 140 units. The company uses a periodic inventory system. Required What is the value of ending inventory and cost of goods sold for February under the following assumptions: Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24. FIFO LIFO Weighted averageENDING INVENTORY COSTS Danny Steele owns a small specialty store, named Steeles Storeroom, whose year-end is June 30. Determine the total amount that should be included in Steeles Storerooms year-end inventory. A physical inventory taken on June 30 reveals the following: Cost of merchandise on the showroom floor and in the warehouse 42,600 Goods held on consignment (consignor is Quality Manufacturer) 7,600 Goods that Steeles Storeroom, as the consignor, has for sale at the location of Midtown Galleria 8,300 Sales invoices indicate that merchandise was shipped on June 28, terms FOB shipping point, delivered at buyers receiving dock on July 6 4,350 Sales invoices indicate that merchandise was shipped on June 26, terms FOB destination, delivered at buyers receiving dock on July 1 2,800Comparison of Inventory Costing Methods—Periodic System Bitten Companys inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October: All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes. Required Prepare a chart comparing cost of goods sold and ending inventory using the periodic system and the following costing methods: What does the Total column represent? Prepare income statements for each of the three methods. Will the company pay more or less tax if it uses FIFO rather than LIFO? How much more or less?
- On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?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.
- Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its ending inventory was 2,100, and costs had increased 5% during the year. Required: What is the ending inventory using dollar-value LIFO? Round to the nearest dollar.Longmire Sons nude sales un credit to Alderman Sports totaling 500,000 on April 18. The cost of the goods sold is 400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, 9,000 worth of goods (with a cost of 7,200) are returned by Alderman. Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire Sons.Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.