I need help finishing this please. H5.C6 DateJanuary 1February 10Average February 10March 13Average March 13March 15August 21Average August 21September 5Average September 5.September 10TotalsGoods Purchased# of units460100atat170 at430 atCostperunitGAL$53.00$40.00$61.00$54.00>3>>Weighted Average Perpetual:Cost of Goods SoldCostperunit# of unitssold745600>atat$52.80$54.80VIECost of GoodsSold$ 39,336.00= $32,880.00$72,216.00# of units5405404601,000100355355355 x at170>>455 at430>>>>355atat3 *atat3at525 atatat425 x atat855 atatInventory BalanceCostperunitat$55.00$55.00$53.00$GA L54.08$54.08$40.00$52.80கம்52.80$52.80$61.00$55.46$55.46$54.00$54.80$54.80>>>>>>=============InventoryBalance$29,700.00$29,700.0024,380.00$54,080.00$$23,198.4019,198.404,000.00$18,744.00S18,744.0010,370.00S29,114.00$23,570.5023,220.00S46,790.50S19,454.00 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactiUnits Sold at RetailActivitiesBeginning inventoryPurchaseUnits Acquired at Cost540 units@$55 per unit@ $53 per unit460 units100 unitsPurchase@ $40 per unitSalesPurchasePurchaseSalesTotalsDateJanuary 1February 10March 13March 15August 21September 5September 10170 units430 units1,700 units@ $61 per unit@ $54 per unit745 units @ $80 per unit600 units @ $80 per unit1,345 units

Weighted Average - Under the Weighted Average Method, the cost is considered to be average at the…

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transact Activities Beginning inventory Purchase Date January 1 February 10 March 13 March 15 August 21 September 5 Units Acquired at Cost 540 units @ $55 per unit 460 units @ $53 per unit 100 units @ $40 per unit Purchase Sales September 10 Purchase Purchase Sales Totals 170 units @ $61 per unit 430 units @ $54 per unit 1,700 units Units Sold at Retail 745 units @ $80 per unit 600 units @ $80 per unit 1,345 units

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transact Activities Beginning inventory Purchase Date January 1 February 10 March 13 March 15 August 21 September 5 Units Acquired at Cost 540 units @ $55 per unit 460 units @ $53 per unit 100 units @ $40 per unit Purchase Sales September 10 Purchase Purchase Sales Totals 170 units @ $61 per unit 430 units @ $54 per unit 1,700 units Units Sold at Retail 745 units @ $80 per unit 600 units @ $80 per unit 1,345 units

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
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).
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
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).
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.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.