Prob # 2 The company Xp presents us the relation of purchase of merchandise Beginning Inventory Balance ....6,231 A $ 7.52 Purchase # 1 ... ... 3546 for $ 28,935 2.... 6524 @ $ 8.25 3..... 370 @ $ 8.47 9845 units were sold. Determine a) Mechanism available b) Final inventory c) Cost of the merchandise

Prob # 2 The company Xp presents us the relation of purchase of merchandise Beginning Inventory Balance ....6,231 A $ 7.52 Purchase # 1 ... ... 3546 for $ 28,935 2.... 6524 @ $ 8.25 3..... 370 @ $ 8.47 9845 units were sold. Determine a) Mechanism available b) Final inventory c) Cost of the merchandise

Name: Prob # 2The company Xp presents us the relation of purchaseof merchan
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Description: Prob # 2The company Xp presents us the relation of purchaseof merchandiseBeginning Inventory Balance....6,231 A $ 7.52Purchase # 1....3546 for $ 28,9352.....6524 @ $ 8.253.....3700@ $ 8.479845 units were sold.Determinea) Mechanism availableb) Final

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 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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( 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) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Description Inventory Quantity Market Value per Unit (Net Realizable Value) A54 37 56 C77 24 178 F66 30 132 H83 21 545 K12 375 5 Q58 90 18 S36 8 235 V97 140 20 Y88 17 744 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description Last Purchases Invoice Next-to-the-Last Purchases Invoice Quantity Purchased Unit Cost Quantity Purchased Unit Cost A54 30 60 40 58 C77 25 174 15 180 F66 20 130 15 128 H83 6 547 15 540 K12 500 6 500 7 Q58 75 25 80 26 S36 5 256 4 260 V97 100 17 115 16 Y88 10 750 8 740 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the 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 as an example. Inventory Sheet December 31 Description Unit Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) Total Cost Market LCM A54 37 30 60 56 1,800 1,680 7 58 56 406 392 2,206 2,072 2,072
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.
Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Capers Company during October of the current year: Oct. 1. Purchased merchandise from UK Imports Co., 14,448, terms FOB destination, n/30. 3. Purchased merchandise from Hoagie Co., 9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of 220 was added to the invoice. 4. Purchased merchandise from Taco Co., 13,650, terms FOB destination, 2/10, n/30. 6. Issued debit memo to Taco Co. for 4,550 of merchandise returned from purchase on October 4. 13. Paid Hoagie Co. for invoice of October 3. 14. Paid Taco Co. for invoice of October 4, less debit memo of October 6. 19. Purchased merchandise from Veggie Co., 27,300, terms FOB shipping point n/eom. 19. Paid freight of 400 on October 19 purchase from Veggie Co. 19. Purchased merchandise from Caesar Salad Co., 22,000, terms FOB destination, 1/10, n/30. 30. Paid Caesar Salad Co. for invoice of October 20 30. Paid UK Imports Co. for invoice of October 1 31. Paid Veggie Co. for invoice of October 19. Instructions Journalize the entries to record the transactions of Capers Company for October.