Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ 90 units @ 250 units 60 units $ 4- $5- $7 = $9- During the year. The Shirt Shop sold 650 T-shirts for $14 each. Required Gross margin $1,600 450 1,750 540 a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference < Required A Required B >

Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ 90 units @ 250 units 60 units $ 4- $5- $7 = $9- During the year. The Shirt Shop sold 650 T-shirts for $14 each. Required Gross margin $1,600 450 1,750 540 a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference < Required A Required B >

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Description: Problem: Module 2 Textbook Problem 10Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weightedaverage) affect financial statementsThe Shirt Shop had the following transactions fo

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 64E: ( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data...

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LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-IB. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In
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Module Three Assignment - ACCX * CengageNOWv2 | Online teachir x ew.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... * G| 曲 O eBook Show Me How Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Υ7 20Y6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Υ6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Υ6 X days X days Number of days' sales in inventory C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? Unfavorable Feedback Check My Work a. The inventory turnover ratio indicates how many times a company has sold and…
1 Beginning inventory 10 units @ $120 Purchase 14 Sale 21 Purchase 30 Sale Use the inventory information for the month of June in the attachment to June 60 units @ $112 40 units 30 units @ $116 answer the question below. 28 units Q Zoom Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis? (Round the answer to the nearest dollar.)
Question 15 MCQs 15-18: Answer MCQs 15 to 18 based on the information in Problem 3 given below: Problem 3 (CLO5, PLO5, ZULOI): Davis provides the following information for the month of March 2011: March 1 Beginning Inventory March 7 Purchases March 18 Purchases March 24 Purchases 200 units 300 units 400 units 100 units Unsold units at month-end amounted to 180. 15. The total cost of goods available for sale is $13,560 $16,900 O $15,340 $13,858 $15 per unit $16 per unit $18 per unit $19 per unit
work Question 4 of 10 View Policies < Current Attempt in Progress Ivanhoe Solutions Company just began business and made the following four inventory purchases in June: June 1 162 units $972 June 10 216 units 1512 June 15 216 units 1728 June 28 162 units 1458 $5670 -/10 E The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 216 on hand, Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1350. O $1890. O $1296. O $1944.
Question 2 of 4 View Policies Current Attempt in Progress Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold. Date May 1 15 24 Explanation Units Unit Cost $8 Inventory Purchase Purchase Total eTextbook and Media 34 26 40 Weighted-average unit cost $ eTextbook and Media 100 Save for Later The ending inventory at May 31 9 10 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $ Total Cost $272 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to O decimal places, e.g. 125.) 234 FIFO 400 $906 $ MacBook Air LIFO $ AVERAGE-COST Attempts: 0 of 3 used. Submit Answer
Question 15 MCQs 15-18: Answer MCQs 15 to 18 based on the information in Problem 3 given below: Problem 3 (CLO5, PLO5, ZUL01): Davis provides the following information for the month of March 2011: March 1 Beginning Inventory March 7 Purchases March 18 Purchases March 24 Purchases 200 units Question 16 300 units 400 units 100 units Unsold units at month-end amounted to 180. $15 per unit $16 per unit $18 per unit $19 per unit 16. The ending inventory using FIFO should amount to: $3,340 O $13,858 $13,560 $3,042
Module Three Assignment - ACC X * CengageNOWv2 | Online teachir x v.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. O eBook Show Me How Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $42 $210 Aug. 13 Purchase 18 units at $45 810 Nov. 30 Purchase 17 units at $46 782 Available for sale 40 units $1,802 There are 12 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 (round per-unit cost to two decimal places and vour final answer to the nearest whole dollar). First-in, first-out (FIFO) a. b. Last-in, first-out (LIFO) C. Weighted average cost Previous Next Check My Work 5:39 AM 46°E A O E D a 40) 11/13/2021
Question 15 MCQs 15-18: Answer MCQs 15 to 18 based on the information in Problem 3 given below: Problem 3 (CLO5, PLO5, ZULO1): Davis provides the following information for the month of March 2011: March 1 Beginning Inventory March 7 Purchases March 18 Purchases March 24 Purchases 200 units Question 18 300 units 400 units 100 units Unsold units at month-end amounted to 180. $15 per unit $16 per unit $18 per unit $19 per unit 18. The ending inventory using the average cost method should amount to: O $3,042 $3,340 $13,560 O $13,858
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 140 units @ $51.80 per unit Mar. 5 Purchase 245 units @ $56.80 per unit Mar. 9 Sales 300 units @ $86.80 per unit Mar. 18 Purchase 105 units @ $61.80 per unit Mar. 25 Purchase 190 units @ $63.80 per unit Mar. 29 Sales 170 units @ $96.80 per unit Totals 680 units 470 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 85 units…