Purchases During the Period Sales During the Period 1st Purchase 500 units 1,000 units P2 1st Sale 600 units P7 2nd Purchase P3 2nd Sale 750 unitS P8 3rd Purchase 500 units P4 3rd Sale 500 units P9 4th Purchase 500 units P5 4th Sale 500 units P10 2,500 units 2,350 units
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Purchases and sales during a recent period for Coleman, Inc. are shown below;
1. Beginning inventory was 100 units at P1 each. Given this information, what is the ending inventory if the periodic FIFO costing alternative is used?
2. Beginning inventory was 100 units at P1 each. Given this information, what is the ending inventory if the periodic LIFO costing alternative is used?
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- A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on May 3.What amount, if received on May 9, will be consideredpayment in full?a. $700 c. $882b. $800 d. $900Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.
- Read the following questions and answer questions that follow.Consider the following information. The following receipts and issues were recorded.Date2 April6 April10 April13 April20 April25 April10 May12 May13 May15 May12 June15 June Purchased 100 units at P55 eachIssued 400 unitsPurchased 600 units at P60 each.Issued 500 unitsPurchased 500 units at P65 each.Issued 600 units.Purchased 800 units at P70 each.Issued 500 units.Issued 200 units.Purchased 500 units at P75.Issued 400 units.Purchased 300 units at P80 each. Additional information:The stock of material on hand on 1 April 2020 was 400 units at P50 per unit. Required:Determine the value of closing inventories at 15 June 2020 using:a) The FIFO method.b) The LIFO methodAn item of inventory was purchased by company X for £500. Company X expects to sell the inventory for£700 and has to date incurred conversion costs of £130. A further £60 is expected to be incurred. Salesstaff will receive a commission of 4% from the sale.Compute the value at which this inventory item will be measured in company X’s statement of financialposition.Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following 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 Hall’s inventory on December 31 was $16. 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…
- Dollar-Value LIFO Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory method as $300,000. Inventory data for succeeding years are as follows: Year EndedDecember 31, Inventory at RespectiveYear-End Prices Relevant Price Index(Base Year 2018) 2019 $363,000 1.10 2020 420,000 1.20 2021 430,000 1.25 Required: Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO inventory method for each year. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.QUESTION 1: Perpetual Inventory System- LIFO, FIFO AND AVCO. Overton Company uses a perpetual inventory system for its single product. Its beginning inventory, purchases and sales during calendar year 2021follow. Date Activity Units Acquired at Cost Units Sold at Retail Unit Inventory Jan 1 Beg. Inventory 400 units @ $14 = $ 5,600 400 units Jan 15 Sale 200 units @ $ 30 200 units March 10 Purchase 200 units @ $ 15 = $ 3,000 400 units April 1 Sale 200 units @ $ 30 200 units May 9 Purchase 300 units @ $ 16 = $ 4,800 500 units Sept 22 Purchase 250 units @ $ 20 = $ 5,000 750 units Nov 1 Sale 300 units @ $ 35 450 units Nov 28 Purchase 100 units @ $ 21 550 units Totals 1,250 units $ 20,500 700 units If the company had used the FIFO inventory costing method, cost of goods sold under FIFO would have been $ 10,200.00. Management wants a…QUESTION 1: Perpetual Inventory System- LIFO, FIFO AND AVCO. Overton Company uses a perpetual inventory system for its single product. Its beginning inventory, purchases and sales during calendar year 2021follow. Date Activity Units Acquired at Cost Units Sold at Retail Unit Inventory Jan 1 Beg. Inventory 400 units @ $14 = $ 5,600 400 units Jan 15 Sale 200 units @ $ 30 200 units March 10 Purchase 200 units @ $ 15 = $ 3,000 400 units April 1 Sale 200 units @ $ 30 200 units May 9 Purchase 300 units @ $ 16 = $ 4,800 500 units Sept 22 Purchase 250 units @ $ 20 = $ 5,000 750 units Nov 1 Sale 300 units @ $ 35 450 units Nov 28 Purchase 100 units @ $ 21 550 units Totals 1,250 units $ 20,500 700 units Required Calculate the cost of goods available for sale. Calculate (a) ending inventory and ( b) Cost of goods sold under the LIFO and…
- 3. FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units at $150 Sale 5,400 units at $250 First purchase 12,800 units at $155 Sale 10,400 units at $250 Second purchase 14,100 units at $162 Sale 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?FIFO and LIFO Costs Under Perpetual Inventory System OBJ. 2, 3 The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO? Answer b. $763,200Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Numberof Units PerUnit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: SpecificIdentification First-In,First-Out Last-In,First-Out WeightedAverage Cost Cost of Goods Sold fill in the blank fill in the blank fill in the blank fill in the blank Ending Inventory fill in the blank fill in the blank fill in the blank fill in the blank Gross Margin fill in the blank fill in the blank fill in the blank fill in the blank