Quantity Unit Cost Total Cost $ 14 $ 322 $ 20 $ 2 Beginning inventory (Jan. 1) 23 Purchase (Jan. 11) 15 300 Purchase (Jan. 20) 26 572 Total 64 $ 1,194
Q: Problem 11-4 (IAA) Gross Company provided the following purchases and sales for the month of March:…
A: The inventory can be valued using various method as LIFO, FIFO and weighted average method.
Q: Balance/Transaction No. of units Beginning Inventory Sale Purchase Date Cost March 1 10 units $20…
A: The inventory can be valued using various methods as LIFO,FIFO and weighted average method.
Q: Snyder’s ending inventory using the FIFO method would be:a. $1,500.b. $1,800.c. $7,400.d. $9,200.
A: Units in ending inventory = Units in beginning inventory + Purchases - Sales…
Q: Problem 11-16 (IAA) Massive Company provided the following information for the current year: Units…
A: Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…
Q: Massive Company provided the following information for the current year: Unit cost Total cost Units…
A: Inventory is defined as the goods purchased by an entity with the purpose to resell them to earn…
Q: V Total Cost of goods sold, $315,000 EX 6-9 Weighted average cost flow method under perpetual…
A: Weighted average Cost - The perpetual inventory updated inventory as on regular basis, while…
Q: 36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @…
A: Total no. of units available for sale = 150+200+250 = 600 units Total no. of units sold = 300+225 =…
Q: Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…
A: Cost of Goods Sold=Cost of Total Inventory Available-Cost of Ending Inventory
Q: Wasson Company purchased items of inventory as follows:Dec. 2 50 units @ $20Dec. 12 12 units @…
A: Last-in-Last-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are…
Q: Date Activities Units Acquired at Cost 10 units @ $10 August 1 Beginning inventory = $100 August 3…
A: Under the perpetual method, the inventory is tracked continuously. Alternatively, a perpetual…
Q: 380 The units of Product Bvailable for sale during the ye wesllewe April 1 Inventory 62 umits IES…
A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…
Q: Oct. 1 Inventory 350 units at $10 13 Sale 160 units 22 Purchase 310 units at $13 29 Sale 300 units
A: Solution a: Total units available after Oct 22 purchase = 350-160 +310 = 500 units Weighted average…
Q: Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1…
A: The answers for the multiple choice questions and relevant working are presented hereunder :…
Q: 1. On January 1, the Abrams Company began business with the purchase of 250 units of inventory for…
A: The question is based on the concept of Cost Accounting.
Q: 25. W Company carried four items in inventory. The following per-unit data relate to these items at…
A: LCNRV stands for Lower of cost or Net Realizable value is defined as the method of inventory which…
Q: Units Acquired at Cost 3ee units $14.00 - $ 4,200 Date Activities Units Sold at Retail Jan. 1…
A: Under the FIFO method, goods purchased are sold first.
Q: Unit Transactions Units Cost $ 50 Beginning inventory, January 1 Transactions during the year: a.…
A: A) Last in First out: Date Purchases Cost of Goods Sold Closing Inventory Qty.…
Q: Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on…
A:
Q: Date Purchased Cost Cost Sales Expenses 174,000 01/Jan $4.70 15,510 34,000 35,340 64,890 3,300…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: The total unit sale in the month of January OMR 150,000. 1st January Inventory OMR 50,000. December…
A: The formulation:
Q: Beginning inventory (Jan. 1) Purchase (Jan. 11) Purchase (Jan. 20) Total Quantity Unit Cost Total…
A: Introduction: LIFO: LIFO stands for Last in First Out. Which means last received inventory to be…
Q: Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20-,…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: Ünits Ünit Total Net Õperating Date Purchased Cost Cost Sales Expenses 174,000 01/Jan 3,300 6,800…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: Unit Transactions Units Cost Beginning inventory, January 1 Transactions during the year: a.…
A: As the name suggest, under LIFO the inventory purchased last is sold first. Moreover, under LIFO…
Q: perpetual inventory method only.
A: Journal Entries of COGS as per perpetual inventory method COGS A/C dr.. 3273 To inventory…
Q: 1. Calculate the total amount to be assigned to the ending inventory under each of the following…
A: Requirement a: Compute the amount of ending inventory under FIFO method.
Q: Teal Mountain uses a periodic inventory system. In April, 600 units were sol Units Unit Cost Total…
A: Solution: Average cost per unit = Total cost of goods available / Total units = 20150 / 1000 =…
Q: 6. ABC Co. buys and sells A & B. The following unit costs are available for the inventory as of…
A: 1. Net Realizable Value - This is the estimated selling price of the item of inventory after…
Q: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 430 $2.10 Apr.20 Purchase 420…
A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…
Q: Use the following information (M) from Marvel Company for the month of July to answer the question:…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…
Q: Beginning inventory, 100 units @P1.50; purchases: Jan 24 – 300 units @P1.56 Jun…
A: There are various method for valuing closing stock : (a) FIFo method : In this method the goods…
Q: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @…
A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…
Q: The following information is about a company's inventory costs. Total cost to place one order Total…
A: Economic Order Quantity This is the quantity of purchasing stock where the cost to placing order…
Q: A company purchased 100 units for $20 each on January 31st it purchased 100 units for $30 on…
A: Solution:- Calculation of the amount ending inventory on December 31 using first in first out…
Q: Units Unit Cost Total Cost April 1 inventory 310 $34 $ 10,540 April 15 purchase 420 41 17,220 April…
A: Units available for sale = Beginning inventory +All purchases =310 +420+270 = 1,000 Units sold = 650…
Q: P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per…
A: Inventory Valuation is a process of ascertaining the balance of closing(unsold) inventory at the end…
Q: Moving Question 1 National supplies company had the following activity during the current monthly…
A: Using weighted average method, the cost per unit is calculated as total cost of goods available for…
Q: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 1 268 April 20 Purchase 272 Total $804…
A: The inventory is valued using various methods as: LIFO, FIFO and average cost
Q: 20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much…
A: Cost of goods sold is the net amount which is incurred in the manufacturing of those goods which are…
Q: Part 2: Music, Inc. Music, Inc. had the following beginning and ending values in its three inventory…
A: A company's net income is the amount of accounting profit it has after deducting all of its…
Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-,…
A: When it comes to stock management, the FIFO and LIFO accounting systems, and also the Average Cost…
Q: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--,…
A: 1. (a) Total amount to be assigned to the ending inventory under FIFO (first in first out method):…
Q: Units Purchased During the Year Date Units Cost per Unit Total Cost Beginning Inventory…
A: Calculation:
Q: Units Cost Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase…
A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received to be sold first.
Q: Activities Units Acquired at Cost 170 units @ $12 230 units @ $14 Date Units Sold at Retail May 1…
A: Using LIFO method, The goods purchased at last are sold first, old units are left in inventory.
LIFO
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- 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: Date Units Purchased Unit Cost Total Cost April 6 31,000 36.60 1,134,600 May 18 33,000 39.00 1,287,000 June 6 40,000 39.60 1,584,000 July 10 40,000 42.00 1,680,000 August 10 27,200 42.75 1,162,800 October 25 12,800 43.50 556,800 November 4 8,000 44.85 358,800 December 10 8,000 48.00 384,000 200,000 8,148,000 Sales: April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28,000 October 18,000 November 10,000 December 8,000 Total Units 168,000 Total sales 10,000,000 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.FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,200 units at 160 Sale 4,800 units at 300 First purchase 16,000 units at 168 Sale 12,000 units at 300 Second purchase 15,000 units at176 Sale 11,000 units at 300 The firm uses the perpetual inventory system, and there are 10,400 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 and (B) UFO?Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000
- Monster Beverage and Brown-Forman: Inventory turnover 7 and number of days' sales in inventory Monster Beverage Corporation develops, markets, and sells energy and other alternative beverage brands. Brown-Forman Corporation manufactures and sells a wide variety of spirit and wine beverages, such as Jack Daniels. The cost of goods sold and inventory were obtained from a recent annual report for both companies as follows (in millions): Monster Beverage Brown-Forman Cost of goods sold 1,125 928 Inventories: Beginning of year 222 882 End ofyear 175 827 A. Determine the inventory turnover for both companies. (Round all calculations to one decimal place.) B. Determine the number of days sales in inventory for both companies. (Use 365 days and round all calculations to one decimal place.) C. Interpret the difference in inventory efficiency based on the companies respective product types.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.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
- Units Unit Cost Total Cost Balance, Jan. 1 10,000 P100 P1,000,000 Purchases, Jan 7 6,000 P300 P1,800,000 Sales, Jan. 20 9,000 Purchases 4,000 P500 P2,000,000 Required: How much is the cost of the ending inventory on January 31 under: 1. FIFO method 2. Weighted average 3. Moving averageDate 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.Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 645 units @ $45.00 per unit February 10 Purchase 490 units @ $42.00 per unit March 13 Purchase 245 units @ $27.00 per unit March 15 Sales 980 units @ $75.00 per unit August 21 Purchase 145 units @ $50.00 per unit September 5 Purchase 545 units @ $46.00 per unit September 10 Sales 690 units @ $75.00 per unit Totals 2,070 units 1,670 units Required: Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.
