Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit   Rs. Total Cost  Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30     Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60     Jan 28 Purchases 10 15 150

Q: The following three identical units of Item JC07 are purchased during April:   Item JC07   Units…

A: Calculation of gross profit and ending inventory:

Q: Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280…

A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.

Q: 2-7 FIFO costing Using first-in, first-out perpetual inventory costing and the follow- ing…

A: This question deals with the calculation of inventory under FIFO basis. First in first out(FIFO)…

Q: Q1: The inventory records for QPG company for the month of April. Date Account Quantity Unit cost…

A: Cost of Goods Sold=Cost of goods available in inventory-Cost of ending inventory

Q: Oriental Company uses the perpetual system. The following information has been extracted from the…

A: Total no. of units available for sale = Beginning inventory + Purchase - Purchase return =…

Q: X among the product lines it carries and sells. During the period, the following transactions…

A: Date  Purchase Cost of goods sold Balance Inventory Quantity  Cost per Unit (In Php)   Total Cost…

Q: Description Beginning Date Units Unit Cost Total Cost June 1 12 $ 8 $96 11 Purchase 38 9. 342 24…

A: The cost of goods sold is the cost which was incurred on the units that were sold during period.

Q: Using Moving Average method compute for the June 20 cost per unit Date Transaction 01-Jun Inventory…

A: Under the moving average method of costing inventory, the cost per unit changes with every purchase.…

Q: The data given below relate to Materials AAA used by Jose Company:  Beginning balance, 480 at P4.80…

A: The ending inventory is calculated as difference between cost of goods available for sale and cost…

Q: eceipts and issues of a raw material for a period were:   Date Details Units Cost per unit…

A: Last in first out (LIFO) involves estimation of cost of goods sold and ending inventory by assuming…

Q: 2. LIFO - February - LIFO - February Purchases Cost of Goods Sold Balance Date Units Rate Cost Units…

A: Issue Price= it is the price at which good are sold. LIFO- MARCH Highest issue Price = 54 Lowest…

Q: Bramble Corp. began operations on July 1. It uses a perpetual inventory sy: Purchases Date Units…

A: In FIFO method of inventory valuation, the oldest goods purchased are sold first by the business.…

Q: Exercise 6-54 Inventory Costing Methods Neyman Inc. has the following data for purchases and sales…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: 1. Calculate cost of ending inventory and cost of goods sold using periodic FIIFO, LIFO, and…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: E2-8 LIFO costing Using last-in, first-out perpetual inventory costing and the information presented…

A: Last in first out (LIFO) method of inventory says that inventory which is purchased in last will be…

Q: E2-7 FIFO COSTING Using first-in, first-out perpetual inventory costing and the following…

A: FIFO Method   DATE PURCHASE SALE BALANCE       QTY PRICE COST QTY PRICE COST QTY PRICE COST…

Q: PART 4 – Determine ending inventory and cost of goods sold under each of the 3 inventory costing…

A: Inventory costing methods: FIFO method: First in first out method means the items purchased first…

Q: Inventories There are three identical units of item JC07 are purchased during August, as shown…

A:

Q: Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June…

A: Ending inventory = Total units available for sales - units sold = 1400 - 800 = 600 units Average…

Q: PROBLEM 3 Use both FIFO and WEIGHTED AVE in computing the required balances:…

A: First in First out (FIFO) is an inventory valuation method in which the earliest inventory hold by…

Q: 1.1 Complete the table provided using the weighted average cost (AVOCO) method (with the weighted…

A: The table is attached in step 2 please follow the same for clear understanding

Q: The data given below relate to Materials AAA used by Jose Company:  Beginning balance, 480 at P4.80…

A: No. of units Requisition = 175+225+280+310-20 = 970 units Ending inventory = Beginning balance +…

Q: a2/ The following data industrial company for materials (X) 1/2 Balance :1000 unit@10$ 1/5 Issued…

A: First In First Out Method  - In this method, units which are purchased firsts are supposed to be…

Q: Pronghorn Corp reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Date Explanation Units Unit cost Total cost 1-Jun Inventory 117 $5 $585 12-Jun Purchases 336 $6…

Q: II. A. The following information is to be used in costing inventory on August 31 August Beginning…

A: The question is related to Valuation of issue of inventory. 1. First in First Out:- : It is a method…

Q: The following information is taken from the records of Wildlife Florist. The company uses the…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: updating, to calculate (a) sales revenue, (b) cost of goods sold, anc Company, considering the…

A: a) Sales Revenue   Number of units Unit Rate Total   A B = A*B Sales Revenue 88 75 =6,600…

Q: The following information is taken from the records of Wildlife Florist. The company uses the…

A: Goods that come first will be sold first under FIFO. Sale is made on average cost under Weighted…

Q: Harbor Company uses a periodic inventory system.  The company’s records show the beginning inventory…

A: Weighted Average method is a method of computing inventory wherein weighted average is used to…

Q: Activity 1 Directions: Compute for the Cost of Goods Sold. Write your solutions and answers on a…

A: The cost of goods sold is a direct cost of products that are sold by a company. This includes direct…

Q: 6-14

A: 1) Under variable costing method, we need to consider only variable cost per unit while computing…

Q: I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7…

A: Weighted Average method is used to calculate COGS (Cost of goods sold) and inventory when it is…

Q: Title Using the specific identification method: Date Units purchased Cost per unit Ending inventory…

A: Under specific identification method, ending inventory is valued at the specific units.

Q: The following lots of a Commodity P were available for sale during the year. Beginning inventory 5…

A:

Q: Question 1: Calculate the cost of material available for use, cost of material issued and cost of…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: Question The following information is taken from the records of Wildlife florist.The company uses…

A: FIFO is the inventory valuation method where inventory purchased first will be sold first. Under…

Q: Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost…

A: Inventory: Inventory refers to the goods which are purchased or manufactured to sell in the future.…

Q: Problem 1: Cost of Goods Manufactured (page 10-11) In addition to the year-end statement of…

A: A Cost Sheet is a statement showing various components of cost such as direct material used, prime…

Q: Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31…

A: FIFO Method ( First in First Out) for Closing stock assumes that goods which are purchased first are…

Q: Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases…

A: Please Step 2 for required information.

Q: Current Attempt in Progr You are provided with the following information for Waterway Inc. for the…

A: FIFO is First in First out method of inventory which says that inventory which is purchased first in…

Q: Required information [The following information applies to the questions displayed below.] The…

A: Total cost of goods available for sale = (152*48)+(430*72) = $38256 Average cost per unit = Total…

Q: PROBLEMS P3-1 Ginża Company's provided the following information for the recent fiscal year: Annual…

A: Economic order quantity is used by the businesses to ascertain the order size at which total…

Q: Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial…

A: The perpetual or continuous inventory system takes the inventory on continuous basis.

Q: The following information is taken from the records of Wildlife Florist. The company uses the…

A: Opening inventory=200×RM 20=RM 4000

Q: Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: The supplementary ledger account of material Z presented the following entries in June 200X: No Date…

A: Ending inventory is the goods that are left with the entity at the end of the period.

Q: Jasper & Williams made purchases of a particular product In the current year as follows: Jan. 1…

A: Answer

Q: Receipts and issues of a raw material for a period were:   Date Details Units Cost per unit…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…