Réquired: 1. Compute cost of goods available for sale and the number of units available for sale.
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Q: How much is the total cost of goods available for sale?
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Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods
Goods available for sale: it is the total of finished goods that can be sold.
Ending inventory: it is the total of inventory that are unsold in the period.
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- Date 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.PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.Twenty Twenty One Corp.Income StatementFor the month ended December 31, 2020Sales (P10/unit) ...................................................................................................... P900,000Variable Costs:Variable Cost of Goods Sold:Beginning Inventory ............................................................. P125,000Variable Cost of Goods Manufactured ............................... 400,000----------------Total Goods Available for Sale ........................................... 525,000Ending Inventory ................................................................. 75,000----------------Variable Cost of Goods Sold .............................................. 450,000Variable Selling Expense ....................................................... 90,000 540,000----------------- -------------------Contribution Margin ................................................................................................ P360,000Fixed Costs:Manufacturing…
- Twenty Twenty One Corp.Income StatementFor the month ended December 31, 2020Sales (P10/unit) ...................................................................................................... P900,000Variable Costs:Variable Cost of Goods Sold:Beginning Inventory ............................................................. P125,000Variable Cost of Goods Manufactured ............................... 400,000----------------Total Goods Available for Sale ........................................... 525,000Ending Inventory ................................................................. 75,000----------------Variable Cost of Goods Sold .............................................. 450,000Variable Selling Expense ....................................................... 90,000 540,000----------------- -------------------Contribution Margin ................................................................................................ P360,000Fixed Costs:Manufacturing…Sales per unit P15.00Variable production cost 8.00Annual fixed production cost 35,000.00Variable selling expense (unit) 3.00Annual fixed selling expense 15,000.00Produced 12,500 units during the periodNo inventory at January 1 (beg.)Sold 10,000 units 21. The ending inventory under direct costing isa. P25,000 b. P27,500 c. P20,000 d. P32,500 22. Ending inventory under absorption costing isa. P32,500 b. P20,000 c. P25,000 d. P27,00031.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsThe entry to record sales under Average costing perpetual would include: (Round to 4 decimal) Dr Cost of sales 1,441 Dr Inventory 400 Cr Inventory 419 Dr Cost of sales 1,422
- March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)Mastery Problem Hurst Company’s beginning inventory and purchases during the fiscal year ended December 31, 20-2, are shown. Units Unit Price Total Cost January 1, 20-2 Beginning inventory 1,500 $10.00 $15,000 January 12 1st purchase 500 11.50 5,750 February 28 2nd purchase 600 14.50 8,700 June 29 3rd purchase 1,200 15.00 18,000 August 31 4th purchase 800 16.50 13,200 October 29 5th purchase 300 18.00 5,400 November 30 6th purchase 700 18.50 12,950 December 21 7th purchase 400 20.00 8,000 6,000 $87,000 There are 1,200 units of inventory on hand on December 31, 20-2. Required: 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO $ $ b. LIFO $ $ c. Weighted-average (round calculations to two decimal places) $ $ 2. Assume that the…
- Mastery Problem Hurst Company’s beginning inventory and purchases during the fiscal year ended December 31, 20-2, are shown. Units Unit Price Total Cost January 1, 20-2 Beginning inventory 1,500 $10.00 $15,000 January 12 1st purchase 500 11.50 5,750 February 28 2nd purchase 600 14.50 8,700 June 29 3rd purchase 1,200 15.00 18,000 August 31 4th purchase 800 16.50 13,200 October 29 5th purchase 300 18.00 5,400 November 30 6th purchase 700 18.50 12,950 December 21 7th purchase 400 20.00 8,000 6,000 $87,000 There are 1,200 units of inventory on hand on December 31, 20-2. Required: 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO $fill in the blank 1 $fill in the blank 2 b. LIFO $fill in the blank 3 $fill in the blank 4 c.…Problem: AAA Company produces and sells Product X: Annual Demand 24,000 units Annual cost to held one unit of inventory P11.52 Order Cost P38.40 Beg. Inventory P 0 a. What is the Economic Order Quantity? b. How much is the total Order Costs? c. How much is the total Carrying Costs?Question #7: FIFO and LIFO Costs Under Perpetual Inventory System 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 $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?$ b. What is the total cost of the ending inventory according to LIFO?$
