Inventories425Purchase of inventory on January 3, 20x1:Details:ITEM DESCRIPTION: BrokenTOTAL PURCHASE PRICE: P7,00Sale of inventory on January 4, 20x1:ITEM SOLD: BrokenRequirements: Compute for the ending inventory and cost of goodssold under each of the following cost formulas: (1) Specificidentification; (2) FIFO; and (3) Weighted average cost. fertilized duck eggs. Your company had the followingGooACTIVITY 2: APPLYING THE COST FLOW FORMULASYou are the accountant of ABC Co., a company engaged in sellifertilized duck1.eggs.transactions during the period.Your companyhad thefollowingInventory as of January 1, 20x1:Details:RecITEM DESCRIPTION: Happy20TOTAL PURCHASE PRICE: P5.75unpraFrPurchase of inventory on January 2, 20x1:Details:ITEM DESCRIPTION: Sad2.TOTAL PURCHASE PRICE: P6.00a

Specific identification method - Under the specific identification method each inventory item is…

Answered: Requirements: Compute for the ending…

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 37BE: Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was...

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The following information is taken from the records of Wildlife Florist. The company uses the perpetual inventory system. Date Description Units Unit Cost(RM) Dec 1 Opening inventory 200 20 Dec 5 Sale 108 Dec 6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300 Dec 19 Purchase 350 21 Dec 29 Purchase 150 18 Dec 30 Sale 400 a) Calculate each unit of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: i. FIFO ii. Weighted average b) Assume each unit was sold for RM25. Complete the following partial income statements: FIFO Weighted Average Sales Less: Cost of Sales Gross Profit
Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Date Transaction Quantity Price Cost Jan. 1 Beginning inventory 1,000 $12 Feb. 4 Purchase 2,000 18 Feb. 20 Sale 2,300 $30 Apr. 2 Purchase 3,200 23 May 4 Sale 2,000 33 (a) Your answer has been saved. See score details after the due date. Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 77,900 Ending inventory 43,700 (b) Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why
The following information pertains to Julia & Company: March 1 Beginning inventory = 31 units @ $5.50 March 3 Purchased 16 units @ 4.00 March 9 Sold 27 units @ 8.60 What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $125. $149. $114. $108.
The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each  Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the FIFO costing method?a. P2,519.00b. P2,421.00c. P2,500.00d. P2,400.00
Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company purchased 5,000 units of Class A inventory at P100 each and 10,000 units of Class B inventory at P80 each under credit terms of 3/10, EOM. The Class A type was paid on January 15 and the Class B type on January 25. Q1. Under the gross method, what amount of net purchases should be included in computing total goods available for sale?a. P1,300,000b. P1,261,000c. P1,285,000d. P1,276,000 Q2. Under the net method, what amount of net purchases should be included in computing total goods available for sale?a. P1,300,000b. P1,261,000c. P1,285,000d. P1,276,000
You are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit…
At December 31, Year 2, Beech Corporation still had the same three different products in its inventory. The following table provides updated information for the company’s products: Product Cost Replacement Cost Selling Price 101 $130 $180 $190 202 $160 $150 $160 303 $100 $100 $130 Beech Corporation still expects to incur selling costs equal to 5% of the selling price. Required: a. Determine the amount at which Beech should report its inventory on the December 31, Year 2, balance sheet. b. How would your answer above differ if Beech used U.S GAAP rather than IFRS?
I. On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions: Date November 6 Purchased 100 units @ $75 per unit 11 Sold 200 units 17 Sold 85 units 24 Purchased 100 units @ $125 per unit 28 Purchased 50 units @ $110 per unit 30 Sold 100 units Required: Compute the following costs for November under the following alternatives. Show your computations. A) Cost of Goods Sold under FIFO periodic B) Cost of Ending Inventory under LIFO periodic C) Cost of Goods Sold under LIFO perpetual D) Cost of Ending Inventory under Weighted average (average - periodic, round unit costs to 2 decimal places) E)Cost of Goods Sold under Moving average (average - perpetual, round unit costs to 2 decimal places)
the next two questions use the following facts. The Corner Frame Shop wants to know theeffect of different inventory costing methods on its financial statements. Inventory and purchases data for June are:Units Unit Cost Total CostJun 1 Beginning inventory 2,500 $11.00 $27,5004 Purchase 1,800 $11.80 21,2409 Sale (1,900)Q6-48. If The Corner Frame Shop uses the FIFO method, the cost of the ending inventory will bea. $21,200.b. $20,900.c. $21,240.d. $27,840.
Zoola, Inc. provided the following information regarding its inventory for the current year, its second yearof operations.Transaction Units Unit CostBeginning inventory1/1 3,000 17.00Purchases, January 23 4,500 16.00Purchases, February 14 1,200 16.50Purchases, March 17 2,300 17.00 Units Sold-April 13 at 20 9,600Purchases, May 5 5,600 15.00Purchases, July 4 3,200 16.00 Unit Sold-October 31 at 19 8,700Purchases, November 22 1,400 15.00Instruction :1.1 Compute Zoola’s ending inventory and cost of goods sold under the following cost-flow assumptions assuming a perpetual inventory…
A corporation has provided the following information about one of their products: Date Transaction Number of units Cost per unit 1/1 Beginning inventory 200 $140 6/5 Purchase 400 $160 11/10 Purchase 100 $200 During the year, 400 units were sold. What is ending inventory using the average cost method? Group of answer choices A)$48,000 B)$64,000 c)$50,000 d)$62,000

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Requirements: Compute for the ending inventory and cost of goods sold under each of the following cost formulas: (1) Specific identification; (2) FIFO; and (3) Weighted average cost.