Shown below is activity for one of the products of Denver Office Equipment:January 1 balance, 700 units @ $55 per unit $38,500Purchases:January 10: 700 units @ $60 per unitJanuary 20: 1,100 units @ $62 per unitSales:January 12: 1,000 unitsJanuary 28: 840 unitsRequired:Compute the January 31 ending inventory for January, assuming Denver uses FIFO.

Step 1: FIFO If the company uses the FIFO (First in, First out) method, the first ones to be sold…

Answered: Shown below is activity for one of the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

See similar textbooks

Similar questions

Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 690 units @ $60 per unit $41,400 Purchases: January 10: 690 units @ $64 per unit January 20: 1,220 units @ $66 per unit Sales: January 12: 1,000 units January 28: 800 units Required: Compute the January 31 ending inventory for January, assuming Denver uses LIFO and a perpetual inventory system.
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 610 units @ $55 per unit $33,550 Purchases: January 10: 610 units @ $60 per unit January 20: 1,030 units @ $65 per unit Sales: January 12: 1,000 units January 28: 750 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 650 units @ $60 per unit $39,000 Purchases: January 10: 650 units @ $65 per unit January 20: 1,200 units @ $70 per unit Sales: January 12: 1,000 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual inventory system. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Ending inventory Cost of goods sold
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550 units @ $60 per unit $33,000 Purchases: January 10: January 20: Sales: January 12: January 28: 550 units @ $65 per unit 1,100 units @ $57 per unit 950 units 800 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 per unit $27,500 Purchases: January 10: 500 units @ $60 per unit January 20: 1,000 units @ $63 per unit Sales: January 12: 800 units January 28: 750 units Required:Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Ending Inventory Cost of Goods Sold
The Luna Corporation made the following materials purchased and issued during the month of January. Inventory: Receipts: Issuances: January 1 January 10 January 25 January 15 January 27 1,000 units 8,000 8,500 8,500 8,000 1. Periodic system a. FIFO method b. Weighted average method @ @ Required: The cost of materials used and the cost assigned to the inventory at the end of the month using 2. Perpetual system a. FIFO method b. Moving average method P 11.00 12.00 11.50
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 per unit $27,500 Purchases: January 10: 500 units @ $60 per unit January 20: 1,000 units @ $63 per unit Sales: January 12: 800 units January 28: 750 units Required:Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system. Ending Inventory Cost Of Goods Sold
1 Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 590 units @ $50 per unit $29,500 Purchases: January 10: 590 units @ $50 per unit January 20: 1,020 units @ $60 per unit 4 Sales: January 12: 840 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Ending inventory Cost of goods sold

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS