Synergy Company began 2023 with 21,000 units of Product X in its inventory that cost $7.90 per unit, and it made successive purchases of the product as follows: Mar. May Aug. Nov. 7 28,000 units @ $9.40 each 25 33,000 units @ $11.40 each 1 23,500 units @ $12.40 each. 10 33,000 units @ $13.90 each The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 17,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units

Synergy Company began 2023 with 21,000 units of Product X in its inventory that cost $7.90 per unit, and it made successive purchases of the product as follows: Mar. May Aug. Nov. 7 28,000 units @ $9.40 each 25 33,000 units @ $11.40 each 1 23,500 units @ $12.40 each. 10 33,000 units @ $13.90 each The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 17,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units

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Description: Please do not give solution in image format thanku 2. Prepare calculations showing the amounts that should be assigned to the 2023 ending inventory and to cost of goods sold,assuming:a. FIFOTotal cost of the units for saleCost of units soldb. Weighte

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.
Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2019, Ortman had 5,000,000 gallons on hand, for which it had paid $0.50 per gallon. During 2019, Ortman made the following purchases: During 2019, Ortman sold 65 000,000 gallons at $0.75 per gallon (35,000,000 gallons were sold on June 29 and 30,000,000 gallons were sold on Nov. 22), leaving an ending inventory of 7,000,000 gallons. Assume that Ortman uses a perpetual inventory system. Ortman uses the lower of cost or market for its inventories, as required by generally accepted accounting principles. Required: 1. Assume that the market value of the chemical is $0.76 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. Assume that the market value of the chemical is $0.58 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.
In 2020, Fresh Express Company sold 2,590 units of its product on September 20 and 3,450 units on December 22, all at a price of $99 per unit. Incurring operating expenses of $11 per unit sold, it began the year with and made successive purchases of the product as follows: January 1 beginning inventory 690 units @ $ 44 per unit Purchases: February 20 1,590 units @ $ 46 per unit May 16 790 units @ $ 50 per unit December 11 3,390 units @ $ 51 per unit Total 6,460 units Required:Prepare a comparative income statement for the company, showing in adjacent columns the profits earned from the sale of the product, assuming the company uses a periodic inventory costing system and prices its ending inventory on the basis of (a) FIFO and (b) Moving weighted average: (Round "average cost per unit" to 2 decimal places. Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Synergy Company began 2020 with 23,500 units of Product X in its inventory that cost $8.40 per unit, and it made successive purchases of the product as follows: Mar. 7 30,500 units @ $ 9.90 each May 25 35,500 units @ $ 11.90 each Aug. 1 26,000 units @ $ 12.90 each Nov. 10 35,500 units @ $ 14.40 each The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 19,500 units of Product X remained in inventory.Required:1. Calculate the number and total cost of the units available for sale during 2020. 2. Prepare calculations showing the amounts that should be assigned to 2020 ending inventory and to the cost of goods sold, assuming: (Image attached)a. FIFO b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.)
Aldi Company’s beginning inventory on January 1, 2023 consisted of 1,000 units costing $1.80 per unit. Purchases for the year ending December 31, 2023 were as follows: Quantity Total Cost January 25 2,500 $4,500 March 21 4,000 $9,600 April 20 3,000 $9,000 July 22 1,500 $5,400 October 14 3,200 $11,520 Sales during the period consisted of 8,200 units at a selling price of $5.10 per unit. Assuming the use of the FIFO inventory costing method, the ending inventory would be: Select one: a. $24,900 b. $27,120 c. $14,700 d. $23,820 e. $20,820
On January 2020, Tony Corporation has the following inventory purchases:January 2 Bought 5,750 units at a total amount of P7,500January 7 Bought 5,100 units at a total amount of P5,850January 15 Bought 7,600 units at a total amount of P6,300January 25 Bought 6,600 units at a total amount of P4,950A physical count of inventory on January 30 reveals that there are 1,000 units on hand.Using the FIFO inventory method, what is the value of the ending inventory on January 30?
A company began 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, an additional 36,000 units were purchased at a single unit cost, and 26,000 units remained on hand at the end of 2024 (26,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $179,400. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. 1. Determine the cost of goods sold for 2024 using the LIFO method.
B.Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had beenpurchased at list price of $18 per unit and normally sells for $24 per unit.Additional information relating to the units in inventory: VAT – 10%; wharehousing cost - $0.55per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit.Recently , Product X started to deteriorate but can still be sold for $24 per unit, provided thatsome rectification/re-packaging work is undertaken at a cost of $3 per unit.Required:At what amount would Product X be required to be stated on 30 June 2020? Provide detailedanalysis to support your answer.
Lily Technologies Company reported the following income statement data for a 2-year period. 2022 2023 Sales revenue $200,000 $255,000 Cost of goods sold Beginning inventory 35,000 42,000 Cost of goods purchased 180,000 208,000 Cost of goods available for sale 215,000 250,000 Ending inventory 42,000 50,000 Cost of goods sold 173,000 200,000 Gross profit $27,000 $55,000 Lily uses a periodic inventory system. The inventories at January 1, 2022, and December 31, 2023, are correct. However, the ending inventory at December 31, 2022, was overstated $6,000. Prepare correct income statement data for the 2 years. 2022 2023 Sales $ $ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold…