The annual inventory of the following information for 20 inch tires. Quantity Date Jan 11 Mar 20 Jol 11 Sep 11 Nov 13 Total available for Sale A 112.00 B120.00 C 152.00 с D 221.00 Bejining Inventory Purchase Purchase Purchase Purchase of Big Wheels INC. Shows K Answer ку 50 10 424 30 40 154 Cost Total 6.50 325 1 20.50 26.50 22.50 22.50 If 34 tires were on hand Dec 31 What is the Value of ending inventory using the LIfo method of Inventory pricing? 205 636 675 900 $2,741
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- The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS for November if the company uses FIFO? Select one: a. $600 b. $610 c. $400 d. $590Crane Inc. uses the average cost formula in a perpetual inventory system.(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Beginning inventory 44 units @ $19 per unit Jun 5 Purchase 76 units @ $22 per unit Jun 8 Sale 70 units Jun 9 Purchase 80 units @ 22.33 per unit Jun 10 Sale 25 units Jun 22 Sale 40 units The cost of goods sold for the June 10 sale is $558.25. $536.80. $544.50. $956.00.Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $15 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
- Chocolate Inc. uses a perpetual inventory system and uses the FIFO cost flow assumption. Calculate the cost of goods sold for the sale made on Mar. 20.Mar 1 Beginning Inventory 3@$12=$36Mar 15 Purchase 17@$15=$255Mar 20 Sale 12 units x $50 eachA. $600B. $171C. $180D. $220PT. Antigen follows the practice of pricing its inventory at LCNRV on an individual items basis (dalam Rp. 000.000) on December 31 2009: Item No Quantity Cost per Unit NRV per Unit 1320 1333 1426 1437 1510 1522 1573 1626 1.200 900 800 1.000 700 500 3000 1.000 3.2 2.7 4.5 3.6 2.25 3.00 1.8 4.7 4.15 3.00 4.6 2.95 2.45 3.4 1.75 5.5 (i) Determine the inventory as December 31 2019 by the LCNRV method, applying to this method to each item (ii) Determine the inventory as December 31 2019 by the LCNRV method, applying the method to the total of the inventory Each of the following gross profit percentage is expressed in term of cost. Indicate the gross profit percentage in terms of sales for each of the above (i) 20% (ii) 25% (iii) 331/2% (iv) 50%ABC Co. uses a perpetual inventory system and uses the LIFO cost flow assumption. Calculate the dollar value of its cost of goods sold for the sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 10 Sale 11 units x $50 each Multiple choice question. $141 $198 $550 $165
- The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS and ending inventory for November if the company uses LIFO? Select one: a. $600 b. $610 c. $400 d. $590Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to that inventory is as follows selling price 610000 cost to sell 34000 replacement cost 549000 what should be the reported value of montanas inventory?A. Based on the fundamental principle of IAS2, identify two (2) circumstances where the NRV of inventory might be lower than its cost? B. Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased 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 - $0.55 per 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 that some 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 detailed analysis to support your answer
- Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20 7 Sale 31 units 15 Purchase 35 units @ $23 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $14 13 Sale 160 units 22 Purchase 310 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 17 Sold 20 units 30 Purchased 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? A. $600 B $590 C $610 D $580