The following information was taken from the accounting records of Tampa Roofing Company for the year ended 2022: UNITS UNIT COST TOTAL COST Inventory, January 1 150 P15.00 P2,250.00 Purchased April 1 235 P10.00 2,350.00 Purchased August 15 50 P12.00 600.00 Goods Available for Sale 435 P5,200.00 Goods Sold During the Year 200 ? Ending Inventory Using FIFO method, how much is the cost of goods sold? P2,100.00

The following information was taken from the accounting records of Tampa Roofing Company for the year ended 2022: UNITS UNIT COST TOTAL COST Inventory, January 1 150 P15.00 P2,250.00 Purchased April 1 235 P10.00 2,350.00 Purchased August 15 50 P12.00 600.00 Goods Available for Sale 435 P5,200.00 Goods Sold During the Year 200 ? Ending Inventory Using FIFO method, how much is the cost of goods sold? P2,100.00

Name: The following information was taken from the accounting records of Ta
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following information was taken from the accounting records of Tampa RoofingCompany for the year ended 2022:UNITSUNIT COSTTOTAL COSTInventory, January 1150P15.00P2,250.00Purchased April 1235P10.002,350.00Purchased August 1550P12.00600.00Goods Av

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 7MC: Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on...

See similar textbooks

Similar questions

The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019. M7-6 The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200 M7-7 The cost of the inventory on January 31, 2019, under the LIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the notes to recent financial statements: a.Why does Qualcomm report three different inventories? b. What costs are included in each of the three inventory accounts?
Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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.
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
Study the information provided below and calculate the expected value of closing inventory as at 31December 2022, if the FIFO method of inventory valuation is used.INFORMATIONThe following information was supplied by Sunbeam Manufacturers for 2022 in respect of its finished goods:Inventory on 01 January 640 000Cost of production of finished goods manufactured 570 000Cost of goods sold 435 000Sales value of the goods sold 675 000
The records for the Flagstaff Company showed the following for the one item they sell during the year ended December 31, 2022: Date of Transactions Units Unit Costs Inventory 1/1 40 $20 Purchase 3/5 120 $24 Sale 5/15 80 Purchase 7/11 40 $22 Sale 9/24 30 Purchase 10/23 50 $26 Sale 11/5 40 Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents): 1) Weighted-average cost (Average cost method the book calls it) 2) First-in, First-out (FIFO) 3) Last-in, First-out (LIFO)
The inventories of Berry Company for the years 2019 and 2020 are as follows: Cost NRVJanuary 1, 2019 $10,000 $10,000December 31, 2019 13,000 11,500December 31, 2020 15,000 14,000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Refer to your answer for E8-6. How does the use of a periodic or perpetual inventory system affect the valuation of inventory?