12345678A19202122910 Sales23242526BBeginning inventoryPurchasesINVENTORY CALCULATIONS10-Dec15-DecCost of goods available for sale1112 Ending Inventory1314 Last-In, First-Out1516171825-DecSalesCCost of goods available for saleLess: Cost of Goods SoldEnding InventoryEnding InventoryDUnitsInstructions272829 Gross Profit Calculation (show calculation here):303132333435 Gross Profit Percentage (show calculation here):36373839404142FIFOReady Accessibility: Good to goE(aa@UnitsSchedule of Ending Inventory (Inventory Remaining)units @units @Units@Unitsunits @units @units @LIFOFCost==G||||||II====HTotalWeighted Average$0$0$0$0$0$0$0$0$0$0IJKAINVENTORY CALCULATIONS1234 Beginning inventory567 Total89 Weighted Average Unit Cost1011 Cost of goods available for sale1213 Sales252627281415 Ending Inventory1617 Weighted Average18192021222324PurchasesPurchasesReadyBInstructions10-Dec15-Dec25-DecSalesC293031 Gross Profit Calculation (show calculation here):323334353637 Gross Profit Percentage (show calculation here):3839404142Cost of goods available for saleLess: Cost of Goods SoldEnding InventoryEnding InventoryDUnitsFIFOAccessibility: Good to go#DIV/0!ELIFO@@@@@Schedule of Ending Inventory (Inventory Remaining)units @units @Unitsunits @units @FCost#DIV/0!#DIV/0!Weighted AverageG======HTTotal$0#DIV/0!$0#DIV/0!$0$0#DIV/0!$0#DIV/0!$0$0IJK A1AJx Financial AccountingB1 Financial Accounting2 Chapter 6 - Inventory3 Homework - Inventory Handout4Bartlett Corp has the following information:InstructionsCD9 Beginning Inventory1011 Purchased1213 Purchased1415 Sold1617 For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods:181-Dec 3,000 units @ $25/unit5 Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs.67815-Dec10-Dec 2,000 units @ $30/unit1,500 units @ $40/unit25-Dec 4,000 units for $60 each19 1.) Calculate the value of ending inventory20 2.) Calculate and show the schedule for Cost of Goods Sold21 3.) Calculate and show the schedule for Gross Profit22 4.) Calculate and show the Gross Profit Percentage2324 Remember25 FIFO means - First In, First Out26 LIFO means - Last in Last Out272829303132333435363738FIFOELIFOFGWeighted AverageH12A345 Purchases678B910 Sales1920212223242526INVENTORY CALCULATIONSBeginning inventory10-Dec15-DecCost of goods available for sale25-Dec1112 Ending Inventory1314 Last-In, First-Out15161718SalesCCost of goods available for saleLess: Cost of Goods SoldEnding InventoryEnding InventoryDUnitsInstructions272829 Gross Profit Calculation (show calculation here):303132333435 Gross Profit Percentage (show calculation here):36373839404142E(@(α)(@UnitsSchedule of Ending Inventory (Inventory Remaining)units @units@UnitsUnitsunits@units @units @FIFOSelect destination and press ENTER or choose PasteLIFOFCost==G=====HTotalWeighted Average$0$0$0$0$0$0$0$0$0$0IJK

Name: 12345678A19202122910 Sales23242526BBeginning inventoryPurchasesINVENT
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Description: 12345678A19202122910 Sales23242526BBeginning inventoryPurchasesINVENTORY CALCULATIONS10-Dec15-DecCost of goods available for sale1112 Ending Inventory1314 Last-In, First-Out1516171825-DecSalesCCost of goods available for saleLess: Cost of Goods Sold

Under FIFO method inventory that comes first is sold first and the most recent inventories is…

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Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit Sold 15-Dec 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods:

Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit Sold 15-Dec 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods:

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 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
27.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886
1. In the statement of financial statement restated to current cost, what amount should be reported as inventory on December 31? a. 1080000 b. 2880000 c.975000 d. 870000 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210000 b. 135000 c. 560000 d. 0 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2320000 b. 2880000 c. 2600000 d. 2375000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? a. 225000 b. 135000 c. 350000 d. 505000
FE19Closing InventoryDec Type Qty Price1 Op Inv 65 $34.001 Purchase 79 $36.2511 Purchase 72 $36.5018 Purchase 60 $36.7522 Purchase 59 $37.003 Sale -84 $45.005 Sale -45 $46.0019 Sale -85 $48.0029 Sale -48 $49.0031 Sale -57 $50.00Required:a) Calculate closing inventory Qty and Value as per FIFO method b) Calculate closing inventory Qty and Value as per Weightage Average method
8. Banana Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using FIFO retail? a. 368,950 b. 258,265 c. 250,886 d. 258,625
Which of the following items will be included in the inventory note?Itrading inventory of R58900 II trading inventory of R62490 III stationary on hand R60 IV Stationary expense A.i and ii B.ii and iv C.ii and iii D.All of the above
he XYZ Company completed the following perpetual inventory transactions: May 1Beginning inventory20 units @ $ 61 eachMay 11purchase 6 units @ $ 76 eachMay 23sale16 units @ $ 89 eachMay 26purchase14 units @ $ 86 eachMay 29sale17 units @ $ 89 each RequirementsCalculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why? Which method would be more consistent with the matching principle? Why? error_outlineHomework solutions you need when you need them. Subscribe now.arrow_forward Question The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 each 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…
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below. Item Inventory Quantity Unit Cost Price ($) Unit Market Price ($) MT22 1642 91 88 4WY09 5278 37 44 1GDS 8898 185 172
Wildhorse Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $402500 ($603000), purchases during the current year at cost (retail) were $3588000 ($5373600), freight-in on these purchases totaled $168500, sales during the current year totaled $4846000, and net markups were $423000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places. $1119365. $844415. $1009840. $1553600.
Seagull Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?
E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)