WeekUnitsUnitTotal5) Kitchen World is valuing its inventory ofpopcorn poppers using the average cost method.On May 31 Kitchen World had 23 poppers onofReceivedCostCostMay 1May 8May 15May 2240$22.10 S 884.00hand.3622.15797.40a) What is the average cost per popper?2422.20532.803622.15797.40May 291222.25267.00b) What is the ending inventory value forMay?$3,278.60Total148

Average cost method: The average cost method is a cost valuation method used for the valuation of…

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Business

Accounting

What is the ending inventory value for May?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Gumamela Company installs replacement siding, windows, and louvered glass doors for family homes. At December 31, 2020, the balance of inventory account was P502,000, and the allowance for inventory write down was P33,000. The inventory cost and market data at December 31, 2020, are as follows: Cost Replacement Cost Sales Price NRV Normal Profit Aluminum siding P 89,000 P 86,000 P 91,500 P 87,000 P 5,000 Mahogany siding 94,000 92,000 93,000 85,000 7,000 Louvered glass door 125,000 135,000 129,000 111,000 10,000 Glass windows 194,000 114,000 205,000 197,000 20,000 Total P 502,000 P 427,000 P 518,500 P 480,000 P 32,000 The correct balance of the inventory after any allowance for write down is
Gumamela Company installs replacement siding, windows, and louvered glass doors for family homes. At December 31, 2020, the balance of inventory account was P502,000, and the allowance for inventory write down was P33,000. The inventory cost and market data at December 31, 2020, are as follows: Cost Replacement Cost Sales Price NRV Normal Profit Aluminum siding P 89,000 P 86,000 P 91,500 P 87,000 P 5,000 Mahogany siding 94,000 92,000 93,000 85,000 7,000 Louvered glass door 125,000 135,000 129,000 111,000 10,000 Glass windows 194,000 114,000 205,000 197,000 20,000 Total P 502,000 P 427,000 P 518,500 P 480,000 P 32,000 The correct balance of the inventory after any allowance for write down is a. P427,000 b. P486,500 c. P480,000 d. P477,000
Syarikat Layang uses the LIFO (Last-in, First-out) costing method for its perpetualinventory system. It had inventory on 1 January 2021 consisting of 400 articles boughtat RM4 each. The purchases during the month of January consisted of 800 at RM4.20each purchased on 8 January, and 2,000 at RM3.80 each on 18 January. It sold 2,400at RM5.00 each on 28 January. 40 of those sold were returned in perfect condition on31 January. The returned goods were bought on 18 January.Required: a. i. Calculate, by means of an inventory account the number and cost of the articles held in inventory during January 2021. ii. The unit price and total cost of the inventory. b. Show the trading account for the month ended 31 January 2021.
Marigold uses the periodic inventory system. For the current month, the beginning inventory consisted of 7200 units that cost $13.00 each. During the month, the company made two purchases: 3000 units at $14.00 each and 11900 units at $14.50 each. Marigold also sold 12800 units during the month. Using the FIFO method, what is the ending inventory? $123000. $134850. $120900. $129645.
Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more for $36each during the month. The company sold 80 units during the month. Autok used a periodic inventorysystem.Calculate cost of goods sold using:a) FIFOb) Weighted-average costc) LIFO
If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July 31 RIP inventory account and the amount of raw materials used backflushed from RIP inventory account on July 31 is P202,500, what is the amount of raw materials purchased on credit for the month of July? P205,000 P200,000 P225,000 P190,000
44.Wusang Company installs replacement siding, windows, and louvered glass doors for family homes. At December 31, 2020, the balance of raw materials inventory account was P502,000, and the allowance for inventory writedown was P33,000. The inventory cost and market data at December 31, 2020, are as follows: Norma l Profit Aluminum siding Cost Replacement Cost Sales Price Net Realizabl e value 89,000 86,000 91,500 87,000 5,000 Mahogany siding 94,000 92,000 93,000 85,000 7,000 Louvered glass door 125,000 135,000 129,000 111,000 10,000 Glass windows 194,000 114,000 205,000 197,000 20,000 Total 502,000 427,000 518,500 480,000 32,000 The correct balance of the raw materials inventory after any allowance for write down is
E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
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eolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June 19- 13,000 units @ P12; Purchases, November 15- 5,000 units @ P13. If Seolleongtang Company has 9,000 units on hand on December 31, the cost of ending inventory under FIFO is? a. P99,000 b. P117,000 c.P108,000 d.P113,000
1. Flat Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost P65 each. During the month, the company made two purchases: 300 units at P68 each and 150 units at P70 each. Flat Top also sold 500 units during the month. Using the average cost method, what is the amount of ending inventory? choices: 10,500 33,770 33,400 10,131 2. Madison uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost P12 each. During the month, the company made two purchases: 500 units at P13 each and 2,000 units at P13.50 each. Madison also sold 2,150 units during the month. Using the FIFO method, what is the ending inventory? choices: P20,073 P18,600 P20,925 P18,950 3. On August 31, a flood at Lordgin Company's only warehouse caused severe damage to its entire inventory. Based on recent history, Lordgin has a gross…
June Corp. sells one product and uses perpetual inventory system. The beginning inventort consisted of 10 units that cost P20 per unit. During the current month, the company purchased 60 units at P20 each. Sales during the month totaled 45 units for P43 each. What is the cost of goods sold using the FIFO method?