You have the following information for Concard Inc. Concord Inc uses the periodic mathod ofaccounting for its inventary transactions. March Beginning imentory 2,200 liters at a cost of 80c par liter. March 3. Purchased 2,500 liters at a cost of 84e per liter. March Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 91e par liter. March 20 Purchased 2,300 liters ata cost of 99c per liter. March 30 Sold 5,000 liters for $1.25 per liter. (a1) Calculata the value of endinginventory that would be rsported on the balance sheet, under sach of the follawing cost flow assumptions. (Round answers to 2 decimal places, eg. 125.50J (1) Specificidantification mathod assuming O The March 5 sale consisted of 1,000 liters from the March 1 baginning inventory and 1,300 liters from the March 3 purchase; and C The March 30 sale consisted of the following number of units sold from beginning inventory and sach purchase: 450 liters from March 1: 550 liters from March 3: 2,900 litars from March 10: 1.100 litars from March 20. (2) FIFO (3) LIFO Ending imventory Specific idantification FIFO LIFO

You have the following information for Concard Inc. Concord Inc uses the periodic mathod ofaccounting for its inventary transactions. March Beginning imentory 2,200 liters at a cost of 80c par liter. March 3. Purchased 2,500 liters at a cost of 84e per liter. March Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 91e par liter. March 20 Purchased 2,300 liters ata cost of 99c per liter. March 30 Sold 5,000 liters for $1.25 per liter. (a1) Calculata the value of endinginventory that would be rsported on the balance sheet, under sach of the follawing cost flow assumptions. (Round answers to 2 decimal places, eg. 125.50J (1) Specificidantification mathod assuming O The March 5 sale consisted of 1,000 liters from the March 1 baginning inventory and 1,300 liters from the March 3 purchase; and C The March 30 sale consisted of the following number of units sold from beginning inventory and sach purchase: 450 liters from March 1: 550 liters from March 3: 2,900 litars from March 10: 1.100 litars from March 20. (2) FIFO (3) LIFO Ending imventory Specific idantification FIFO LIFO

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 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units.
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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.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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