You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,400 liters at a cost of 77¢ per liter. March 30 Sold 5,100 liters for $1.25 per liter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification $2476 FIFO $2676 LIFO $2190 Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO VAUGHNINC. Income Statement (partial) choose the accounting period Specific Identification FIFO LIFO select an opening name for this statement $enter a dollar amount $enter a dollar amount $enter a dollar amount select an income statement item enter a dollar amount enter a dollar amount enter a dollar amount select an income statement item enter a dollar amount enter a dollar amount enter a dollar amount select a summarizing line for the first part enter a total amount for the first part enter a total amount for the first part enter a total amount for the first part select an income statement item enter a dollar amount enter a dollar amount enter a dollar amount select a summarizing line for the second part enter a total amount for the second part enter a total amount for the second part enter a total amount for the second part select a closing name for this statement $enter a total amount for this statement $enter a total amount for this statement $enter a total amount for this statement

You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,400 liters at a cost of 77¢ per liter. March 30 Sold 5,100 liters for $1.25 per liter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification $2476 FIFO $2676 LIFO $2190 Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO VAUGHNINC. Income Statement (partial) choose the accounting period Specific Identification FIFO LIFO select an opening name for this statement $enter a dollar amount $enter a dollar amount $enter a dollar amount select an income statement item enter a dollar amount enter a dollar amount enter a dollar amount select an income statement item enter a dollar amount enter a dollar amount enter a dollar amount select a summarizing line for the first part enter a total amount for the first part enter a total amount for the first part enter a total amount for the first part select an income statement item enter a dollar amount enter a dollar amount enter a dollar amount select a summarizing line for the second part enter a total amount for the second part enter a total amount for the second part enter a total amount for the second part select a closing name for this statement $enter a total amount for this statement $enter a total amount for this statement $enter a total amount for this statement

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions.

March	1	Beginning inventory 2,100 liters at a cost of 60¢ per liter.
March	3	Purchased 2,500 liters at a cost of 62¢ per liter.
March	5	Sold 2,300 liters for $1.05 per liter.
March	10	Purchased 4,000 liters at a cost of 69¢ per liter.
March	20	Purchased 2,400 liters at a cost of 77¢ per liter.
March	30	Sold 5,100 liters for $1.25 per liter.

Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.)

(1)	Specific identification method assuming:
	(i)	The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and
	(ii)	The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20.
(2)	FIFO
(3)	LIFO

		Ending inventory
Specific identification		$2476
FIFO		$2676
LIFO		$2190

Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.)

(1)	Specific identification method assuming:
	(i)	The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and
	(ii)	The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20.
(2)	FIFO
(3)	LIFO

VAUGHNINC. Income Statement (partial) choose the accounting period
	Specific Identification	FIFO	LIFO
select an opening name for this statement	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
select an income statement item	enter a dollar amount	enter a dollar amount	enter a dollar amount
select an income statement item	enter a dollar amount	enter a dollar amount	enter a dollar amount
select a summarizing line for the first part	enter a total amount for the first part	enter a total amount for the first part	enter a total amount for the first part
select an income statement item	enter a dollar amount	enter a dollar amount	enter a dollar amount
select a summarizing line for the second part	enter a total amount for the second part	enter a total amount for the second part	enter a total amount for the second part
select a closing name for this statement	$enter a total amount for this statement	$enter a total amount for this statement	$enter a total amount for this statement

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.