Question 13 of 250.5/1onoW HEtemperstoryCurrent Attempt in ProgressDebra's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Debra's purchases ofXpert snowboards during September is shown below. During the same month, 124 Xpert snowboards were sold. Debra's uses aperiodic inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Inventory28$95$2.660Sept. 12Purchases451034,635Sept. 19Purchases201052.100Sept. 26Purchases501065,300Totals143$14,695(a)!!! Question 13 of 25< >0.5/1(b)X Your answer is incorrect.For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.FIFOLIFOThe sum of ending inventory and cost of goods sold2$123852412605eTextbook and MediaAttempts: 3 of 10 usedSubmit AnswerSave for LaterI!!

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Description: Question 13 of 250.5/1onoW HEtemperstoryCurrent Attempt in ProgressDebra's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Debra's purchases ofXpert snowboards during September is shown below. Dur

FIFO is first in first out inventory valuation method under which inventories which are purchased…

Business

Accounting

Your answer is incorrect. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold 12385 %24 12605 eTextbook and Media Attempts: 3 of 10 used Submit Answer Save for Later %24

Your answer is incorrect. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold 12385 %24 12605 eTextbook and Media Attempts: 3 of 10 used Submit Answer Save for Later %24

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...

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FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,200 units at 160 Sale 4,800 units at 300 First purchase 16,000 units at 168 Sale 12,000 units at 300 Second purchase 15,000 units at176 Sale 11,000 units at 300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (A) FIFO and (B) UFO?
ENDING INVEJ\'TORY COSTS Sandy Chen owns a small specialty store,named Chen's Chattel,whose year-end is June 30. Determine the total amount that should be included in Chen'sChatters year-end inventory.A physical inventory taken on June 30 reveals the following: Cost of merchandise on the showroom floor and in the warehouse $43,600 Goods held on consignment (consignor is National Manufacturer) 6,400 Goods that Chen's Chattel,as the consignor,has for sale at the location of the Grand Avenue Vista 4,400 Sales invoices indicate that merchandisewas shipped on June 29,terms FOB shipping point, delivered at buyer's receiving dock on July 3 3,800 Sales invoices indicate that merchandisewas shipped on June 25,terms FOB destination, delivered at buyer's receiving dock on July S 4,000
Question 4Syarikat 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.
Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. Determine the gross profit for April and ending inventory on April 30 using the (a) first -in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c)weighted average cost method a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 100 units @ $51.00 per unit Mar. 5 Purchase 225 units @ $56.00 per unit Mar. 9 Sales 260 units @ $86.00 per unit Mar. 18 Purchase 85 units @ $61.00 per unit Mar. 25 Purchase 150 units @ $63.00 per unit Mar. 29 Sales 130 units @ $96.00 per unit Totals 560 units 390 units
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 140 units @ $51.80 per unit Mar. 5 Purchase 245 units @ $56.80 per unit Mar. 9 Sales 300 units @ $86.80 per unit Mar. 18 Purchase 105 units @ $61.80 per unit Mar. 25 Purchase 190 units @ $63.80 per unit Mar. 29 Sales 170 units @ $96.80 per unit Totals 680 units 470 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 85 units…
Part 1Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations duringthe 2021 calendar year.Inventory Data: 1/1/2021 Purchases 31/12/2021Raw Materials $750,000 $4,330,000 $807,000Indirect Materials 55,000 320,000 71,500Work in Progress 924,000 n/a 814,750Finished Goods 1,142,600 n/a 1,720,200The following additional information is also available:Sales Revenue $14,776,000Direct Factory Labor 4,371,000Indirect Factory Labor 1,232,250Total Depreciation 1 400,000Total Utilities 2 525,000Distribution & Customer Service Costs 76,800Insurance on Plant & Equipment 585,000Property Taxes 3 90,000Administrative Wages & Salaries 1,076,000Advertising Expenses 57,700Sales Commission 5% of Sales Revenue1 Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general andadministrative costs.2 Of the total utilities, 75% relates to manufacturing and 25% relates to general and administrative costs.3 The…
Cost flow methods The following three identical units of Item P401C are purchased during April: Date Item Beta Units Cost Apr. 2 Purchase 1 $227 Apr. 15 Purchase 1 229 Apr. 20 Purchase 1 231 Total 3 $687 Average cost per unit ($687 ÷ 3 units) $229 Assume that one unit is sold on April 27 for $305. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost
Question #7: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?$ b. What is the total cost of the ending inventory according to LIFO?$
Question three : Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif’s Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Units Unit Cost 3/1 Beginning inventory 150 $40 3/3 Purchase 50 $50 3/10 Purchase 250 $55 3/30 Purchase 100 $65 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the…
Question Content Area Recording Purchases and Sales Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were 225 cartridges on hand that cost $62 each. During the year, Printer Supply purchased 1,475 cartridges at $62 each. After inspection, Printer Supply determined that 15 cartridges were defective and returned them to the supplier. Printer Supply also sold 830 cartridges at $95 each and sold an additional 710 cartridges at $102 each after a midyear selling price increase. Customers returned 20 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system. Required: 1. Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume that all purchases and sales are on credit but no discounts were offered. Question Content Area Record the entry…