Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9 units @ $105 = $945 4/13/2018 Purchased 14 units @ $120 = $1,680 9/17/2018 Purchased 20 units @ $130 = $2,600 12/10/2018 Purchased 14 units @ 140 = $1,960 The cost of goods sold is $

Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9 units @ $105 = $945 4/13/2018 Purchased 14 units @ $120 = $1,680 9/17/2018 Purchased 20 units @ $130 = $2,600 12/10/2018 Purchased 14 units @ 140 = $1,960 The cost of goods sold is $

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Description: Given the following: FIFO method: 16 units left in ending inventory.1/1/2018 Beginning inventory 9 units @ $105 = $9454/13/2018 Purchased 14 units @ $120 = $1,6809/17/2018 Purchased 20 units @ $130 = $2,60012/10/2018 Purchased 14 units @ 140 = $1,960

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9 units @ $105 = $945 4/13/2018 Purchased 14 units @ $120 = $1,680 9/17/2018 Purchased 20 units @ $130 = $2,600 12/10/2018 Purchased 14 units @ 140 = $1,960 The ending inventory is $______________
The following is data relative to 12/31/21 inventory: Item Original Cost Replacement End Inv Per unit Cost # units A $.65 $.45 23,000 B $.45 $.40 37,000 C $.70 $.75 62,500 D $.75 $.65 20,900 E $.90 $.85 53,000 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of the selling price and a "normal" profit is 30% of the selling price. REQUIRED: 1. Calculate “market value" 2. Make the necessary adjustment
Given the following: LIFO method: 250 units left in ending inventory. 1/1/2018 Beginning inventory 200 units @ $6 = $1,200 4/10/2018 Purchases 400 units @ $7 = $2,800 5/15/2018 Purchases 250 units @ $7 = $1,750 7/9/2018 Purchases 200 units @ $8 = $1,600 10/18/2018 Purchases 100 units @ $11 = $1,100 The cost of ending inventory is $____________
10 Vargas Company uses the perpetual inventory method. Vargas purchased 2,200 units of inventory that cost $23.00 each. At a later date the company purchased an additional 2,600 units of inventory that cost $24.00 each. Vargas sold 2,300 units of inventory for $27.00. If Vargas uses a FIFO cost flow method, the amount of cost of goods sold appearing on the income statement will be: 1 nts 01:10:09 Multiple Choice $50,600. $53,000 $9,100 $6,900.
A company has the following per unit recorded cost and replacement cost relating to its inventory: Item 1 Item 2 5 units 7 units Cost $50 Cost $60 Item 3 9 units Cost $30 Market $45 Market $65 Market $25 Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individual items is $870 $905 $920 $940
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $1,475 A. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). Cost of ending inventory is: B. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units). Cost of goods sold is:
Calculate the ending inventory balance using the following information under the FIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $87,500 $200,000 $62,500 $112,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
d Gale Company has the following inventory and purchases during the f Beginning Inventory Feb. 10 purchased Feb. 20 sold 83/unit 87/unit 295 units @ $ 210 units @ $ 375 units @ $ units @ $ 163/unit Mar. 13 purchased 81/unit 277 260 units @ $ Sept. 5 purchased 67/unit Oct. 10 sold 515 units @ $ 163/unit Gale Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
Ivanhoe Corporation's computation of cost of goods sold is: Beginning inventory $64200 Add: Cost of goods purchased 540000 604200 Cost of goods available for sale 93000 Less: Ending inventory $511200 Cost of goods sold The average days to sell inventory for Ivanhoe are (Hint: Round intermediate calculation and final answer to 1 decimal place, eg O.6.) O 45.8 days. O 47.5 days. O 66.4 days. O 562 days.