Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Textbook Question
thumb_up100%
Chapter 10, Problem 4EA
Complete the missing piece of information involving the changes in inventory, and their relationship to goods available for sale, for the two years shown:
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Periodic Inventory by Three Methods
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:
Number
Date
Transaction
of Units
Per Unit
Total
Apr. 3 Inventory
25
$1,200
$30,000
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale
25
2,250
56,250
21
Purchase
35
1,264
44,240
28
Sale
44
2,250
99,000
How do we update inventory using the year-end physical count and begin the next cycle using the periodic inventory system?
Use this inventory information for the month of March to answer the following questions.
Assuming that a periodic inventory system is used, what is ending inventory (rounded) under theaverage-cost method? What is cost of goods sold on a FIFO basis? What is ending inventory under the LIFO method?
Chapter 10 Solutions
Principles of Accounting Volume 1
Ch. 10 - If a company has four lots of products for sale,...Ch. 10 - If a company has three lots of products for sale,...Ch. 10 - When inventory items are highly specialized, the...Ch. 10 - If goods are shipped FOB destination, which of the...Ch. 10 - On which financial statement would the merchandise...Ch. 10 - When would using the FIFO inventory costing method...Ch. 10 - Which accounting rule serves as the primary basis...Ch. 10 - Which type or types of inventory timing system...Ch. 10 - Which of these statements is false? A. If cost of...Ch. 10 - Which inventory costing method is almost always...
Ch. 10 - Which of the following describes features of a...Ch. 10 - Which of the following financial statements would...Ch. 10 - Which of the following would cause periodic ending...Ch. 10 - Which of the following indicates a positive trend...Ch. 10 - What is meant by the term gross margin?Ch. 10 - Can a business change from one inventory costing...Ch. 10 - Why do consignment arrangements present a...Ch. 10 - Explain the difference between the terms FOB...Ch. 10 - When would a company use the specific...Ch. 10 - Explain why a company might want to utilize the...Ch. 10 - Describe the goal of the lower-of-cost-or-market...Ch. 10 - Describe two separate and distinct ways to...Ch. 10 - Describe costing inventory using first-in,...Ch. 10 - Describe costing inventory using last-in,...Ch. 10 - Describe costing inventory using weighted average....Ch. 10 - How long does it take an inventory error affecting...Ch. 10 - What type of issues would arise that might cause...Ch. 10 - Explain the difference between the flow of cost...Ch. 10 - What insights can be gained from inventory ratio...Ch. 10 - Calculate the goods available for sale for...Ch. 10 - Company accepts goods on consignment from R...Ch. 10 - The following information is taken from a companys...Ch. 10 - Complete the missing piece of information...Ch. 10 - Akira Company had the following transactions for...Ch. 10 - Akira Company had the following transactions for...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - Prepare Journal entries to record the following...Ch. 10 - If a group of inventory items costing $15,000 had...Ch. 10 - If Wakowski Companys ending inventory was actually...Ch. 10 - Shetland Company reported net income on the...Ch. 10 - Compute Altoona Companys (a) inventory turnover...Ch. 10 - Complete the missing pieces of McCarthy Companys...Ch. 10 - Calculate the goods available for sale for Soros...Ch. 10 - X Company accepts goods on consignment from C...Ch. 10 - Considering the following information, and...Ch. 10 - Complete the missing piece of information...Ch. 10 - Bleistine Company had the following transactions...Ch. 10 - Bleistine Company had the following transactions...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - If a group of inventory items costing $3,200 had...Ch. 10 - If Barcelona Companys ending inventory was...Ch. 10 - Tanke Company reported net income on the year-end...Ch. 10 - Compute Westtown Companys (A) inventory turnover...Ch. 10 - Complete the missing pieces of Delgado Companys...Ch. 10 - When prices are rising (inflation), which costing...Ch. 10 - Trini Company had the following transactions for...Ch. 10 - Trini Company had the following transactions for...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Use the first-in, first-out (FIFO) cost allocation...Ch. 10 - Use the last-in, first-out (LIFO) cost allocation...Ch. 10 - Use the weighted-average (AVG) cost allocation...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - Calculate a) cost of goods sold, b) ending...Ch. 10 - Calculate a) cost of goods sold, b) ending...Ch. 10 - Calculate a) cost of goods sold, b) ending...Ch. 10 - Compare the calculations for gross margin for A76...Ch. 10 - Company Elmira reported the following cost of...Ch. 10 - Assuming a companys year-end inventory were...Ch. 10 - Use the following information relating to Shana...Ch. 10 - Use the following information relating to Clover...Ch. 10 - When prices are falling (deflation), which costing...Ch. 10 - DeForest Company had the following transactions...Ch. 10 - DeForest Company had the following transactions...Ch. 10 - Calculate the cost of goods sold dollar value for...Ch. 10 - Use the first-in, first-out method (FIFO) cost...Ch. 10 - Use the last-in, first-out method (LIFO) cost...Ch. 10 - Use the weighted-average (AVG) cost allocation...Ch. 10 - Prepare journal entries to record the following...Ch. 10 - Calculate a) cost of goods sold, b) ending...Ch. 10 - Calculate a) cost of goods sold, b) ending...Ch. 10 - Calculate a) cost of goods sold, b) ending...Ch. 10 - Compare the calculations for gross margin for B76...Ch. 10 - Company Edgar reported the following cost of goods...Ch. 10 - Assuming a companys year-end inventory were...Ch. 10 - Use the following information relating to Singh...Ch. 10 - Use the following information relating to Medinas...Ch. 10 - Assume your company uses the periodic inventory...Ch. 10 - Consider the dilemma you might someday face if you...Ch. 10 - Use a spreadsheet and the following excerpts from...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What can groups or group leaders do to improve the quality of group decision-making?
Principles of Management
What are the four elements of the budgeting cycle?
Cost Accounting (15th Edition)
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginn...
Principles of Accounting Volume 2
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
What is general overhead?
Construction Accounting And Financial Management (4th Edition)
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
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.Similar questions
- Which of the following financial statements would be impacted by a current-year ending inventory error, when using a periodic inventory updating system? A. balance sheet B. income statement C. neither statement D. both statementsarrow_forwardWhich of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.arrow_forwardUnder the periodic inventory system, what account is credited when an estimate is made for sales made this year, but expected to be returned next year? (a) Merchandise Inventory (b) Customer Refunds Payable (c) Sales (d) Sales Returns and Allowancesarrow_forward
- Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Salesarrow_forwardBeginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.arrow_forwardUnder the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds Payablearrow_forward
- The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar. 4. Compare the gross profit and June 30 inventories using the following column headings:arrow_forward1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 Cost of goods sold 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 Cost of goods sold Inventory, March 31 Cost of goods sold $ $ 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. Sales Cost of goods sold Gross profit Inventory, March 31 $ $ 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. FIFO $ LIFO Weighted Average $ LAarrow_forwardCompute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific  identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !arrow_forward
- Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000arrow_forwardRequired: Compute the inventory turnover in Year 2. Write answer in whole figure only. 10. Using the information provided in Question #9, compute the number of days finished goods stayas inventory in year 4. Write answer in whole number onlyarrow_forwardWhich of the following accounts would be closed at the end of the year using the perpetual inventory system? a. Cost of Goods Sold b. Merchandise Inventory c. Accounts Receivable d. Accounts Payablearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
- Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Accounting Changes and Error Analysis: Intermediate Accounting Chapter 22; Author: Finally Learn;https://www.youtube.com/watch?v=c2uQdN53MV4;License: Standard Youtube License