Question
In: Accounting
Tamara Saad starts a merchandising business on December 1 and enters into three inventory purchases: ...
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Tamara Saad starts a merchandising business on December 1 and enters into three inventory purchases: |
| Purchases on December 7 | 10 units @ $ 6.00 cost |
| Purchases on December 14 | 20 units @ $12.00 cost |
| Purchases on December 21 | 15 units @ $14.00 cost |
Required:
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Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on the FIFO method. |
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Solutions
ekkarill92 answered 6 months agoRelated Solutions
Kingston Company starts the business in Year 1. Kingston uses FIFO as their inventory costing method....
Kingston Company starts the business in Year 1. Kingston uses
FIFO as their inventory costing method. They purchase inventory as
follows:
8/5/Year1: 1000 units at $30 each
11/6/Year1: 3000 units at $36 each
Assume Kingston signs a sales contract for 3,800 units for
$380,000 ($100 each) on 11/1/Year1. This is the only sale for the
year. The customer is within a 30-mile delivery radius (Goods are
delivered by a van.)
1. Assume the items are delivered on 11/15/Year1. The customer...
Kingston Company starts the business in Year 1. Kingston uses FIFO as their inventory costing method....
Kingston Company starts the business in Year 1. Kingston uses
FIFO as their inventory costing method. They purchase inventory as
follows:
8/5/Year1: 1000 units at $30 each
11/6/Year1: 3000 units at $36 each
Assume Kingston signs a sales contract for 3,800 units for
$380,000 ($100 each) on 11/1/Year1. This is the only sale for the
year. The customer is within a 30-mile delivery radius (Goods are
delivered by a van.)
1. Assume the items are delivered on 11/15/Year1. The customer...
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory...
Beginning inventory, purchases, and sales data for prepaid cell
phones for December are as follows:
Inventory
Purchases
Sales
Dec. 1
2,900 units at $34
Dec. 10
1,450 units at $36
Dec. 12
2,030 units
Dec. 20
1,305 units at $38
Dec. 14
1,740 units
Dec. 31
870 units
a. Assuming that the perpetual inventory system
is used, costing by the LIFO method, determine the cost of goods
sold for each sale and the inventory balance after each sale,
presenting the...
Purchases Invoices Model Inventory, January 1 1st 2nd 3rd Inventory Count, December 31 A10 __ 4...
Purchases Invoices
Model
Inventory,
January 1
1st
2nd
3rd
Inventory Count,
December 31
A10
__
4 at
$ 35
4 at
$ 38
4 at
$ 41
5
B15
8 at
$ 90
4 at
81
3 at
87
6 at
94
7
E60
3 at
75
3 at
65
15 at
68
9 at
70
5
G83
7 at
248
6 at
256
5 at
266
10 at
265
9
J34
12 at
82
10 at
84
16 at...
On October 1, 2020, Mr. Elon Musky starts a business. Mr. Musky chooses December 31 as...
On October 1, 2020, Mr. Elon Musky starts a business. Mr. Musky
chooses December 31 as the fiscal year end for his business. With
the cash given to him by his rich uncle, he purchases the following
assets:
Class 1 (10%):
A $980,000 brick building that will accommodate his manufacturing
operations.
Class 8 (20%):
Three billboards costing $1,300
each
A cash register worth $2,800
A barcode scanner $1,900
Furniture and fixtures for a total of $16,000...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase...
Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases and...
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:
Date
Transaction
Number
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...
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