Question
In: Accounting
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending
Inventoryamount is $
Answer 1
Choose...
Assume that the company uses the Average Cost method. The value of
the Cost of Goods Sold on December 31 is $
Answer 2
Choose...
Assume that the company uses the Lifo method and the selling price
of the unit was $10 what is the Gross profit $
Answer 3
Choose...
Assume that the company uses the LIFO method. The ending Inventory
amount is $
Please Solve As soon as
Solve quickly I get you two UPVOTE directly
Thank's
Abdul-Rahim Taysir
Solutions
Expert Solution
Ans : Ending Inventory as per FIFO METHOD = $ 2,000
Ans 1 : Ending Inventory as per Average Cost Method = $1,680
Ans 2 : Gross Profit as per LIFO METHOD = $ 2,800
Ans 3 : Ending Inventory as per LIFO METHOD = $ 1,400
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ekkarill92 answered 2 years agoRelated Solutions
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had
the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that
there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
Happy Company uses the periodic inventory method and had the following inventory information available:
Happy Company uses the periodic inventory method and had the
following inventory information available:
Units Unit Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$400
1/20
Purchase
400
$6
$2400
7/25
Purchase
200
$7
$1400
10/20
Purchase
300
$8
$2400
1,000
$6,600
A physical county if inventory on December 31 revealed that
there were 400 units on hand
Answer questions below and show computations supporting the
answer:
Assume that the company uses the FIFO...
SJH Company uses the periodic inventory method and had the following inventory information available: &n
SJH Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$5
2,000
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,200
A physical count of inventory on December 31 revealed that there
were 350 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Q. Assume that the
company uses...
Shanrock Company uses the periodic inventory method and had the following inventory information available: &nb
Shanrock Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$6
2,400
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,600
A physical count of inventory on December 31 revealed that there
were 400 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Assume that the...
Flint Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Flint Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total
Cost
1/1
Beginning Inventory
92
$4
$368
1/20
Purchase
460
$5
2,300
7/25
Purchase
92
$7
644
10/20
Purchase
276
$8
2,208
Total
920
$5,520
A physical count of inventory on December 31 revealed that there
were 322 units on hand.
Answer the following independent questions. (Round average
cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...
Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Hansen Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit Cost
Total Cost
1/1
Beginning Inventory
100
$3
$300
1/20
Purchase
500
$4
2,000
7/25
Purchase
100
$5
500
10/20
Purchase
300
$6
1,800
1,000
$4,600
A physical count of inventory on December 31 revealed that there
were 380 units on hand.
Answer the following independent questions.
1.
Assume that the company uses the FIFO method. The value of the
ending inventory at December...
Morton Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Morton Company uses
the periodic inventory method and had the following inventory
information available:
Units
Unit Cost
Total Cost
1/1
Beginning Inventory
100
$4
$400
1/20
Purchase
400
$5
2,000
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,200
A physical count of
inventory on December 31 revealed that there were 350 units on
hand.
Determine the
difference in the amount of income that the company would have
reported if it had used the FIFO method instead...
McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available: Units...
McGuire Metals Ltd uses the periodic inventory method and had
the following inventory information available:
Units
Unit Cost
Unit Price
1st January
Beginning inventory
38
$3
20th February
Sale
15
$5
25th July
Purchase
20
$4
20th October
Purchase
10
$5.5
20th December
Sale
30
$8
Required
What would the Inventory amount be as reported on the balance
sheet at 31 December 2019 if the perpetual LIFO method is used?
Use the following template in your Word document file.
Metro...
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for...
Calvin Company uses a periodic inventory system. They had the
following information concerning their inventory for the month of
March.
Units Cost Per Unit
Beginning Inventory (March 1) 250 $12
Purchase (March 25th) 130 $13
Purchase (March 28th) 285 $15
Sale (March 30th) 350
1. If the company uses a FIFO inventory method, what will be
COST OF GOODS SOLD for the month of March? (please only enter
positive numbers)
Use the same information as for Question 1 If the...
The following information is available for the month ofApril. The company uses the perpetual inventory method....
The following information is available for the month ofApril.
The company uses the perpetual inventory method. April 1 inventory
balance 120 units @$8.04 each April 10purchase 200 units @ $8.20
each April 20purchase 410 units @ $8.40 each April 22sale 630 units
@ $15.00 each April 25purchase 310 units @ $8.59 each a. Compute
the value of ending inventory under LIFO,show steps. b. Compute the
value of ending inventory under FIFO,show steps. c. Which inventory
costing method results in the...
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