Question
In: Accounting
Moffett Company, which uses the periodic inventory system, has the following records for July of 2017:...
Moffett Company, which uses the periodic inventory system, has the following records for July of 2017:
| Units | Unit Cost | Total Cost | ||
| Beginning inventory | 180 | $60 | $10,800 | |
| Purchases: | July 6 | 100 | 63 | 6,300 |
| July 12 | 220 | 66 | 14,520 | |
| July 19 | 140 | 68 | 9,520 | |
| July 27 | 160 | 69 | 11,040 |
Moffett sold 580 units during July. Compute the cost of the ending inventory and the cost of goods sold using the following methods:
Ending Inventory Cost of Goods Sold
a. FIFO _______ _______
b. LIFO _______ _______
c. Weighted-average _______ _______
d. Compute the inventory turnover under the FIFO method _______
Solutions
ekkarill92 answered 1 year agoRelated Solutions
A company that uses the PERPETUAL inventory system has the following records for 2017 Beginging inventory...
A company that uses the PERPETUAL inventory system has the
following records for 2017
Beginging
inventory
Units
Unit cost
Purcahses:
120
$48
Febuary 8th
60
52
June 15th
70
54
22-Aug
55
57
Novemeber 29
45
61
Salkes:
30-Mar
145
20-Jul
90
December 15th
60
Please compute the cost of ending inventory and the cost of
goods sold using the follow methods: Please also show all
steps/work
A) FIFO
B) Weighted Average
c) LIFO
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
Inventory Costing Methods-Periodic Method
The Lippert Company uses the periodic inventory system. The
following July data are for an item in Lippert's inventory:
July
1
Beginning inventory
40
units @
$9
per unit
10
Purchased
60
units @
$10
per unit
15
Sold
70
units @
26
Purchased
35
units @
$11
per unit
Calculate the cost of goods sold for July and ending inventory
at July 31 using (a) first-in, first-out, (b) last-in, first-out,
and (c) the weighted-average cost...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
Inventory Costing Methods-Periodic Method
The Lippert Company uses the periodic inventory system. The
following July data are for an item in Lippert's inventory:
July
1
Beginning inventory
40
units @
$9
per unit
10
Purchased
60
units @
$10
per unit
15
Sold
70
units @
26
Purchased
35
units @
$11
per unit
Calculate the cost of goods sold for July and ending inventory
at July 31 using (a) first-in, first-out, (b) last-in, first-out,
and (c) the weighted-average cost...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
Inventory Costing Methods-Periodic Method The Lippert Company
uses the periodic inventory system. The following July data are for
an item in Lippert's inventory: July 1 Beginning inventory 40 units
@ $9 per unit 10 Purchased 60 units @ $10 per unit 15 Sold 70 units
@ 26 Purchased 35 units @ $11 per unit Calculate the cost of goods
sold for July and ending inventory at July 31 using (a) first-in,
first-out, (b) last-in, first-out, and (c) the weighted-average
cost...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
Inventory Costing Methods-Periodic Method
The Lippert Company uses the periodic inventory system. The
following July data are for an item in Lippert's inventory:
July
1
Beginning inventory
40
units @
$9
per unit
10
Purchased
60
units @
$10
per unit
15
Sold
70
units @
26
Purchased
35
units @
$11
per unit
Calculate the cost of goods sold for July and ending inventory
at July 31 using (a) first-in, first-out, (b) last-in, first-out,
and (c) the weighted-average cost...
The Lippert Company uses the periodic inventory system. The following July data are for an item...
The Lippert Company uses the periodic inventory system. The
following July data are for an item in loppers inventory:
July 1 Beginning Inventory 100 units@ $8 per unit
10 Purchased 120 units@ $9 per unit
15 sold 130 units@
26 Purchased 95 units@ $10 per unit
Calculate the cost of goods sole for July and ending inventory
at July 31 using (a) first-in, first out (b) last-in, first out and
(c) the weighted- average cost methods. Round your final answers...
Crane Company uses a periodic inventory system and its accounting records include the following inventory information...
Crane Company uses a periodic inventory system and its
accounting records include the following inventory information for
the month of July:
Units
Unit Cost
Total Cost
July 1
Inventory on hand
150
$6.00
$900.00
12
Purchase
230
7.00
1,610.00
20
Sale
(250)
0
28
Purchase
490
9.00
4,410.00
A physical inventory count determined that 620 units were on hand
at July 31.
(a)
Calculate the ending inventory and the cost of goods sold under (1)
FIFO and (2) weighted average....
Bailey Company uses a periodic inventory system and its inventory records contain the following information: Units...
Bailey Company uses a periodic inventory system and its
inventory records contain the following information:
Units
Total
Cost
Beginning Inventory:
300
$780
Purchased on May 10
400
1,170
Purchased on June 15
500
1,260
Purchased on August 28
300
990
1,500
$4,200
The company sold 1,000 units during June. There were no additional
purchases or sales during the remainder of the year. The company
had 500 units were in its ending inventory at the end of the
year....
SAP Co. uses a periodic inventory system. It records show the following for the month of...
SAP Co. uses a periodic inventory system. It records show the
following for the month of February:
Date Units UnitPrice Total Cost
2/1 40 $20.00 $800
2/15 Purchases 130 22.00 2,860
2/24 Purchases 110 23.50 2,585
Totals 280 $6,245
2/20 Sales 100 47.00
2/27 Sales 130 47.00
Given the information above, please calculate COGS,Ending
Inventory, and Gross Profit under each of the following methods.
(Please explain)
1) FIFO:
2) LIFO:
3) Average Cost:
Buffalo Industries uses a periodic inventory system. Its records show the following for the month of...
Buffalo Industries uses a periodic inventory system. Its records
show the following for the month of May, in which 68 units were
sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
35
$9
$315
15
Purchase
25
10
250
24
Purchase
40
11
440
Total
100
$1,005
(a)
Calculate the weighted-average unit cost. (Round
answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$Enter the Weighted-average unit cost in dollars
Calculate the ending inventory at May 31...
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