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In: Accounting
Delta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...
Delta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below:
- July 01: Beginning inventory, 500 units @ $20 per unit.
- July 18: Inventory purchased, 800 units @ $24 per unit.
- July 25: Inventory purchased, 700 units @ $26 per unit.
The Delta company sold 1,400 units during the month of July.
Required: Compute the cost of goods sold and ending inventory on July 31, 2019 using the following inventory costing methods:
- First in, first out (FIFO) method
- Weighted Average cost method
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...
Maple company uses the periodic inventory system. The beginning
balance of inventory and subsequent inventory purchases made by the
company during the month of March 2019 are given below:
March 01: Beginning inventory, 450
units @ $18 per unit.
March 18: Inventory purchased, 600
units @ $20 per unit.
March 25: Inventory purchased, 700
units @ $26 per unit.
The Mark company sold 1,300 units during the month of July.
Required:
Calculate the cost of goods sold and ending inventory...
Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...
Maple company uses the periodic inventory system. The
beginning balance of inventory and subsequent inventory purchases
made by the company during the month of March 2019 are given
below:
• March 01: Beginning inventory, 450 units @ $18 per unit.
• March 18: Inventory purchased, 600 units @ $20 per unit.
• March 25: Inventory purchased, 700 units @ $26 per unit.
The Mark company sold 1,300 units during the month of March.
Required:
Calculate the cost of goods sold...
The Delta company uses a periodic inventory system. The beginning balance of inventory and purchases made...
The Delta company uses a periodic inventory system. The
beginning balance of inventory and purchases made by the company
during the month of July, 2018 are given below: (1.5 pt)
July 01: Beginning inventory, 500 units @ $20 per unit.
July 18: Inventory purchased, 800 units @ $24 per unit.
July 25: Inventory purchased, 700 units @ $26 per unit.
July 29: Inventory purchased, 400 units @$25 per unit.
Ending Inventory on July 30, 2018 were 500 units.
Calculate the...
A company uses a perpetual inventory system. The company's beginning inventory of shoes and the purchases...
A company uses a perpetual inventory system. The company's
beginning inventory of shoes and the purchases during a month as as
follows:
Beginning Inventory Jan 1: 16 pairs at $10 ea
Purchase Jan 11: 14 pairs @ $12 ea
Purchase Jan 20: 23 pairs at $15 ea
On Jan 14 the company sold 25 units of shoes. The other 28 units
remained in inventory at Jan 31.
Question 1: Assuming the company uses the average cost flow
assumption what is...
Q4. Malik Company uses a periodic inventory system. The beginning inventory of a particular product, and...
Q4. Malik Company uses a periodic
inventory system. The beginning inventory of a particular product,
and the purchases during the current year, were as follows:
Date
Transaction
Units
Price
Amount
Jan 1
Beginning inventory
60
$105
6,300
Mar 8
Purchase
30
$115
Aug 11
Purchase
90
$125
Oct. 23
Purchase
20
$135
At December 31, the ending inventory
of this product consisted of 55 and selling price during year was
$150. Using periodic costing procedures, determine the following
under each...
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 2,050...
The Xu Corporation uses a periodic inventory system. The company
has a beginning inventory of 2,050 units at $23 each on January 1.
Xu purchases 2,300 units at $22 each in February and 1,100 units at
$24 each in March. There were no additional purchases or sales
during the remainder of the year.
Xu sells 2,100 units during the quarter. If Xu uses the LIFO
method, what is its cost of goods sold?
The Schofield Inc. uses a periodic inventory system. The company has a beginning inventory of 1,250...
The Schofield Inc. uses a periodic inventory system. The company
has a beginning inventory of 1,250 units at $15 each on January 1.
Schofield purchases 1,500 units at $14 each in February and 700
units at $16 each in March. There were no additional purchases or
sales during the remainder of the year.
Schofield sells 1,300 units during the quarter. If Schofield uses
the LIFO method, what is its cost of goods sold?
Multiple Choice
$19,400
$20,800
$19,600
$650.
Cullumber Company uses the periodic inventory system and had 100 units in beginning inventory at a...
Cullumber Company uses the periodic inventory system and had 100
units in beginning inventory at a total cost of $10,000. The
company purchased 200 units at a total cost of $26,000. At the end
of the year, Cullumber had 60 units in ending inventory.
Compute the cost of the ending inventory and the cost of goods
sold under FIFO, LIFO, and average-cost.
The Concord Company counted physically their beginning balance on January 02, 2020 and subsequent inventory purchases...
The Concord Company counted physically their beginning balance
on January 02, 2020 and subsequent inventory purchases made by the
company during the month of January 2020 are given below:
Date Description Units Rate
Jan. 02 Beginning Inventory 300 $10
Jan. 11 Purchased 600 12
Jan 23 Purchased 700 11
The company sold 1,300 units during the month of January
2020.
Instructions: The company uses periodic
inventory system. Compute the cost of goods sold and ending
inventory on January 31,...
Dollarmart Inc. uses the periodic inventory system. The beginning inventory was $108,000 and that is the...
Dollarmart Inc. uses the periodic inventory system. The
beginning inventory was $108,000 and that is the January 1 balance
in the inventory account. The ending inventory was $120,000.
The following transactions occurred throughout the year:
January 18: Purchased $50,000 of merchandise for resale for
cash.
March 20: Purchased $80,000 of merchandise for resale on
account.
April 4: Returned $6,000 of the March 20 purchase.
August 22: Purchased $260,000 of merchandise for resale on
account.
Required
Using the periodic inventory system,...
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