Question
In: Accounting
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.10 Purchase on January 9 50 2.30 Purchase on January 25 100 2.44 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Solutions
Expert Solution
- Working
|
Perpetual LIFO |
Cost of Goods available for sale |
Cost of Goods Sold – Jan 26 |
Inventory Balance |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
230 |
$ 2.10 |
$ 483.00 |
110 |
$ 2.10 |
$ 231.00 |
120 |
$ 2.10 |
$ 252.00 |
|
Purchases: |
|||||||||
|
09-Jan |
50 |
$ 2.30 |
$ 115.00 |
50 |
$ 2.30 |
$ 115.00 |
0 |
$ 2.30 |
$ - |
|
25-Jan |
100 |
$ 2.44 |
$ 244.00 |
100 |
$ 2.44 |
$ 244.00 |
0 |
$ 2.44 |
$ - |
|
TOTAL |
380 |
$ 842.00 |
260 |
$ 590.00 |
120 |
$ 252.00 |
|||
- Cost of ending Inventory of 120 units = $ 252
- Answer = $ 252
ekkarill92 answered 2 years agoRelated Solutions
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 320 units. Ending inventory at January 31 totals 140
units.
Units
Unit Cost
Beginning inventory on January 1
290
$
2.70
Purchase on January 9
70
2.90
Purchase on January 25
100
3.04
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
FIFO method. Use a...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 400 units. Ending inventory at January 31 totals 150 units.
Units Unit Cost Beginning inventory on January 1 360 $ 3.50
Purchase on January 9 80 3.70 Purchase on January 25 110 3.80
Required: Assume the perpetual inventory system is used. Determine
the costs assigned to ending inventory when costs are assigned
based on LIFO.
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 390 units. Ending inventory at January 31 totals 150 units.
Units Unit Cost Beginning inventory on January 1 350 $ 3.40
Purchase on January 9 80 3.60 Purchase on January 25 110 3.70
Required: Assume perpetual LIFO:
Perpetual: Inventory costing with FIFO A company reports the following beginning inventory and two purchases for...
Perpetual: Inventory costing with FIFO
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 360 units. Ending inventory at January 31 totals 130
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
Required:
Assume the perpetual inventory system is used and then determine
the costs assigned to ending inventory when costs...
beginning inventory, purchases and sales data for the month of august are as follows beginning inventory...
beginning inventory, purchases and sales data for the month of
august are as follows beginning inventory 10 units @ 25 august 5
sale 5 units august 10 purchase 18 units @ 27 august 12 sale 13
units August 27 purchase 10 units @ 30 assuming the business
maintains a perpetual inventory system, calculate the cost of goods
sold and Ending inventory using FIFO, LIFO , Weighted Average
Purple Company uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
Purple Company uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
Quantity
Unit Cost
Total Cost
Beginning inventory, Jan 1
16
$10
$160
Purchase, Jan 11
14
$12
$168
Purchase, Jan 20
23
$15
$345
Totals
53
$673
On January 25, Purple Company sold 25 units of this product The other 28 units remained in inventory at January 31.
Determine the Cost...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out.
C.
Compute gross profit under for
a...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out
Compute gross profit under for a and b....
The beginning inventory for Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory for Midnight Supplies and data on
purchases and sales for a three month period 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
45,000
89.50
4,027,500
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
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
2,500
$70.00
$175,000
10
Purchase
8,000
78.00
624,000
28
Sale
3,800
140.00
532,000
30
Sale
1,250
140.00
175,000
Feb.
5
Sale
500
140.00
70,000
10
Purchase
17,000
80.00
1,360,000
16
Sale
9,100
145.00
1,319,500
28
Sale
8,700
145.00
1,261,500
Mar.
5
Purchase
14,300
81.60
1,166,880
14...
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