Question

In: Accounting

The units of an item available for sale during the year were as follows: Jan. 1...

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 40 units @ $124
Mar. 10 Purchase 70 units @ $134
Aug. 30 Purchase 20 units @ $140
Dec. 12 Purchase 70 units @ $142

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method Merchandise Inventory Merchandise Sold
First-in, first-out (FIFO) $ $
Last-in, first-out (LIFO)
Weighted average cost

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $115 Feb. 17 Purchase 88 units at $140 July 21 Purchase 35 units at $128 Nov. 23 Purchase 15 units at $155 There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the...
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $41 Feb. 17 Purchase 12 units at $42 Jul. 21 Purchase 11 units at $45 Nov. 23 Purchase 8 units at $47 There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required. a....
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $15 Feb. 17 Purchase 1,375 units at $16 July 21 Purchase 1,500 units at $17 Nov. 23 Purchase 1,125 units at $18 There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b. Determine the...
The units of an item available for sale during the year were as follows: January 1...
The units of an item available for sale during the year were as follows: January 1 Inventory 40 Units at $165 $6,600 August 13 Purchase 200 Units at $180 $36,000 November 30 Purchase 60 Units at $200 $12,000   Available for Sale 300 Units $54,600 There are 75 Units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO)...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 27 units at $400 Feb. 19   Purchase 54 units at $460 June 8   Purchase 63 units at $520 Oct. 7   Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 25 units at $400 per unit Feb. 19   Purchase 56 units at $460 per unit June 8   Purchase 60 units at $540 per unit Oct. 7   Purchase 56 units at $550 per unit There are 47 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 7 units @ $24 per unit Feb. 17   Purchase 19 units @ $25 per unit Jul. 21   Purchase 19 units @ $28 per unit Nov. 23   Purchase 9 units @ $29 per unit There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 Feb. 19 Purchase 54 units at $460 June 8 Purchase 63 units at $520 Oct. 7 Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 17 units @ $38 per unit Feb. 17   Purchase 4 units @ $40 per unit Jul. 21   Purchase 11 units @ $42 per unit Nov. 23   Purchase 12 units @ $44 per unit There are 22 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1...
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $32 $736 June 16 Purchase 28 units @ $33 924 Nov. 28 Purchase 43 units @ $35 1,505 94 units $3,165 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT