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
ekkarill92 answered 2 years agoRelated 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...
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