Question
In: Accounting
During the month of September 2015, Emily Company had the following information regarding the buying and...
During the month of September 2015, Emily Company had the
following information regarding the buying and selling of its
inventory.
| Sept. | 1 | Beginning inventory of 350 units @ $120 per unit. | |
| 8 | Purchased 425 units @ $130 per unit. | ||
| 12 | Sold 260 units. | ||
| 17 | Sold 140 units. | ||
| 23 | Purchased 100 units @ $150 per unit. | ||
| 25 | Purchased 150 units @ $160 per unit. | ||
| 30 | Sold 100 units. |
Compute the value of the ending inventory at the end of
September under the LIFO perpetual cost flow assumption.
(Do not use dollar signs ($) when entering amounts. To
see comma-formatted numbers reflected in your final answers, you
must enter your answers with commas.)
| Date | Number of Units | Cost/Unit | Total | |||
|
Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 |
$ | $ | ||||
|
Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 |
||||||
|
Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 |
||||||
|
Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 |
||||||
| Ending Inventory | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
During the month of September 2015, Emily Company had the following information regarding the buying and...
During the month of September 2015, Emily Company had the
following information regarding the buying and selling of its
inventory.
Sept.
1
Beginning inventory of 340 units @ $130 per unit.
8
Purchased 435 units @ $140 per unit.
12
Sold 260 units.
17
Sold 130 units.
23
Purchased 110 units @ $160 per unit.
25
Purchased 160 units @ $170 per unit.
30
Sold 110 units.
Compute the value of the ending inventory at the end of
September under...
During the month of September 2015, Emily Company had the following information regarding the buying and...
During the month of September 2015, Emily Company had the
following information regarding the buying and selling of its
inventory.
Sept.
1
Beginning inventory of 350 units @ $120 per unit.
8
Purchased 425 units @ $130 per unit.
12
Sold 260 units.
17
Sold 140 units.
23
Purchased 100 units @ $150 per unit.
25
Purchased 150 units @ $160 per unit.
30
Sold 100 units.
Compute the value of the ending inventory at the end of September
under...
The following information is available regarding Desjardins Inc.’s bank information for September 2015: 1，The balance on...
The following information is available regarding
Desjardins Inc.’s bank information for
September 2015:
1，The balance on the September 30, 2015 Bank Statement was
$8,316.
2，The company’s cash account showed a balance of $8,706 on
September 30.
3，A deposit of $800 made by Desjardins
Inc. late on September 30 was not included on the
Bank Statement.
4，A comparison between the cancelled cheques returned with the
Bank Statement and the company records indicates that the following
cheques were still outstanding on September...
The company had the following transactions during September. Sept. 1 – The company sold shares of...
The company had the following transactions during
September.
Sept. 1 – The company sold shares of common stock for $30,000
cash.
Sept. 1 – The company purchased a one-year insurance policy for
$300 in cash.
Sept. 1 – The company purchased office equipment costing $8,000
by signing a 6% note. The Equipment has a 5 year life and no
salvage value. The note requires monthly principal payments of $225
beginning on October 1st until the balance is paid.
Sept. 10...
Q. 2. Bob Sample opened Campus Laundry on September 1, 2015. During the first month of...
Q. 2. Bob Sample opened Campus Laundry on September 1, 2015.
During the first month of operations the following transactions
occurred.
September 1: Stockholders invested 80,000 SR cash in the
business.
September 2: Cash deposited into Commercial Bank SR 15,000.
September 3: Paid 2,500 SR cash for store rent for the month of
September.
September 4: Purchased washers and dryers for 45,000 SR
September 6: Paid 2,800 SR for one-year insurance policy.
September 20: Declared and paid a 2,900 SR...
1. Smith Company had the following purchases and inventory levels during September. Use this data to...
1. Smith Company had the following purchases and inventory
levels during September. Use this data to calculate the cost of
goods sold expense using the FIFO method.
September 1
Beginning Inventory
15 units at $20 each
September 10
Purchase
20 units at $25 each
September 20
Purchase
25 units at $28 each
September 30
Ending Inventory
30 units
a) $825
b) $750
c) 675
d) 600
2) Refer to the data in the previous question. What is the value
of...
Jackson Inc. had the following production and cost information for its fabrication department during the month...
Jackson Inc. had the following production and cost information
for its fabrication department during the month of March (materials
are added at the beginning of the fabrication process):
Production:
Units in process, March 1, 50%
complete with respect to conversion
5,000
Units completed
32,600
Units in process, March 30, 60%
complete
6,000
Costs:
Work
in process, March 1:
Materials
$20,000
Conversion costs
15,100
Total
$35,100
Current costs:
Materials
$62,500
Conversion costs
105,000
Total
$167,500
Jackson uses the weighted average method....
Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment...
Thomas Company had the following information related to
September 2020:
1) Depreciation on the store equipment was $60,000 for the
month.
2) Sales of merchandise inventory for the month of September
were $1,800,000, of which $1,200,000 was paid in cash and the
remaining amount sold on credit. The cost of the merchandise sold
was $1,080,000.
3) The next payroll will be $144,000 and will be paid on October
12. This payroll will cover wages earned during the last week of...
1. Kirkland Company provided the following information for the month ended July 31, 2015, based on...
1. Kirkland Company provided the following information
for the month ended July 31, 2015, based on selling 1,000 units of
its bottled water.
Sales Revenue
$800,000
Variable Costs
$300,000
Fixed Costs
$100,000
What is Kirkland's margin of safety?
2. Chutes Company sells slides for $400 each. If their
fixed costs total $300,000, how many slides must Chutes sell to
breakeven if variable costs are $100 each?
3. Chutes Company sells slides for $400 each. If their
fixed costs total $300,000,...
Emily Valley is a licensed dentist. During the first month of operation of her business, the...
Emily Valley is a licensed dentist. During the first month of
operation of her business, the following events and transactions
occurred.
Journalize transactions, post, and prepare a trial
balance.
Apr. 1
Invested $20,000 cash in her business.
1
Hired a secretary-receptionist at a salary of $700 per week,
payable monthly.
2
Paid office rent for the month of $1,100.
3
Purchased dental supplies on account from Dazzle Company of
$4,000.
10
Performed dental services and billed insurance companies
$5,100.
11
Received...
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