Question
In: Accounting
Bramble Corp. had 1,900 units of part T on hand April 1, 2017, costing $8 each....
Bramble Corp. had 1,900 units of part T on hand April 1, 2017,
costing $8 each. During April, Bramble made the following purchases
of part T.
| Units | Unit Cost |
|||||
|---|---|---|---|---|---|---|
| April | 4 | 2,900 | $8.25 | |||
| 10 | 4,500 | 8.40 | ||||
| 19 | 1,100 | 9 | ||||
| 29 | 2,700 | 9.90 |
A physical count at April 30, 2017 showed 3,900 units of Part T on
hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO method, what is the inventory cost?
Using the average-cost method, what is the inventory cost?
(Round average cost per unit to 2 decimal places, e.g.
15.25 and final answers to 0 decimal places, e.g.
1,620.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Blue Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each....
Blue Corp. had 1,800 units of part T on hand April 1, 2017,
costing $8.00 each. During April, Blue made the following purchases
of part T.
Units
Unit
Cost
April
4
2,800
$8.25
10
4,800
8.40
19
1,200
9.00
29
2,500
9.90
A physical count at April 30, 2017 showed 4,000 units of Part T on
hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO method, what is the...
Blue Corp. had 2,100 units of part T on hand April 1, 2017, costing $ 8.00...
Blue Corp. had 2,100 units of part T on hand April 1, 2017,
costing $ 8.00 each. During April, Blue made the following
purchases of part T.
Units
Unit
Cost
April
4
2,900
$ 8.25
10
4,600
8.40
19
1,100
9.00
29
2,900
9.90
A physical count at April 30, 2017 showed 4,200 units of Part T on
hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO method, what...
Bonita Corp. had 1,800 units of part M.O. on hand May 1, 2020, costing $27 each....
Bonita Corp. had 1,800 units of part M.O. on hand May 1, 2020,
costing $27 each. Purchases of part M.O. during May were as
follows. Units Units Cost May 9 2,300 $29 17 3,800 30 26 1,300 31 A
physical count on May 31, 2020, shows 2,300 units of part M.O. on
hand. Using the FIFO method, what is the cost of part M.O.
inventory at May 31, 2020? Using the LIFO method, what is the
inventory cost? Using the...
44. Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and...
44. Partridge Bookstore had 500 units on hand at January 1,
costing $9 each. Purchases and sales during the month of January
were as follows:
Date Purchases Sales
Jan. 14 375 @ $14
17 250 @ $10
25 250 @ $11
29 260 @ $16
Partridge does not maintain perpetual inventory records.
According to a physical count, 365 units were on hand at January
31.
The cost of the inventory at January 31, under the LIFO...
Bramble Corp. issues 4200, 10-year, 8%, $1000 bonds dated January 1, 2017, at 97. The journal...
Bramble Corp. issues 4200, 10-year, 8%, $1000 bonds dated
January 1, 2017, at 97. The journal entry to record the issuance
will show a
A) credit to Cash for $4074000.
B) debit to Cash of $4200000.
C) credit to Bonds Payable for $4074000.
D)debit to Discount on Bonds Payable for $126000.
Aug.1 Inventory on hand—2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14...
Aug.1
Inventory on
hand—2,800 units; cost $6.10 each.
8
Purchased 14,000
units for $6.30 each.
14
Sold 11,200
units for $12.80 each.
18
Purchased 8,400
units for $6.40 each.
25
Sold 10,200
units for $11.80 each.
28
Purchased 4,800
units for $5.80 each.
31
Inventory on
hand—8,600 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would report in its August 31, 2021,
balance sheet and the cost of goods sold it would report...
Aug.1 Inventory on hand—3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14...
Aug.1
Inventory on
hand—3,900 units; cost $8.00 each.
8
Purchased 19,500
units for $7.40 each.
14
Sold 15,600
units for $13.90 each.
18
Purchased 11,700
units for $6.60 each.
25
Sold 14,600
units for $12.90 each.
28
Purchased 5,900
units for $5.80 each.
31
Inventory on
hand—10,800 units.
Using calculations based on a perpetual inventory system,
determine the inventory balance Altira would report in its August
31, 2021, balance sheet and the cost of goods sold it would report
in...
Aug.1 Inventory on hand—2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14...
Aug.1
Inventory on
hand—2,800 units; cost $6.10 each.
8
Purchased 14,000
units for $6.30 each.
14
Sold 11,200
units for $12.80 each.
18
Purchased 8,400
units for $6.40 each.
25
Sold 10,200
units for $11.80 each.
28
Purchased 4,800
units for $5.80 each.
31
Inventory on
hand—8,600 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would report in its August 31, 2021,
balance sheet and the cost of goods sold it would report...
Deneen's Manufacturing plan had 600 adding machines on hand May 1, 2019, each costing $16 each....
Deneen's Manufacturing plan had 600 adding machines on hand May
1, 2019, each costing $16 each. Purchases and sales during May:
MONTH
MONTH
DATE
PURCHASES
SALES
MAY
12
150 @17
200 @ $25
14
100 @ $18
29
30
150 @ $30
DENEEN DOESN'T KEEP PERPETUAL INVENTORY RECORDS. SHE COUNTED 200
ADDING MACHINES ON HAND 5/31/2019.
1. WHAT WAS THE AMOUNT OF ENDING INVENTORY AT MAY 31, 2020, AND
COST OF GOODS SOLD FOR THE MONTH ENDED MAY 31, 2019,...
Problem 8-6A On January 1, 2017, Novak Corp. had Accounts Receivable of $54,300 and Allowance for...
Problem 8-6A
On January 1, 2017, Novak Corp. had Accounts Receivable of
$54,300 and Allowance for Doubtful Accounts of $3,700. Novak Corp.
prepares financial statements annually. During the year, the
following selected transactions occurred:
Jan. 5
Sold $3,600 of merchandise to Rian Company, terms n/30.
Feb. 2
Accepted a $3,600, 4-month, 9% promissory note from Rian
Company for balance due.
12
Sold $10,800 of merchandise to Cato Company and accepted Cato’s
$10,800, 2-month, 10% note for the balance due.
26
Sold $12,200...
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