Question
In: Accounting
During May the following changes in inventory took place: Show all calculations: May 1 Balance 1,100...
During May the following changes in inventory took place: Show all calculations:
May 1 Balance 1,100 units @ $25 = 27500
14 Purchases 800 units @ $36 = 28,800
24 Purchases 700 units @ $30 = 21,000
May 8 Sold 500 units @ $50
19 Sold 300 units @ $49
29 Sold 600 units @ $54
A physical count indicates that 1,200 units are on hand on May 31.
Part A: Assuming the company uses the perpetual method.
A. Compute the Cost of Goods Sold to be recognized in the journal entry on May 29 assuming:
1. LIFO
2. FIFO
B. What is the moving average cost per unit of ending inventory? (round to the nearest penny)
Part B: Assuming that the company uses the Periodic method, determine the following:
A. Ending Inventory under LIFO: ________________________
B. Cost of Goods Sold Under FIFO: _______________________
C. Weighted Average cost per unit for the month: __________________
Solutions
ekkarill92 answered 2 years agoRelated Solutions
During June, the following changes in inventory item A took place: June 1 Balance 800...
During June, the following changes in inventory item A took
place:
June 1 Balance 800 units @
$20
June 8 Sold 600
units @ $50
June 10 Purchased 800 units @ $21
June 14 Sold
700 units @ $50
June 24 Purchased 600 units @ $22
Instructions
What is the cost of goods sold and the ending inventory for item
A under the following methods? (Show calculations.)
A. Periodic
(a) FIFO
(b) LIFO
(c) Average...
During April, the following changes in the single inventory product took place: April 1 Balance &nb
During April, the following changes in the single
inventory product took place:
April 1
Balance
1,400 units @ $24
8
Purchased
900 units @ $36
12
Purchased
700 units @ $30
24
Purchased
400 units @ $50
10
Sold
1,500 units @ $40
26
Sold
1,700 units @ $44
Calculate the COGS after each sales transaction and the
ending inventory after each transaction under the following
methods.
(a)
FIFO.
(b) Average Cost.
(round numbers...
During June, the following changes in inventory item 27 took place: June 1 Balance 1,470 units...
During June, the following changes in inventory item 27 took
place:
June 1
Balance
1,470 units
@ $37
8
Sold
360 units
@ $70
10
Sold
1,110 units
@ $63
14
Purchased
890 units
@ $56
24
Purchased
680 units
@ $44
29
Sold
450 units
@ $65
Perpetual inventories are maintained.
a. What is the cost of the ending inventory for item 27 under
the FIFO method?
b. What is the cost of the ending inventory for item 27...
During June, the following changes in inventory item 27 took place: June 1 Balance 1,420 units...
During June, the following changes in inventory item 27 took
place:
June 1
Balance
1,420 units
@ $35
14
Purchased
870 units
@ $55
24
Purchased
700 units
@ $45
8
Sold
300 units
@ $74
10
Sold
1,120 units
@ $60
29
Sold
510 units
@ $65
Perpetual inventories are maintained.
What is the cost of the ending inventory for item 27 under the
FIFO method?
Cost of the ending Inventory?
$
What is the cost of the...
Q3. During April, the following changes in the single inventory product took place: (1 mark). ...
Q3. During April, the following changes
in the single inventory product took place: (1 mark).
April 1
Balance
1,400 units @ $24
8
Purchased
900 units @ $36
12
Purchased
700 units @ $30
24
Purchased
400 units @ $50
10
Sold
1,500 units @ $40
26
Sold
1,700 units @ $44
Calculate the COGS after each sales transaction and the
ending inventory after each transaction under the following
methods.
(a)
FIFO.
(b) Average...
Ranieri Company maintains perpetual inventories. During June, the following changes in inventory took place:
Ranieri Company maintains perpetual inventories. During June, the following changes in inventory took place:
6/1 Balance 1,200 units @ $3.00
6/7 Sold 700 units @ $12.00
6/10 Purchased 600 units @ $3.20
6/18 Purchased 1,000 units @ $3.30
6/19 Sold 1,900 units @ $12.00
6/24 Purchased 1,300 units @ $3.40
6/25 Sold 800 units @ $12.00
6/28 Purchased 1,500 units @...
The following activities took place in the work in process inventory account during April: Beginning Balance...
The following activities took place in the work in process
inventory account during April:
Beginning Balance $15,000
Direct Materials Used $120,000
Total manufacturing labor incurred in April was $162,500, 80% of
this amount represented direct labor. The predetermined
manufacturing overhead rate is 120% of direct labor cost. Actual
manufacturing overhead costs for April amounted to $150,000.
Two jobs were completed with total costs of $120,000 and
$85,000, respectively. They were sold on account for $265,000 and
$155,000, respectively.
a) Compute...
The following changes took place last year in Pavolik Company’s balance sheet accounts: Asset and...
The following changes took place
last year in Pavolik Company’s balance sheet accounts:
Asset and Contra-Asset Accounts
Liabilities and Equity Accounts
Cash
$
8
D
Accounts
payable
$
26
I
Accounts
receivable
$
12
I
Accrued
liabilities
$
12
D
Inventory
$
34
D
Income taxes
payable
$
17
I
Prepaid
expenses
$
7
I
Bonds payable
$
108
I
Long-term
investments
$
9
D
Common stock
$
48
...
The following changes took place last year in Pavolik Company’s balance sheet accounts: Asset and...
The following changes took place
last year in Pavolik Company’s balance sheet accounts:
Asset and Contra-Asset Accounts
Liabilities and Equity Accounts
Cash
$
30
D
Accounts
payable
$
92
I
Accounts
receivable
$
34
I
Accrued
liabilities
$
34
D
Inventory
$
78
D
Income taxes
payable
$
39
I
Prepaid
expenses
$
29
I
Bonds payable
$
284
I
Long-term
investments
$
31
D
Common stock
$
136
...
Kochi Service was formed on May 1,2020. The following transactions took place during the first month...
Kochi Service was formed on May 1,2020. The following
transactions took place during the first month (amounts in
thousands)
Transactions on May 1:
Rahul Shah invested ₤40,000 cash in the company in exchange for
ordinary shares.
Hired two employees to work in the warehouse. They will each
paid a salary of ₤3,050 per month.
Signed a 2-year rental agreement on a warehouse; paid ₤24,000
cash in advance for the first year
Purchase furniture and equipment costing ₤30,000. A cash
payment...
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