Question

In: Accounting

An incorporation beginning inventory and purchases during the year ended December 31, 2016, were as follows:...

An incorporation beginning inventory and purchases during the year ended December 31, 2016, were as follows:

DATE

INFO

UNIT

UNIT COST

TOTAL COST

JAN 1

INVENTORY

1200

$8.0

$9600

MAR 23

SOLD

450

APR 20

PURCHASE

500

$9.0

$4500

JUN 2

PURCHASE

800

$8.5

$6800

AUG 28

SOLD

1600

OCT 20

PURCHASE

2000

$8.3

$16600

NOV 8

PURCHASE

600

$8.6

$5160

NOV 16

SOLD

2350

TOTAL PURCHASES

5100

$42660

Determine the cost of inventory on December 31, 2016, using the periodic inventory system and each of the following inventory costing methods:

a) First-in, First-out

b) Last in, First-out

c) Weighted Average Cost

Solutions

Expert Solution

Answer to the above question is shown.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The beginning inventory and purchases of Commodity A for the period were as follows: Beginning inventory...
The beginning inventory and purchases of Commodity A for the period were as follows: Beginning inventory 24 units @ $10 each First purchase 32 units @ $11 each Second purchase 20 units @ $13 each Third purchase 20 units @ $15 each The company uses the periodic system and there were 25 units of Commodity A in the inventory at the end of the period. REQUIRED:  Determine the cost of the 25 units in the inventory by each of the following...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3: Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15:Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1: Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. May 16: Declared a dividend of $0.50 per share on common stock and $1.00 per...
The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows
The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows: Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, 2016   1 Income from operations $299,700.00 2 Gain on sale of investments 17,800.00 3 Less unrealized loss on trading investments 72,500.00 4 Net income $245,000.00   The balance sheet dated December 31, 2015, showed a Retained Earnings balance of $825,000. During 2016, the company purchased trading investments for the first time...
the segmented income statement for XYZ Company for the year ended December 31, 2016, follows: XYZ...
the segmented income statement for XYZ Company for the year ended December 31, 2016, follows: XYZ COMPANY Segmented Income Statement For the Year Ended December 31, 2016 Total Company Product A Product B Product C Sales $ 592,000 $ 297,000 $ 118,000 $ 177,000 Variable expenses 273,000 154,000 49,000 70,000 Contribution margin $ 319,000 $ 143,000 $ 69,000 $ 107,000 Fixed expenses 283,000 165,000 47,000 71,000 Operating income $ 36,000 $ (22,000 ) $ 22,000 $ 36,000 The company is...
The segmented income statement for XYZ Company for the year ended December 31, 2016, follows: XYZ...
The segmented income statement for XYZ Company for the year ended December 31, 2016, follows: XYZ COMPANY Segmented Income Statement For the Year Ended December 31, 2016 Total Company Product A Product B Product C Sales $ 610,000 $ 305,000   $ 118,000 $ 187,000 Vari. expenses 273,000 146,000 53,000 74,000 Cont. margin $ 337,000 $ 159,000 $ 65,000 $ 113,000 Fixed expenses 283,000 164,000 49,000 70,000 Oper. income $ 54,000 $ (5,000 ) $ 16,000 $ 43,000 The company is...
Inventory balances at the beginning and end of the year were as follows: Beginning of Year...
Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 54,000 $ 34,000 Work in process ? $ 31,000 Finished goods $ 37,000 ? The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of...
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory...
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,900 units at $34 Dec. 10 1,450 units at $36 Dec. 12 2,030 units Dec. 20 1,305 units at $38 Dec. 14 1,740 units Dec. 31 870 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2017. Beginning 514 units @ $87/unit Feb. 10 260 units @ $84/unit Aug. 21 140 units @ $97/unit Stilton Company has two credit sales during the period. The units have a selling price of $147 per unit. Sales Mar. 15 340 units Sept. 10 245 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 521 units @ $88/unit Feb. 10 265 units @ $85/unit Aug. 21 145 units @ $98/unit Stilton Company has two credit sales during the period. The units have a selling price of $148 per unit. Sales   Mar. 15 345 units   Sept. 10 250 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning 640 units @ $75/unit Feb. 10 350 units @ $72/unit Aug. 21 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit. Sales   Mar. 15 430 units   Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT