Question

In: Accounting

Ace Corp. had the following information for the year. Beginning Inventory at January 1       200 units...

Ace Corp. had the following information for the year.

Beginning Inventory at January 1       200 units @ $160 per unit

Inventory Purchase, March                400 units @ $180 per unit

Inventory Purchase, August                300 units @ $200 per unit

Inventory Purchase, October              25 units @ $21 per unit

Ending Inventory at December 31      350 units

What is Ace Corp’s:

Cost of goods sold for the year, using FIFO?

Ending inventory at December 31, using FIFO?

Cost of goods sold for the year, using LIFO?

Ending inventory at December 31, using LIFO?

Cost of goods sold for the year, using Average Cost?

Ending inventory at December 31, using Average Cost?

Solutions

Expert Solution


Related Solutions

Sekhon company had a beginning inventory on January 1 of 200 units of product 4-18-15 at...
Sekhon company had a beginning inventory on January 1 of 200 units of product 4-18-15 at cost of $20 per unit. During the year, the following purchases were made. Mar. 15 500 units at $21, July 20 313 units at $22 Sept. 4 413 units at $27. Dec. 2. 125 units at $31 1250 units were sold. Sekhon Company uses a periodic inventory system. 1. Determine the cost of good available for sale. 2. Calculate average cost per unit. 3....
During the most recent year, Boston Corp. had the following data: Beginning inventory in units         -  ...
During the most recent year, Boston Corp. had the following data: Beginning inventory in units         -   Units produced               15,000 Units sold ($125 per unit) 12,000 Variable costs per unit:       Direct materials          $15       Direct labor                  $20       Variable overhead          $10 Fixed costs:       Fixed overhead per unit produced          $20       Fixed selling and administrative $ 200,000 Required: A. How many units are in ending inventory? B. Using absorption costing, calculate the per-unit product cost....
The following units are available for sale during the year: January 1 Beginning Inventory 10 units...
The following units are available for sale during the year: January 1 Beginning Inventory 10 units at $18 each April 3 Purchase 30 units at $20 each August 31 Purchase 28 units at $25 each September 29 Purchase 17 units at $30 each December 31 Ending Inventory 21 units Determine ending inventory cost by (a) FIFO method, (b) LIFO method, and (c) average cost method.
Aiello, Inc. had the following inventory in fiscal 2016. Beginning Inventory, January 1, 2016: 130 units...
Aiello, Inc. had the following inventory in fiscal 2016. Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Total units sold during the month is 370. a) Compute the company’s cost of goods sold and ending inventory for fiscal 2016 assuming the company used FIFO b) Compute the company’s cost of goods sold and ending inventory for fiscal 2016 assuming the company used LIFO methods...
Monty Corp. uses the periodic inventory system and had 150 units in beginning inventory at a...
Monty Corp. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $15,000. The company purchased 300 units at a total cost of $39,000. At the end of the year, Monty had 80 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost...
Cheyenne Corp. uses the periodic inventory system and had 160 units in beginning inventory at a...
Cheyenne Corp. uses the periodic inventory system and had 160 units in beginning inventory at a total cost of $20,000. The company purchased 320 units at a total cost of $49,600. At the end of the year, Cheyenne had 85 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.
Cheyenne Corp. uses the periodic inventory system and had 160 units in beginning inventory at a...
Cheyenne Corp. uses the periodic inventory system and had 160 units in beginning inventory at a total cost of $20,000. The company purchased 320 units at a total cost of $49,600. At the end of the year, Cheyenne had 85 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The...
Marigold Corp. had a beginning inventory of 110 units of Product RST at a cost of...
Marigold Corp. had a beginning inventory of 110 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 660 units at $8 Aug. 12 430 units at $10 May 5 530 units at $9 Dec. 8 110 units at $11 Marigold uses a periodic inventory system. Sales totaled 1,560 units. What are the ending inventory and cost of goods sold in FIFO LIFO AVERAGE-COST.
Manning Company had the following inventory balances at the beginning and end of the year: January...
Manning Company had the following inventory balances at the beginning and end of the year: January 1 December 31 Raw material $60,000 $50,000 Work in process 140,000 180,000 Finished goods 280,000 255,000 During the year, the company purchased $100,000 of raw material and incurred $340,000 of direct labor costs. Other data: manufacturing overhead incurred, $440,000; manufacturing overhead applied, $450,000 Sales, $1,560,000; Selling and administrative expenses, $90,000; Income tax rate, 30%. Required: A. Calculate cost of goods manufactured. B. Calculate cost...
Ehrlich Company had the following inventory balances at the beginning and end of the year: January...
Ehrlich Company had the following inventory balances at the beginning and end of the year: January 1   December 31 Raw material $60,000 $50,000 Work in proces 140,000   180,000 Finished goods 280,000. 255,000 During the year, the company purchased $100,000 of raw material and incurred $340,000 of direct labor costs. Other data: manufacturing overhead incurred, $440,000; manufacturing overhead applied, $450,000 Sales, $1,560,000; Selling and administrative expenses, $90,000; Income tax rate, 30%. Required: 
A. Calculate cost of goods manufactured. B. Calculate cost...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT