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
ekkarill92 answered 2 years agoRelated 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...
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