The Delta company uses a periodic inventory system. The beginning balance of inventory and purchases made...

The Delta company uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2018 are given below: (1.5 pt)

July 01: Beginning inventory, 500 units @ $20 per unit.
July 18: Inventory purchased, 800 units @ $24 per unit.
July 25: Inventory purchased, 700 units @ $26 per unit.
July 29: Inventory purchased, 400 units @$25 per unit.

Ending Inventory on July 30, 2018 were 500 units.

Calculate the number of units sold during July 2018
Compute the Cost of goods sold in July using the following inventory costing methods:
1. First in, first out (FIFO) method
2. Last in, first out (LIFO) method
3. Average Cost method.
Compute the cost of the Ending Inventory of July, 2018 using the Average Cost method

Solutions

Expert Solution

FIFO:

LIFO:

Average Cost:

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Delta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...

Delta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below: July 01: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The Delta company sold 1,400 units during the month of July. Required: Compute the cost of goods sold and ending inventory...

Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...

Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of March 2019 are given below: March 01: Beginning inventory, 450 units @ $18 per unit. March 18: Inventory purchased, 600 units @ $20 per unit. March 25: Inventory purchased, 700 units @ $26 per unit. The Mark company sold 1,300 units during the month of July. Required: Calculate the cost of goods sold and ending inventory...

Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...

Maple company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of March 2019 are given below: • March 01: Beginning inventory, 450 units @ $18 per unit. • March 18: Inventory purchased, 600 units @ $20 per unit. • March 25: Inventory purchased, 700 units @ $26 per unit. The Mark company sold 1,300 units during the month of March. Required: Calculate the cost of goods sold...

A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.

A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: Purchased 30 units at SAR11 per unit February 5: Purchased 30 units at SAR 13 per unit March 16: Sold 50 Units for SAR 15 per unit A.Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method. LIFO inventory valuation method. Weighted average valuation method. B. What is the cost of...

A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.

Q1- A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark) Q2- Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method. (1Mark) Q3- A company that uses a perpetual inventory system made the following cash purchases and sales. There was...

A company uses a perpetual inventory system. The company's beginning inventory of shoes and the purchases...

A company uses a perpetual inventory system. The company's beginning inventory of shoes and the purchases during a month as as follows: Beginning Inventory Jan 1: 16 pairs at $10 ea Purchase Jan 11: 14 pairs @ $12 ea Purchase Jan 20: 23 pairs at $15 ea On Jan 14 the company sold 25 units of shoes. The other 28 units remained in inventory at Jan 31. Question 1: Assuming the company uses the average cost flow assumption what is...

Q4. Malik Company uses a periodic inventory system. The beginning inventory of a particular product, and...

Q4. Malik Company uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Date Transaction Units Price Amount Jan 1 Beginning inventory 60 $105 6,300 Mar 8 Purchase 30 $115 Aug 11 Purchase 90 $125 Oct. 23 Purchase 20 $135 At December 31, the ending inventory of this product consisted of 55 and selling price during year was $150. Using periodic costing procedures, determine the following under each...

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 2,050...

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 2,050 units at $23 each on January 1. Xu purchases 2,300 units at $22 each in February and 1,100 units at $24 each in March. There were no additional purchases or sales during the remainder of the year. Xu sells 2,100 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold?

The Schofield Inc. uses a periodic inventory system. The company has a beginning inventory of 1,250...

The Schofield Inc. uses a periodic inventory system. The company has a beginning inventory of 1,250 units at $15 each on January 1. Schofield purchases 1,500 units at $14 each in February and 700 units at $16 each in March. There were no additional purchases or sales during the remainder of the year. Schofield sells 1,300 units during the quarter. If Schofield uses the LIFO method, what is its cost of goods sold? Multiple Choice $19,400 $20,800 $19,600 $650.

Cullumber Company uses the periodic inventory system and had 100 units in beginning inventory at a...

Cullumber Company uses the periodic inventory system and had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Cullumber had 60 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.

Subjects