Some of the information found on a detail inventory card for Splish Inc. for the first...

Some of the information found on a detail inventory card for Splish Inc. for the first month of operations is as follows.

	Received
Date	No. of Units	Unit Cost	Issued, No. of Units	Balance, No. of Units
January 2	1,600	$5.10		1,600
7			1,100	500
10	1,000	5.44		1,500
13			900	600
18	1,400	5.61	700	1,300
20			1,100	200
23	1,700	5.78		1,900
26			1,200	700
28	2,000	5.95		2,700
31			1,700	1,000

Compute the value of Ending Inventory for a LIFO Basis and an Average Cost Basis assuming a perpetual inventory system

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Problem 8-05 Some of the information found on a detail inventory card for Tamarisk Inc. for...

Problem 8-05 Some of the information found on a detail inventory card for Tamarisk Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $4.38 1,300 7 800 500 10 700 4.67 1,200 13 600 600 18 1,100 4.82 400 1,300 20 1,100 200 23 1,400 4.96 1,600 26 900 700 28 1,700 5.11 2,400 31 1,400 1,000 Calculate average-cost per unit. (Round...

Problem 8-05 Some of the information found on a detail inventory card for Tamarisk Inc. for...

Current Attempt in Progress Splish Brothers Inc. reported the following information for 2017. Splish Brothers Inc....

Current Attempt in Progress Splish Brothers Inc. reported the following information for 2017. Splish Brothers Inc. Comparative Balance Sheets December 31 Assets 2017 2016 Change Increase/Decrease Cash $55,490 $35,760 $19,730 Increase Accounts receivable 61,640 21,790 39,850 Increase Inventory 43,890 –0– 43,890 Increase Prepaid expenses 6,050 3,970 2,080 Increase Land 54,910 69,520 14,610 Decrease Buildings 198,520 198,520 –0– Accumulated depreciation—buildings (20,880 ) (13,920 ) 6,960 Increase Equipment 182,980 67,590 115,390 Increase Accumulated depreciation—equipment (28,090 ) (9,910 ) 18,180 Increase Totals $554,510...

Splish Brothers Inc. uses a periodic inventory system. Details for the inventory account for the month...

Splish Brothers Inc. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 360 $6.00 $2160 Purchase, 1/15/2022 180 ..6.40 1152 Purchase, 1/28/2022 180 ..6.60 1188 An end of the month (1/31/2022) inventory showed that 290 units were on hand. If the company uses LIFO, what is the value of the ending inventory? $1836 $1740 $1892 $2760

Presented below is information related to Splish Corporation for the current year. Beginning inventory $ 589,800...

Presented below is information related to Splish Corporation for the current year. Beginning inventory $ 589,800 Purchases 1,503,500 Total goods available for sale $2,093,300 Sales revenue 2,410,000 Compute the ending inventory, assuming that (a) gross profit is 43% of sales, (b) gross profit is 60% of cost, (c) gross profit is 33% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places,...

The reported net incomes for the first 2 years of Splish Products, Inc., were as follows:...

The reported net incomes for the first 2 years of Splish Products, Inc., were as follows: 2020, $147,800; 2021, $202,000. Early in 2022, the following errors were discovered. 1. Depreciation of equipment for 2020 was overstated $15,900. 2. Depreciation of equipment for 2021 was understated $38,300. 3. December 31, 2020, inventory was understated $49,500. 4. December 31, 2021, inventory was overstated $14,900. Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income...

Splish Brothers Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information...

Splish Brothers Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Splish Brothers Inc.’s purchases of EZslide snowboards during September. During the same month, 101 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 11 $106 $1,166 Sept. 12 Purchases 46 109 5,014 Sept. 19 Purchases 53 110 5,830 Sept. 26 Purchases 21 111 2,331 Totals 131 $14,341 Additional data regarding the company’s sales of EZslide snowboards are...

The following information is available for Splish Brothers Inc. for the year ended December 31, 2022....

The following information is available for Splish Brothers Inc. for the year ended December 31, 2022. Beginning cash balance $ 65,250 Accounts payable decrease 5,365 Depreciation expense 234,900 Accounts receivable increase 11,890 Inventory increase 15,950 Net income 411,945 Cash received for sale of land at book value 50,750 Cash dividends paid 17,400 Income taxes payable increase 6,815 Cash used to purchase building 419,050 Cash used to purchase treasury stock 37,700 Cash received from issuing bonds 290,000 Prepare a statement of...

plish Brothers Inc. reported the following information for 2022. Splish Brothers Inc. Comparative Balance Sheets December...

plish Brothers Inc. reported the following information for 2022. Splish Brothers Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Change Increase/Decrease Cash $177,000 $108,000 $69,000 Increase Accounts receivable 186,000 66,000 120,000 Increase Inventory 132,000 –0– 132,000 Increase Prepaid expenses 18,000 12,000 6,000 Increase Land 165,000 210,000 45,000 Decrease Buildings 600,000 600,000 –0– Accumulated depreciation—buildings (63,000 ) (42,000 ) 21,000 Increase Equipment 549,000 204,000 345,000 Increase Accumulated depreciation—equipment (84,000 ) (30,000 ) 54,000 Increase Totals $1,680,000 $1,128,000 Liabilities and Stockholders’...

List some inventory items found in your organization. Which of these might be classified as A,...

List some inventory items found in your organization. Which of these might be classified as A, B, or C items? Why? How would you manage these items differently depending on their classification?

Subjects