Question
In: Accounting
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for...
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for the month of March.
Units Cost Per Unit
Beginning Inventory (March 1) 250 $12
Purchase (March 25th) 130 $13
Purchase (March 28th) 285 $15
Sale (March 30th) 350
1. If the company uses a FIFO inventory method, what will be COST OF GOODS SOLD for the month of March? (please only enter positive numbers)
Use the same information as for Question 1 If the company uses a LIFO inventory method what will be the value of ENDING INVENTORY? (please only enter positive numbers)
Use the same information as in Question 1. If the company uses a Weighted Average inventory method, what will be the WEIGHTED AVERAGE COST PER UNIT? (please round to two decimals)
Solutions
Expert Solution
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
ekkarill92 answered 1 year agoRelated Solutions
Easton Company uses the periodic inventory system and had the following inventory & sales activity for...
Easton Company uses the periodic inventory system and
had the following inventory & sales activity for the month of
May 2019:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
130
$10
5/5
Purchase
210
$12
5/15
Purchase
350
$14
5/25
Purchase
310
$16
Sales were 470 units at $20. Using the FIFO
method, determine the dollar value of Cost of Goods Sold for the
month of May.
Alpha Company uses the periodic inventory system and had the following inventory & sales activity for...
Alpha Company uses the periodic inventory system and had the
following inventory & sales activity for the month of May
2016:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
150
$10
5/5
Purchase
200
$12
5/15
Purchase
300
$14
5/25
Purchase
150
$16
Sales were 525 units at $20. Using the LIFO method,
determine the dollar values following for the month of May:
1. Ending Inventory
2. Cost of Goods Available for Sale
3. Cost of Goods Sold
Happy Company uses the periodic inventory method and had the following inventory information available:
Happy Company uses the periodic inventory method and had the
following inventory information available:
Units Unit Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$400
1/20
Purchase
400
$6
$2400
7/25
Purchase
200
$7
$1400
10/20
Purchase
300
$8
$2400
1,000
$6,600
A physical county if inventory on December 31 revealed that
there were 400 units on hand
Answer questions below and show computations supporting the
answer:
Assume that the company uses the FIFO...
3. Easton Company uses the periodic inventory system and had the following inventory & sales activity...
3. Easton Company uses the periodic inventory system and had the
following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price 5/1 Beginning Inventory 100 $10
5/5 Purchase 240 $12 5/15 Purchase 270 $14 5/25 Purchase 320 $16
Sales were 430 units at $20. Using the FIFO method, determine the
dollar value of Cost of Goods Sold for the month of May.
Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...
Swifty Corp. uses a periodic inventory system. The company had
the following inventory transactions in April:
April
3
Purchased merchandise from Blue Spruce Ltd. for $26,000, terms
1/10, n/30, FOB shipping point.
6
The appropriate company paid freight costs of $770 on the
merchandise purchased on April 3.
7
Purchased supplies on account for $5,050.
8
Returned damaged merchandise to Blue Spruce and was given a
purchase allowance of $3,700. The merchandise was repaired by Blue
Spruce and returned to...
Flint Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...
Flint Corp. uses a periodic inventory system. The company had
the following inventory transactions in April:
April
3
Purchased merchandise from Pina Colada Ltd. for $27,200, terms
n/30, FOB shipping point.
6
The appropriate company paid freight costs of $710 on the
merchandise purchased on April 3.
7
Purchased supplies on account for $4,940.
8
Returned damaged merchandise to Pina Colada received a credit
of $3,200. The merchandise was returned to inventory for future
resale.
30
Paid the amount due...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had the
following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there
were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had
the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that
there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
SJH Company uses the periodic inventory method and had the following inventory information available: &n
SJH Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$5
2,000
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,200
A physical count of inventory on December 31 revealed that there
were 350 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Q. Assume that the
company uses...
Shanrock Company uses the periodic inventory method and had the following inventory information available: &nb
Shanrock Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$6
2,400
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,600
A physical count of inventory on December 31 revealed that there
were 400 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Assume that the...
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