Question
In: Accounting
DATE TRANSACTION # Units Price/Unit June 1 Beginning Inventory 50 $102 June 5 Sale 30 June...
| DATE | TRANSACTION | # Units | Price/Unit |
| June 1 | Beginning Inventory | 50 | $102 |
| June 5 | Sale | 30 | |
| June 10 | Purchase | 100 | $110 |
| June 17 | Sale | 60 | |
| June 30 | Ending Inventory | 60 | |
| July 2 | Purchase | 100 | $108 |
| July 8 | Sale | 110 | |
| July 14 | Purchase | 50 | $112 |
| July 18 | Sale | 40 | |
| July 22 | Purchase | 60 | $117 |
| July 26 | Sale | 50 | |
| July 31 | Ending Inventory | 70 |
1. Assuming perpetual inventory and LIFO, what is COGS in June?
2. Assuming perpetual inventory and average cost, what is COGS in July?
3. Assuming perpetual inventory and FIFO, what is the July 31 Ending inventory balance?
4. If your goal was to minimize the taxes you would pay for the month of July, which inventory valuation method would you use; average cost, FIFO, or LIFO?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The inventory transactions of VTS Corporation are shown below. Date Transaction Number of Units Unit Cost/Price...
The inventory transactions of VTS Corporation are shown
below.
Date
Transaction
Number of Units
Unit Cost/Price
Jan. 1
Beginning inventory
500
$
10
Feb. 25
Sale
300
20
May 21
Purchase
400
12
Jul. 15
Purchase
500
15
Dec. 10
Sale
800
20
All purchase/sale transactions are made on credit. The company uses
the FIFO method and perpetual inventory system to record
transactions. What is the amount of LIFO adjustment needed to
adjust FIFO inventory records reported for the year...
Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units...
Beg Inventory
50 units at $5 each
Purchase
10 units at $6 each
Sale
30 units at $15 each
Purchase
10 units at $7 each
Sale
25 unites at $15 each
a .)Find Cost of Goods Sold and Ending Inventory using the FIFO
method
B.)Find Cost of Goods Sold and Ending Inventory using the LIFO -
Perpetual
Date Transaction Units Cost Sell 1/1 Beginning inventory 1,700 $28 3/6 Sale 1,100 $38 6/26 Purchase...
Date Transaction Units Cost Sell 1/1 Beginning inventory 1,700
$28 3/6 Sale 1,100 $38 6/26 Purchase 3,100 29 8/2 Purchase 2,100 30
10/31 Sale 3,500 40
(e) Periodic system, weighted-average cost flow.
(f) Perpetual system, moving-average cost flow.
Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr....
Inventory records for a company revealed the
following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 500 $2.40
Apr. 20 Purchase 400 $2.50
The company sold 700 units of inventory during the
month. Cost of goods sold assuming FIFO would be:
a.
$1,690
b.
$1,720.
c.
$1,700.
d.
$1,730.
e.
$1,710.
If management can estimate the amount of loss that will
occur due to litigation against the company, and the likelihood of
the loss is reasonably possible,...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the perpetual inventory system.
Be sure to do...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the periodic inventory system.
Be sure to do...
The following inventory information is available: Transaction Date Units Dollars Beginning Balance 1/1/2019 800 $6.00 Purchase...
The following inventory information is available:
Transaction
Date
Units
Dollars
Beginning Balance
1/1/2019
800
$6.00
Purchase
1/10/2019
600
$5.50
Purchase
1/20/2019
950
$5.25
Purchase
1/25/2019
350
$5.00
Sale throughout month
1700
$11.75
Calculate cost of goods available for
sale, cost of goods sold, gross profit, gross profit margin and
ending inventory using average cost, LIFO and FIFO inventory
methods. The company uses the periodic inventory system. Then state
which inventory method would provide the highest net income and
Which inventory...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, TRC Corporation has the following inventory
transactions. Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 54 $ 46 $ 2,484 Apr. 7 Purchase 134 48
6,432 Jul. 16 Purchase 204 51 10,404 Oct. 6 Purchase 114 52 5,928
506 $ 25,248 For the entire year, the company sells 440 units of
inventory for $64 each. 3. Using weighted-average cost, calculate
ending inventory, cost of goods sold, sales revenue, and gross
profit. (Round...
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following:
Date Transaction Number of Units Unit Cost Mar. 1 Beginning
inventory 960 $7.15 Mar. 10 Purchase 540 7.65 Mar. 16 Purchase 395
8.25 Mar. 23 Purchase 530 8.95 Marvin sold 1,790 units of inventory
during the month. Ending inventory assuming FIFO would be (Do not
round your intermediate calculations. Round your answer to the
nearest dollar amount): $5,610 $1,156 $6,864 $1,541
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, Trombley Incorporated has the following
inventory transactions.
Date
Transaction
Number
of Units
Unit
Cost
Total Cost
Jan. 1
Beginning inventory
16
$ 18
$ 288
Mar. 4
Purchase
21
17
357
Jun. 9
Purchase
26
16
416
Nov. 11
Purchase
26
14
364
89
$ 1,425
For the entire year, the company sells 69 units of inventory for
$26 each.
1. Using...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You have just completed two (2) projects in your assessments, Assessment 2 used the PMBOK method,...
- What are the conditions under which exchange rate changes could actually reduce the risk of foreign...
- A rocket takes off vertically from the launchpad with no initial velocity but a constant upward...
- An Illinois state program evaluator is tasked with studying the intelligence of soon-to-graduate high school students...
- One of the regular users defined on a Windows server has been promoted and needs permissions...
- Provide positive feedback: Pay-for-Performance Link. Based on your understanding of linking organization strategy to compensation and...
- On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $45 million,...
ADVERTISEMENT