Question
In: Accounting
The following information relates to the inventory transactions of Thames Company for 2018. January 1 Beginning...
The following information relates to the inventory
transactions of Thames Company for 2018.
January 1 Beginning inventory, 90 units @ $75/unit
March 8 Purchased 160 units @ $80/unit
October 24 Purchased 100 units @ $90/unit
On August 19, the Company sold 225 units at a selling price of
$115/unit
A. Number of units remaining in ending inventory.
B. Compute the cost of goods sold and ending inventory under
each of the following methods:
LIFO
FIFO
Weighted average cost
C. Determine the gross profit amount for the year under each
of the methods.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Henry Company reported the following information for 2017: TRANSACTIONS UNITS UNIT COST Beginning Inventory – January...
Henry Company reported the following information for 2017:
TRANSACTIONS UNITS
UNIT COST
Beginning Inventory – January 1 6,000 $ 3.00
Purchases
April 10 9,000 3.50
July 20 5,000 3.80
November 24 5,000 4.00
During 2017, Henry sold 12,000 units. The company uses a
periodic inventory system.
REQUIRED:
What is the value of ending inventory and cost of goods sold for
2017 under the following assumptions:
FIFO
LIFO
Weighted-Average
The following information relates to the inventory of Cameras Ltd during June. June 1 Beginning Inventory...
The following information relates to the inventory of Cameras
Ltd during June.
June 1
Beginning Inventory
80 units
@ $7.00
3
Purchased
90 units
@ $8.80
10
Purchased
110 units
@ $9.90
12
Sold
90 units
17
Sold
80 units
25
Sold
30 units
Cameras Ltd uses a perpetual inventory system, purchases are GST
inclusive.
Showing calculations, determine the cost of the ending inventory
(assuming there have been no stock losses) and the cost of sales,
using the following three...
Transactions for a company during January 2016 include the following: Date Event Transactions 1-Jan Beginning Inventory...
Transactions for a company during January 2016 include the
following:
Date
Event
Transactions
1-Jan
Beginning Inventory
8 Snowmobiles at $2,000 each
5-Jan
Purchases+Freight
5 Snowmobiles at $2,500 each
13-Jan
Sold
9 Snowmobiles at $3,000 each
18-Jan
Sold
3 Snowmobiles at $3,000 each
23-Jan
Purchases+Freight
7 Snowmobiles at $2,600 each
25-Jan
Sold
3 Snowmobiles at $3,200 each
Prepare the income statements to Gross Profit - using FIFO,
LIFO, and Average Cost Methods
FIFO
LIFO
Average Cost
Sales
Beginning Inventory
Cost of...
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...
XYZ Company recorded the following information related to their inventory
accounts for 2018:
January 1, 2018 December 31, 2018
Direct materials 10,000 17,000
Work in process 11,000 ?
Finished goods 16,000 9,000
Additional information is as follows:
Direct materials purchased .......... $19,000
Direct labor ........................ 15,000
Actual manufacturing overhead ....... 16,000
Applied manufacturing overhead ...... 14,000
Net income .......................... 20,000
S&A expenses ........................ 30,000
Sales revenue ....................... 90,000
Calculate the work in process inventory balance on December 31.
Nichols, Inc. had the following balances and transactions during 2018: Beginning Merchandise Inventory as of January...
Nichols, Inc. had the following balances and transactions
during 2018:
Beginning Merchandise Inventory as of January 1, 2018
300
units at $80
March 10
Sold
60
units
June 10
Purchased
600
units at $85
October 30
Sold
360
units
What would be reported for Ending Merchandise Inventory on the
balance sheet at December 31, 2018 if the perpetual inventory
system and the
first−in, first−out inventory costing method are used?
A. 40,800
B. 51,000
C. 24,000
D. 4,800
Nestle Company agrees to lease machinery to Skittles on January 1, 2018. The following information relates...
Nestle Company agrees to lease machinery to Skittles on January
1, 2018. The following information relates to the lease agreement.
Assume a December 31 Year-End.
1. The term of the lease is 6 years with no renewal option, and
the machinery has an estimated economic life of 9 years.
2. The cost of the machinery is $400,000 and the fair value of
the asset on January 1, 2018, is $600,000.
3. At the end of the lease term, Nestle expects...
Consider the following information for the Intermediate Company for the year 2018: Units in Beginning Inventory ...
Consider the following information for the Intermediate Company
for the year 2018:
Units in Beginning
Inventory
0
Units
produced
9,500
Units
Sold
5,700
Units Selling
Price
$350
Variable costs per unit:
Direct
Materials
$106
Direct
Labor
$42
Variable
Overhead
$30
Fixed costs:
Fixed Costs per unit
produced
$23
Fixed Selling & Administrative
Costs $440,000
A) Compute Unit Product Cost under Absorption Costing &
Variable Costing
B) Compute...
The following information relates to Stevens Company for June 20XX: Direct materials inventory, beginning balance $...
The following information relates to Stevens Company for
June 20XX:
Direct materials inventory, beginning balance $ 7,000
Direct materials inventory, ending balance
3,000
Work-in –process inventory, beginning balance
5,000
Work-in-process inventory, ending balance
8,000
Finished goods inventory, beginning balance
10,000
Finished goods inventory, ending balance
12,000
Direct Labor 48,000
Direct materials purchases 26,000
Indirect labor 6,000
Depreciation: factory equipment 11,000
Depreciation: office equipment 4,000
Insurance, factory 3,000
Advertising expense 8,000
Repair and maintenance, factory 5,000
Question 1: (1.0 point) Required:...
The following information relates to the June 2018 cash transactions for Allmar Pty Ltd. The following...
The following information relates to the June 2018 cash
transactions for Allmar Pty Ltd.
The following unpresented cheques (outstanding cheques)
appeared on the 31st May 2018 bank reconciliation:
Cheque no.
Amount ($)
6539
1,207.60
6548
3,605.00
6549
317.40
6555
575.60
6558
990.00
All cheques except for cheque no. 6558 are included in the
30th June 2018 bank statement. On 31st May
2018, a deposit of $5,163.00 was outstanding.
In the company’s records the cash balance at 31st
May 2018 was...
The following information relates to the June 2018 cash transactions for Allmar Pty Ltd. The following...
The following information relates to the June 2018 cash
transactions for Allmar Pty Ltd.
The following unpresented cheques (outstanding cheques)
appeared on the 31st May 2018 bank reconciliation:
Cheque no.
Amount ($)
6539
1,207.60
6548
3,605.00
6549
317.40
6555
575.60
6558
990.00
All cheques except for cheque no. 6558 are included in the
30th June 2018 bank statement. On 31st May
2018, a deposit of $5,163.00 was outstanding.
In the company’s records the cash balance at 31st
May 2018 was...
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