Question
In: Accounting
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2019:
| Date | Transaction | Number of Units |
Unit Cost |
Total Cost |
|||
| 1/1 | Beginning inventory | 150 | $ | 31 | $ | 4,650 | |
| 1/24 | Purchase | 70 | 34 | 2,380 | |||
| 2/22 | Sale | (100 | ) | - | - | ||
| 3/7 | Purchase | 90 | 38 | 3,420 | |||
| 4/10 | Purchase | 140 | 37 | 5,180 | |||
| 6/11 | Sale | (100 | ) | - | - | ||
| 9/28 | Purchase | 50 | 36 | 1,800 | |||
| 12/4 | Sale | (100 | ) | - | - | ||
b. Assume that Kuffel Co. uses a perpetual
inventory system. Calculate cost of goods sold and ending inventory
under FIFO and LIFO.
| FIFO | LIFO | |
| cost of goods sold | ||
| ending inventory |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The inventory records of Cushing Inc. reflected the following information for the year ended December 31,...
The inventory records of Cushing Inc. reflected the following
information for the year ended December 31, 2019:
Number
of Units
Unit
Cost
Total
Cost
Inventory, January 1
210
$
12.5
$
2,625
Purchases:
May 30
320
14.5
4,640
September 28
400
16.5
6,600
Goods available for sale
930
$
13,865
Sales:
April 10
(140
)
June 11
(300
)
November 1
(380
)
Inventory, December 31
110
Required:
a. Assume that Cushing, Inc., uses a periodic inventory
system. Calculate cost...
The records of Koop Co. provided the following information for the year ended 31 December 20X8:
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The following information is available from Bromfield Co.’s
accounting records for the year ended December 31, 2016 (amounts in
millions):
Cash dividends
declared and paid
$
336
Interest and taxes paid
102
Collections from customers
1,333
Payment of long-term debt
212
Purchase of land and
buildings
158
Cash paid to suppliers and
employees
819
Issuance of preferred stock
303
Proceeds from the sale of
equipment
54
a. Calculate the net cash provided (used) by
operating activities for Bromfield Co. for...
The following information is available from Bromfield Co.’s accounting records for the year ended December 31,...
The following information is available from Bromfield Co.’s
accounting records for the year ended December 31, 2013 (amounts in
millions):
Cash dividends
declared and paid
$
323
Interest and taxes
paid
76
Collections from
customers
1,338
Payment of long-term
debt
214
Purchase of land and
buildings
169
Cash paid to
suppliers and employees
789
Issuance of
preferred stock
307
Proceeds from the
sale of equipment
62
(a) Calculate the net cash provided (used) by operating
activities for Bromfield Co....
The records of Alaska Company provide the following information for the year ended December 31. At...
The records of Alaska Company provide the following information
for the year ended December 31. At Cost At Retail January 1
beginning inventory $ 473,150 $ 928,950 Cost of goods purchased
2,699,294 6,281,150 Sales 5,513,700 Sales returns 46,400 Required:
1. Use the retail inventory method to estimate the company’s
year-end inventory at cost. 2. A year-end physical inventory at
retail prices yields a total inventory of $1,693,800. Prepare a
calculation showing the company’s loss from shrinkage at cost and
at...
The records of Alaska Company provide the following information for the year ended December 31. At...
The records of Alaska Company provide the following information
for the year ended December 31. At Cost At Retail January 1
beginning inventory $ 469,010 $ 928,950 Cost of goods purchased
3,376,050 6,381,050 Sales 5,595,800 Sales returns 42,800 Required
1.Use the retail inventory method to estimate the company’s
year-end inventory at cost. Check (1) Inventory, $924,182 cost 2.A
year-end physical inventory at retail prices yields a total
inventory of $1,686,900. Prepare a calculation showing the
company’s loss from shrinkage at...
The records of Alaska Company provide the following information for the year ended December 31 at...
The records of Alaska Company provide the following information
for the year ended December 31
at coast at Retail
January 1 beginning inventory $ 472,950 $ 928,750
Cost of goods purchased 2,843,512 6,280,950
Sales 5,511,700
Sales returns 46,200
Required:
1. Use the retail inventory method to estimate the company’s
year-end inventory at cost.
2. A year-end physical inventory at retail prices yields a total
inventory of $1,691,800. Prepare a calculation showing the
company’s loss from shrinkage at cost and at...
The records of Earthly Goods provided the following information for the year ended December 31, 2020....
The records of Earthly Goods provided the following information
for the year ended December 31, 2020.
At Cost
At Retail
January 1 beginning inventory
$
466,350
$
922,150
Purchases
3,184,200
6,393,700
Purchase returns
51,800
118,350
Sales
5,485,700
Sales returns
44,100
Required:
1. Prepare an estimate of the company’s year-end inventory
by the retail method. (Round all calculations to two
decimal places.)
Under the assumption the company took a year-end physical
inventory at marked selling prices that totalled $1,674,800,
prepare a...
The following inventory information is available for Muscat Manufacturing Corporation for the year ended December 31,...
The following inventory information is available for Muscat
Manufacturing Corporation for the year ended December 31,
2018:
Beginning
Ending
Inventories:
Raw
materials
$68,000
$76,000
Work in
process
36,000
56,000
Finished
goods
44,000
32,000
Total $148,000
$164,000
In addition, the following transactions occurred in 2018:
1. Raw materials purchased
on account, $280,000.
2. Incurred factory labor,
$320,000, all is direct labor. (Credit Factory Wages Payable).
3. Incurred the following
overhead costs during the year:...
The following information relates to Husk Corn Co. for the year ended December 31, 2018: The...
The following information relates to Husk Corn Co. for the year
ended December 31, 2018:
The company tells you that Income from Continuing Operations PRE
Taxes is $ 300,000. However, this amount was computed
before the company considered these items: (i.e.
none of the items listed below are factored into the $300,000)
Restructuring Costs incurred in 2018 were $25,000
When recording depreciation expense for the previous year
(2017), they mistakenly recorded depreciation twice for the same
asset. The amount of...
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