Question
In: Accounting
Morton Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Morton 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.
Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?
Fill in the blank with the appropriate amount. Please give your answer in the following format: EXAMPLE: $3,000.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Flint Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Flint Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total
Cost
1/1
Beginning Inventory
92
$4
$368
1/20
Purchase
460
$5
2,300
7/25
Purchase
92
$7
644
10/20
Purchase
276
$8
2,208
Total
920
$5,520
A physical count of inventory on December 31 revealed that there
were 322 units on hand.
Answer the following independent questions. (Round average
cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...
Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit...
Hansen Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit Cost
Total Cost
1/1
Beginning Inventory
100
$3
$300
1/20
Purchase
500
$4
2,000
7/25
Purchase
100
$5
500
10/20
Purchase
300
$6
1,800
1,000
$4,600
A physical count of inventory on December 31 revealed that there
were 380 units on hand.
Answer the following independent questions.
1.
Assume that the company uses the FIFO method. The value of the
ending inventory at December...
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...
McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available: Units...
McGuire Metals Ltd uses the periodic inventory method and had
the following inventory information available:
Units
Unit Cost
Unit Price
1st January
Beginning inventory
38
$3
20th February
Sale
15
$5
25th July
Purchase
20
$4
20th October
Purchase
10
$5.5
20th December
Sale
30
$8
Required
What would the Inventory amount be as reported on the balance
sheet at 31 December 2019 if the perpetual LIFO method is used?
Use the following template in your Word document file.
Metro...
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...
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit...
Consider the following information for Maynor Company, which
uses a periodic inventory system: Transaction Units Unit Cost Total
Cost January 1 Beginning Inventory 21 $ 71 $ 1,491 March 28
Purchase 31 77 2,387 August 22 Purchase 42 81 3,402 October 14
Purchase 47 87 4,089 Goods Available for Sale 141 $ 11,369 The
company sold 47 units on May 1 and 42 units on October 28.
Required: Calculate the company's ending inventory and cost of
goods sold using the...
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...
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