Question
In: Accounting
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 of goods sold and ending inventory under
FIFO and LIFO.
| FIFO | LIFO | |
| cost of goods sold | ||
| ending inventory |
b. Assume that Cushing, Inc., 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 3 years agoRelated Solutions
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...
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for the year ended December 31. At Cost At Retail January 1
beginning inventory $ 469,010 $ 928,950 Cost of goods purchased
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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...
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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:
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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,
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3. Incurred the following
overhead costs during the year:...
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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,...
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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
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Proceeds from the
sale of equipment
62
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The following information is given for Aphria Farming Services Inc. for the year ended December 31,...
The following information is given for Aphria Farming
Services Inc. for the year ended December 31, 2018. The account
balances (all of which had their normal balance of debit or credit)
at the beginning of 2018 (January 1, 2018) were as
follows:
Cash $ 2,200
Accounts Payable $ 23,700
Accounts Receivable $ 4,400
Income Tax Payable $ 15,100
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Interest Payable $ 2,700
Land (cost) $ 167,000
Wages Payable $ 14,200
Buildings (cost) $...
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