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Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases...
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $13 Sept. 10 Purchase 600 units @ $14 Sept. 20 Sales 680 units @ $24 Sept. 25 Purchase 600 units at $16 Assume the company uses a perpetual inventory system.
Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
FIFO LIFO Avg Cost
Cost of Goods Sold ? ? ?
Ending inventory ? ? ?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Brief Exercise 6-35 (Algorithmic)Inventory Costing MethodsTyler Company has the following information related to purchases...
Brief Exercise 6-35 (Algorithmic)Inventory Costing MethodsTyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory400 units @ $12Sept. 10Purchase600 units @ $13Sept. 20Sales700 units @ $22Sept. 25Purchase800 units at $15Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the
FIFO, LIFO, and average cost methods.FIFOLIFOAvg CostCost of goods sold???Ending inventory???
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at Cost
Units Sold at Retail
Sept. 1
Beginning inventory
400 units @ $17
Sept. 10
Purchase
600 units @ $18
Sept. 20
Sales
700 units @ $31
Sept. 25
Purchase
700 units at $20
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the
FIFO, LIFO,...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
Sept. 1
Beginning inventory
400 units @ $18
Sept. 10
Purchase
600 units @ $19
Sept. 20
Sales
630 units @ $32
Sept. 25
Purchase
800 units at $21
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the
FIFO, LIFO,...
Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) Tyler Company has the following information related to...
Inventory Costing Methods: Periodic Inventory Systems. (Appendix
6B)
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
Sept. 1
Beginning inventory
20 units @ $5
10
Purchase
30 units @ $8
20
Sales
40 units @ $15
25
Purchase
25 units at $10
Assume that the company uses the periodic inventory system.
Required:
Calculate the cost of goods sold and the cost...
Cornerstone Exercise 6-25 Effects of Inventory Costing Methods Filimonov Inc. has the following information related to...
Cornerstone Exercise 6-25
Effects of Inventory Costing Methods
Filimonov Inc. has the following information related to
purchases and sales of one of its inventory items:
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
June 1
Beginning Inventory
200 units @ $10 = $2,000
9
Purchase 1
300 units @ $12 = $3,600
14
Sale 1
400 units @ $25
22
Purchase 2
250 units @ $14 = $3,500
29
Sale 2
225 units @ $25
Required:
1. In...
Tyler Company has the following information related to purchases and sales of one of its inventory items.
Inventory Costing MethodsTyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory400 units @ $16Sept. 10Purchase600 units @ $18Sept. 20Sales690 units @ $31Sept. 25Purchase800 units at $19Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the
FIFO, LIFO, and average cost methods.FIFOLIFOAvg CostCost of goods sold$fill in the blank 1$fill in the blank 2$fill in the blank 3Ending...
Problem 6-63A Inventory Costing Methods Anderson's Department Store has the following data for inventory, purchases, and...
Problem 6-63A
Inventory Costing Methods
Anderson's Department Store has the following data for
inventory, purchases, and sales of merchandise for December for one
of the items the company sells:
Activity
Units
Purchase Price (per unit)
Sale Price (per unit)
Beginning inventory
10
$6.00
Purchase 1, Dec. 2
22
6.80
Purchase 2, Dec. 5
26
7.50
Sale 1, Dec. 7
19
$12.00
Sale 2, Dec. 10
25
12.00
Purchase 3, Dec. 12
12
8.00
Sale 3, Dec. 14
20
12.00
Anderson's...
6. Periodic Inventory System and Inventory Costing Methods In chronological order, the inventory, purchases, and sales...
6. Periodic Inventory System and Inventory Costing Methods
In chronological order, the inventory, purchases, and sales of a
single product for a recent month are as follows:
Units
Amount per
Unit
June 1
Beginning inventory
150
$30
4
Purchase
400
33
12
Purchase
800
36
16
Sale
1,300
60
24
Purchase
300
39
Using the periodic inventory system, compute the cost of ending
inventory, cost of goods sold, and gross margin. Use the
average-cost, FIFO, and LIFO inventory costing methods....
Exercise 5-3 Perpetual: Inventory costing methods LO P1 Laker Company reported the following January purchases and...
Exercise 5-3 Perpetual: Inventory costing methods LO P1
Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
205
units
@
$
13.00
=
$
2,665
Jan.
10
Sales
165
units
@
$
22.00
Jan.
20
Purchase
140
units
@
$
12.00
=
1,680
Jan.
25
Sales
145
units
@
$
22.00
Jan.
30
Purchase
310
units
@
$
11.50
=
3,565...
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company...
Inventory Costing Methods-Periodic Method The following
information is for the Bloom Company for 2012; the company sells
just one product: Units Unit Cost Beginning Inventory 200 $70
Purchases: Feb. 11 500 $74 May 18 400 76 Oct. 23 100 80 At December
31, 2012, there was an ending inventory of 360 units. Assume the
use of the periodic inventory method. Calculate the value of ending
inventory and the cost of goods sold for the year using (a)
first-in, first-out, (b)...
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