Question
In: Accounting
The inventory transactions of VTS Corporation are shown below. Date Transaction Number of Units Unit Cost/Price...
The inventory transactions of VTS Corporation are shown
below.
| Date | Transaction | Number of Units | Unit Cost/Price | ||||
| Jan. 1 | Beginning inventory | 500 | $ | 10 | |||
| Feb. 25 | Sale | 300 | 20 | ||||
| May 21 | Purchase | 400 | 12 | ||||
| Jul. 15 | Purchase | 500 | 15 | ||||
| Dec. 10 | Sale | 800 | 20 | ||||
All purchase/sale transactions are made on credit. The company uses
the FIFO method and perpetual inventory system to record
transactions. What is the amount of LIFO adjustment needed to
adjust FIFO inventory records reported for the year to LIFO for
external reporting purposes?
a) 1,300
b) 4,500
c) 3,000
d) 1,000
Solutions
Expert Solution
Option a] is correct,
Please find the attached sheet for detailed answer,
Thanks,
ekkarill92 answered 1 year agoRelated Solutions
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, TRC Corporation has the following inventory
transactions. Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 54 $ 46 $ 2,484 Apr. 7 Purchase 134 48
6,432 Jul. 16 Purchase 204 51 10,404 Oct. 6 Purchase 114 52 5,928
506 $ 25,248 For the entire year, the company sells 440 units of
inventory for $64 each. 3. Using weighted-average cost, calculate
ending inventory, cost of goods sold, sales revenue, and gross
profit. (Round...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, TRC Corporation has the following inventory
transactions.
Date
Transaction
Number of Units
Unit Cost
Total Cost
Jan.
1
Beginning inventory
49
$
41
$
2,009
Apr.
7
Purchase
129
43
5,547
Jul.
16
Purchase
199
46
9,154
Oct.
6
Purchase
109
47
5,123
486
$
21,833
For the entire year, the company sells 428 units of inventory
for $59 each.
Required:
1. Using FIFO, calculate ending inventory, cost
of goods sold, sales revenue, and gross profit.
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, Trombley Incorporated has the following
inventory transactions.
Date
Transaction
Number
of Units
Unit
Cost
Total Cost
Jan. 1
Beginning inventory
16
$ 18
$ 288
Mar. 4
Purchase
21
17
357
Jun. 9
Purchase
26
16
416
Nov. 11
Purchase
26
14
364
89
$ 1,425
For the entire year, the company sells 69 units of inventory for
$26 each.
1. Using...
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, Trombley Incorporated has the following
inventory transactions.
Date
Transaction
Number
of Units
Unit
Cost
Total Cost
Jan. 1
Beginning inventory
11
$ 13
$ 143
Mar. 4
Purchase
16
12
192
Jun. 9
Purchase
21
11
231
Nov. 11
Purchase
21
9
189
69
$ 755
For the entire year, the company sells 51 units of inventory for
$21 each.
A: Using FIFO,...
Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr....
Inventory records for a company revealed the
following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 500 $2.40
Apr. 20 Purchase 400 $2.50
The company sold 700 units of inventory during the
month. Cost of goods sold assuming FIFO would be:
a.
$1,690
b.
$1,720.
c.
$1,700.
d.
$1,730.
e.
$1,710.
If management can estimate the amount of loss that will
occur due to litigation against the company, and the likelihood of
the loss is reasonably possible,...
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following:
Date Transaction Number of Units Unit Cost Mar. 1 Beginning
inventory 960 $7.15 Mar. 10 Purchase 540 7.65 Mar. 16 Purchase 395
8.25 Mar. 23 Purchase 530 8.95 Marvin sold 1,790 units of inventory
during the month. Ending inventory assuming FIFO would be (Do not
round your intermediate calculations. Round your answer to the
nearest dollar amount): $5,610 $1,156 $6,864 $1,541
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar.
1
Beginning inventory
1,000
$
7.26
Mar.
10
Purchase
540
7.71
Mar.
16
Purchase
760
8.14
Mar.
23
Purchase
590
8.54
Marvin sold 1,910 units of inventory during the month. Cost of
goods sold assuming FIFO would be:
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
1,070
$7.29
Mar. 10
Purchase
580
7.79
Mar. 16
Purchase
445
8.39
Mar. 23
Purchase
550
9.09
Marvin sold 1,960 units of inventory during the month. Ending
inventory assuming FIFO would be
37. Inventory records for MOM Company revealed the following: Date Transaction Number of Units Unit Cost...
37. Inventory records for MOM Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
200
$66.00
Mar. 6
Purchase
1,000
$66.50
Mar. 16
Purchase
1,000
$66.80
Mar. 23
Purchase
1,000
$66.90
MOM sold 3,190 units of inventory during the
month. Ending inventory assuming FIFO would be $______________
38. Inventory records for STC Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
100
$25.00
Mar. 3
Purchase
500
$25.50...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the perpetual inventory system.
Be sure to do...
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