Question
In: Accounting
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following:
| Number purchased |
Cost per unit |
Total | ||||
| January 1 inventory | 40 | $ | 4 | $ | 160 | |
| April 1 | 60 | 7 | 420 | |||
| June 1 | 50 | 8 | 400 | |||
| November 1 | 55 | 9 | 495 | |||
| 205 | $ | 1,475 | ||||
a. Calculate the cost of ending inventory using
the LIFO (ending inventory shows 61 units).
Cost of ending inventory
$
b. Calculate the cost of goods sold using the LIFO
(ending inventory shows 61 units).
Cost of goods sold
$
Solutions
Expert Solution
a.Cost of ending inventory=(40 units@$4)+(21 units@$7)
=$307
b.Units sold=Beginning inventory+Purchases-Ending inventory
=205-61 units
=144 units
Hence cost of goods sold using the LIFO=(55 units@$9)+(50 units@$8)+(39 units@$7)
=$1168
As per LIFO;goods purchased last are sold off first.Hence 61 units of ending inventory would comprise of 40 units of beginning inventory and the balance(61-40)=21 units @$7 each of April1.
Cost of goods sold of 144 units would comprise of 55 units@$9 of November 1;50 units @$8 each purchased on June 1 and the balance (144-55-50)=39 units@$7 of April 1.
ekkarill92 answered 2 years agoRelated Solutions
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
40
$
4
$
160
April 1
60
7
420
June 1
50
8
400
November 1
55
9
495
205
$
1,475
a. Calculate the cost of ending inventory using
the weighted-average method (ending inventory shows 61 units).
(Round the "average unit cost" and final
answer to the nearest cent.)
Cost of ending inventory
$
b. Calculate the cost of goods sold using the
weighted-average method. (Round...
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
40
$
4
$
160
April 1
60
7
420
June 1
50
8
400
November 1
55
9
495
205
$
1,475
a. Calculate the cost of ending inventory using
the weighted-average method (ending inventory shows 61 units).
(Round the "average unit cost" and final answer to the
nearest cent.)
b. Calculate the cost of goods sold using the
weighted-average method. (Round your intermediate
calculations and final...
Given the following: Number purchased Cost per unit Total January 1 inventory 31 $ 4 $...
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
31
$
4
$
124
April 1
51
7
357
June 1
41
8
328
November 1
46
9
414
169
$
1,223
a. Calculate the cost of ending inventory using
the FIFO (ending inventory shows 52 units).
b. Calculate the cost of goods sold using the FIFO
(ending inventory shows 52 units).
Given the following Selling Price: 50$ per unit Variable Cost: 40$ per unit Fixed Cost: 80,000$...
Given the following
Selling Price: 50$ per unit
Variable Cost: 40$ per unit
Fixed Cost: 80,000$ per unit
Calculate:
A. Contribution margin as well as the contribution margin
ratio
B. Profit(loss) if 7,200 units are sold
C. Margin of safety if 10,100 units are sold
D. Break even point in dollars
Given the following inventory information… Item number Unit cost Annual usage in units Current inventory in...
Given the following inventory information…
Item number
Unit cost
Annual usage in units
Current inventory in units
B8867
10
100
4500
J1252
5.25
6500
120
K9667
1.22
4000
1000
L2425
12.5
54
254
M4554
5.25
6500
120
T6334
70
500
800
W9856
.75
800
20000
X2215
1.5
8000
2000
Y3214
70
1000
500
Y6339
4
3500
125
which of the following items is not classified as C items by
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Which is not classified as C items by...
Beginning Inventory # of units Cost per unit Total Beginning Inventory 15 $10 $150 Jan 1....
Beginning Inventory
# of units
Cost per unit
Total
Beginning Inventory
15
$10
$150
Jan 1. Purchase
15
$11
$165
Jan 10. Purchase
15
$12
$180
Total
45
1. During January, AA sold 20 units at $30 per unit.
Under FIFO, how much is the Gross
Profit?
$365
$380
$390
$395
2. During January, AA sold 20 units at $30 per unit
Under the Weighted Average Method, how much is the
Gross Profit?.
$365
$380
$395
$400
3. During January,...
Calculate the cost per equivalent unit in the blending department given the following information: Total Direct...
Calculate the cost per equivalent unit in the blending
department given the following information:
Total Direct Materials Conversion
Completed 100% 10,000 10,000 10,000
WIP:
Run A 3,000 2,000 (67%) 1,500 (50%)
Run B 5,000 4,500 (90%) 0 (0%)
Run C 20,000 10,000 (50%) 8,000 (40%)
Total Costs:
Direct Materials: $60,000
Conversion: $50,000
1. Eneri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000...
1.
Eneri Company's inventory records show the following data:
Units
Unit Cost
Inventory, January 1
5,000
$9.20
Purchases:
June 18
4,500
8.00
November 8
3,000
7.00
A physical inventory on December 31 shows 2,000 units on hand.
Eneri sells the units for $13 each. The company has an effective
tax rate of 20%. Eneri uses the periodic inventory method.
Under the FIFO method, the December 31 inventory is valued at
A.
$16,133.
B.
$14,000.
C.
$16,480.
D.
$18,400.
2.
Priscilla...
The records of ABC Company showed the following: Units Unit Cost Total Cost January 1 Beginning...
The records of ABC Company showed the following:
Units
Unit Cost
Total Cost
January 1
Beginning
10,000
60
600,000
April 1
Purchase
18,000
50
900,000
October 1
Purchase
22,000
40
880,000
The physical inventory reveals 15,000 units on hand on December
31.
Compute the cost of ending inventory and cost of sales using:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold (COGS)
First in, first out (FIFO)
Weighted Average
Last in, first out (LIFO)
12 - What is target cost per unit? A.Target cost per unit is the average total...
12 - What is target cost per unit?
A.Target cost per unit is the average total unit cost over the
product's life cycle.
B.Target cost per unit is the average total unit cost over the
contribution margin ratio.
C.Target cost per unit is the contribution margin per unit over the
average total unit cost.
D.Target cost per unit is the variable unit cost over the
product's life cycle.
13 - What is value engineering?
A.Charging different prices to different customers...
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