Question
In: Accounting
The inventory records of Ezra Corporation reflect the information shown below for the month of August....
The inventory records of Ezra Corporation reflect the information shown below for the month of August. The company values its inventory on a monthly periodic basis.
|
Date |
Transaction |
Number of Units |
Cost per Unit |
|
1 |
Beginning Inventory |
400 |
$5.00 |
|
3 |
Purchase No. 1 |
400 |
$5.00 |
|
5 |
Sale No. 1 |
600 |
|
|
7 |
Sale No. 2 |
100 |
|
|
11 |
Purchase No. 2 |
1,000 |
$7.00 |
|
17 |
Sale No. 3 |
700 |
|
|
19 |
Purchase No. 3 |
1,000 |
$7.00 |
|
21 |
Sale No. 4 |
600 |
|
|
28 |
Sale No. 5 |
600 |
|
|
29 |
Purchase No. 4 |
1,200 |
$9.00 |
Determine the dollar amounts of ending inventory and cost of goods sold at the end of August under each of the inventory valuation methods listed. Enter your responses in the Response Template. (12 points total, 2 points each)
|
Method |
Ending Inventory |
Cost of Goods Sold |
|
Average Cost |
||
|
FIFO |
||
|
LIFO |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Alpha Corporation has the following information for the month of August: Purchases $ 92,000 Materials inventory,...
Alpha Corporation has the following information for the month of
August:
Purchases
$ 92,000
Materials inventory, August 1
6,000
Materials inventory, August 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, August 1
32,000
Work in process, August 31
23,500
Finished goods inventory, August 1
21,000
Finished goods inventory, August 31
30,000
Sales
252,000
Sales and administrative expenses
79,000
Prepare (a) a schedule of cost of goods manufactured, (b) an
income statement for the month ended August 31,
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,000 units; cost $5.30 each.
8
Purchased 8,000 units for $5.50 each.
14
Sold 6,000 units for $12.00 each.
18
Purchased 6,000 units for $5.60 each.
25
Sold 7,000 units for $11.00 each.
28
Purchased 4,000 units for $5.80 each.
31
Inventory on hand—7,000 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,600 units; cost $6.90 each.
8
Purchased 18,000 units for $7.10 each.
14
Sold 14,400 units for $13.60 each.
18
Purchased 10,800 units for $7.20 each.
25
Sold 13,400 units for $12.60 each.
28
Purchased 5,600 units for $5.80 each.
31
Inventory on hand—10,200 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,800 units; cost $7.10 each.
8
Purchased 19,000 units for $7.30 each.
14
Sold 15,200 units for $13.80 each.
18
Purchased 11,400 units for $7.40 each.
25
Sold 14,200 units for $12.80 each.
28
Purchased 5,800 units for $5.80 each.
31
Inventory on hand—10,600 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,600 units; cost $5.90 each.
8
Purchased 13,000 units for $6.10 each.
14
Sold 10,400 units for $12.60 each.
18
Purchased 7,800 units for $6.20 each.
25
Sold 9,400 units for $11.60 each.
28
Purchased 4,600 units for $5.80 each.
31
Inventory on hand—8,200 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,000 units; cost $5.30 each. 8 Purchased 8,000
units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18
Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for
$11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory
on hand—7,000 units. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would
report...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,800 units; cost $6.90 each. 8 Purchased 14,000
units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18
Purchased 8,400 units for $5.80 each. 25 Sold 10,200 units for
$11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory
on hand—8,600 units. 2. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—2,500 units; cost $5.80 each.
8
Purchased 12,500 units for $6.00 each.
14
Sold 10,000 units for $12.50 each.
18
Purchased 7,500 units for $6.10 each.
25
Sold 9,000 units for $11.50 each.
28
Purchased 4,500 units for $5.80 each.
31
Inventory on hand—8,000 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Below is the record of inventory purchases and sales of the month of August 2019 for...
Below is the record of inventory purchases and sales of the
month of August 2019 for Company A. Company A uses the perpetual
inventory system.
Date
Units
Unit Cost/Selling Price per Unit
Aug 01
Beginning Inventory
140
43
Aug 05
Purchase
115
45
Aug 09
Sales
120
85
Aug 12
Sales
60
90
Aug 16
Purchase
150
52
Aug 25
Sales
85
80
Aug 30
Sales
80
95
Required:
Company A's Income Statement for August 2019 indicates that cost
of...
Altira Corporation provides the following information related to its merchandise inventory during the month of August 20...
Altira Corporation provides the
following information related to its merchandise inventory during
the month of August 2021: Aug.1 Inventory on hand—2,000 units; cost
$5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000
units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25
Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for
$5.80 each. 31 Inventory on hand—7,000 units. 2. Using calculations
based on a perpetual inventory system, determine the inventory
balance Altira would...
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