Question
In: Accounting
AU Company has the following inventory transactions for the month of March: Units Unit Cost Beginning,...
AU Company has the following inventory transactions for the month of March:
| Units | Unit Cost | |
| Beginning, Mar. 1 | 10,000 | 15 |
| Purchases, Mar. 10 | 20,000 | 18 |
| Sold, Mar. 15 | 15,000 | |
| Purchases, Mar. 18 | 5,000 | 23 |
| Sold, Mar. 25 | 6,000 |
The company uses the perpetual inventory system. Determine the cost of inventory on March 31 and cost of goods sold under:
| Inventory Cost Flow | Ending Inventory | Cost of Goods Sold |
| First in, first out (FIFO) | ||
| Moving Average | ||
| Last in, first out (LIFO) |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
EBECEDE Company has the following inventory transactions for the month of February: Units Unit Cost Beginning,...
EBECEDE Company has the following inventory transactions for the
month of February:
Units
Unit Cost
Beginning, Feb. 1
10,000
40
Purchases, Feb. 10
10,000
43
Sold, Feb. 15
15,000
Purchases, Feb. 18
5,000
44
Sold, Feb. 25
2,000
The company uses the perpetual inventory system. Determine the
cost of inventory on February 29 and cost of goods sold under:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold (COGS
First in, first out (FIFO)
Weighted Average
Last in, first out...
Henry Company reported the following information for 2017: TRANSACTIONS UNITS UNIT COST Beginning Inventory – January...
Henry Company reported the following information for 2017:
TRANSACTIONS UNITS
UNIT COST
Beginning Inventory – January 1 6,000 $ 3.00
Purchases
April 10 9,000 3.50
July 20 5,000 3.80
November 24 5,000 4.00
During 2017, Henry sold 12,000 units. The company uses a
periodic inventory system.
REQUIRED:
What is the value of ending inventory and cost of goods sold for
2017 under the following assumptions:
FIFO
LIFO
Weighted-Average
Randal company has the following inventory transactions for the month of April: Purchases: Units Cost Sales:...
Randal company has the following inventory transactions for the
month of April:
Purchases: Units Cost Sales: Units
April 1 (beg. balance) 600 $6.00 April 3 500
4 1,500 $6.08 9 1,400
8 800 $6.40 11 600
13 1,200 $6.50 23 1,200
21 700 $6.60 27 900
29 500 $6.79
Instructions:
1) Assume Randal Company uses periodic inventory records.
Determine the value of ending inventory using:
a) FIFO
b) LIFO
c) Average-cost
2) Assume Randa lComapny uses perpetual inventory records.
Determine...
Potter Company has the following data available: Transaction Units Purchased Unit Cost Units Sold Beginning Inventory...
Potter Company has the following data available: Transaction
Units Purchased Unit Cost Units Sold Beginning Inventory 500 $10
March 1 Purchase 200 $12 April 25 Sale 350 June 10 Purchase 300
$14 July 20 Sale 250 October 30 Purchase 300 $15 December 15 Sale
400 If Potter Company uses a perpetual movingminus average
inventory system, the cost of goods sold for the year is
________. (Round average cost per unit to four decimal places and
all other numbers to...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July.
Units
Unit Cost
Unit
Selling Price
July 1
Beginning Inventory
45
$
10
July 13
Purchase
225
13
July 25
Sold
(
100
)
$
15
July 31
Ending Inventory
170
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
53
$
10
July 13
Purchase
265
13
July 25
Sold
(100
)
$
15
July 31
Ending Inventory
218
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under FIFO.
Assume a periodic inventory system is used. (Round "Cost
per Unit" to 2 decimal places and your final answers...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July. Units
Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $ 10
July 13 Purchase 265 13 July 25 Sold (100 ) $ 15 July 31 Ending
Inventory 218 Calculate cost of goods available for sale and ending
inventory, then sales, cost of goods sold, and gross profit, under
LIFO. Assume a periodic inventory system is used. (Round "Cost per
Unit" to 2 decimal places and your final answers...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July.
Units Unit Cost Unit
Selling Price
July 1 Beginning Inventory 59 $ 10
July 13 Purchase 295 13
July 25 Sold ( 100 ) $ 15
July 31 Ending Inventory 254
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under (a) FIFO,
(b) LIFO, and (c) weighted average cost. Assume a periodic
inventory system is used. (Round "Cost...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July.
Units
Unit Cost
Unit
Selling Price
July 1
Beginning Inventory
45
$
10
July 13
Purchase
225
13
July 25
Sold
(
100
)
$
15
July 31
Ending Inventory
170
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the
transactions for the month of July.
Units
Unit Cost
Unit
Selling Price
July 1
Beginning Inventory
50
$
10
July 13
Purchase
250
13
July 25
Sold
(
100
)
$
15
July 31
Ending Inventory
200
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
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