Question
In: Accounting
Inventory Management: 5.1. The inventory records of The Kissner's Consulting Group reflected the following information for...
Inventory Management: 5.1. The inventory records of The Kissner's Consulting Group reflected the following information for the year: Number Unit Date Transaction of units Cost 1/1 Beginning Inventory…………………………. 12 $ 40 2/12 Purchase……………………………………… 8 45 4/15 Sale…………………………………………… 15 - 5/17 Purchase……………………………………… 10 46 5/19 Sale…………………………………………… 5 - 9/28 Purchase……………………………………… 15 50 11/2 Sale…………………………………………… 5 - Required: Using the periodic inventory system, determine the dollar amounts to be assigned to Ending Inventory and Cost of Goods Sold under each of the following methods: Ending Cost of Inventory Goods Sold Weighted-Average ………………………………… $ __________ __________ FIFO………………………………………………. __________ __________ LIFO………………………………………………. __________ __________
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The inventory records of Cushing Inc. reflected the following information for the year ended December 31,...
The inventory records of Cushing Inc. reflected the following
information for the year ended December 31, 2019:
Number
of Units
Unit
Cost
Total
Cost
Inventory, January 1
210
$
12.5
$
2,625
Purchases:
May 30
320
14.5
4,640
September 28
400
16.5
6,600
Goods available for sale
930
$
13,865
Sales:
April 10
(140
)
June 11
(300
)
November 1
(380
)
Inventory, December 31
110
Required:
a. Assume that Cushing, Inc., uses a periodic inventory
system. Calculate cost...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2019:
Date
Transaction
Number
of Units
Unit
Cost
Total
Cost
1/1
Beginning inventory
150
$
31
$
4,650
1/24
Purchase
70
34
2,380
2/22
Sale
(100
)
-
-
3/7
Purchase
90
38
3,420
4/10
Purchase
140
37
5,180
6/11
Sale
(100
)
-
-
9/28
Purchase
50
36
1,800
12/4
Sale
(100
)
-
-
b. Assume that Kuffel Co. uses a perpetual...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory
records for Chase reflected the following
Jan 1
Beginning inventory
900
units
@
$
3.50
Jan 12
Purchase
1000
units
@
$
3.30
Jan 18
Sales
1100
units
@
$
5.00
Jan 21
Purchase
900
units
@
$
3.60
Jan 25
Purchase
700
units
@
$
3.40
Jan 31
Sales
1050
units
@
$
5.00
Assuming Chase uses a FIFO cost flow method, the cost of goods
sold for the sales...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory
records for Chase reflected the following Jan 1 Beginning inventory
2200 units @ $ 6.10 Jan 12 Purchase 2300 units @ $ 5.90 Jan 18
Sales 2400 units @ $ 7.60 Jan 21 Purchase 2200 units @ $ 6.20
Jan 25 Purchase 2000 units @ $ 6.00 Jan 31 Sales 2350 units @ $
7.60 Assuming Chase uses a FIFO cost flow method, the cost of
goods sold for the sales...
The following information was collected from the inventory records of a company for the month of...
The following information was collected from the inventory
records of a company for the month of March, 2010. During March the
company sold 90 units of its product at $25 per unit.
Date
Units
Unit Cost
Total Cost
Beginning inventory
March 1
15
$10.00
$150
Purchase
March 5
35
$12.00
$420
Purchase
March 10
70
$14.00
$980
Purchase
March 17
25
$15.00
$375
Determine cost of goods sold under LIFO for the
month of March.
answer choices: 1285, 640, 1130,...
The following information was available from the January inventory records of Rich Company:
The following information was available from the January
inventory records of Rich Company:
Units Unit
Cost Total Cost
Balance at January
1
800
$10.00
$8,000
Purchases:
January
6
600
11.00
6,600
January
26
800 12.00 9,600
Rich maintains a perpetual inventory system and
costs inventory using last-in, first-out (LIFO). Sales included:
900 units on Jan 7, and 600 units on Jan 31. All units sold for $20
each. Operating expenses were $500 for the month of January. Assume
a 40%...
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
6,300
units @ $11.00
Purchases:
9/7
4,200
units @ $11.60
9/25
10,500
units @ $12.20
Sales:
9/10
5,000
units
9/29
6,000
units
10,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
7,000
units @ $10.00
Purchases:
9/7
3,000
units @ $11.00
9/25
10,000
units @ $11.50
Sales:
9/10
4,000
units
9/29
5,000
units
11,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information was available from the inventory records of Anderson Corp. for January:
The following
information was available from the inventory records of Anderson
Corp. for January:
Units Unit
Cost
Balance at March
1
3,100
9.75
Purchases:
03/05/2016
2,000 10.50
03/25/2015
2,500 10.70
Sales:
03/08/2016
-2,750
03/30/2016
-3,500
Balance at March
31
1,350
Assuming that Anderson
maintains perpetual inventory records, what should be the inventory
at March 31, using the moving-average inventory method, rounded to
the nearest dollar?
Select one:
A. $13,851
B. $13,928
C. $14,016
D. $14,224
Surf Deals had the following inventory (surfboards) information available for June and records their inventory using...
Surf Deals had the following inventory (surfboards) information
available for June and records their inventory using the periodic
inventory method.
Date
Transaction
Units
Unit Cost
June 1 Beginning
inventory
100
$200
June 2 Purchase
100
$220
June 5 Sale @ $350 per
unit
(75)
June 18 Purchase
200
$225
June 25 Purchase
100
$230
June 29 Sale @ $360 per
unit
(200)
Assume that the company uses the FIFO inventory method. Develop
an inventory worksheet. ...
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