Question
In: Accounting
Whispering Winds Corp. Inc. had a beginning inventory of 95 units of Product RST at a...
Whispering Winds Corp. Inc. had a beginning inventory of 95 units of Product RST at a cost of $7 per unit. During the year, purchases were:
Feb. 20 610 units at $8
Aug. 12 395 units at $10
May 5 480 units at $9
Dec. 8 100 units at $11
Whispering Winds Corp. uses a periodic inventory system. Sales totaled 1,535 units.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Marigold Corp. had a beginning inventory of 110 units of Product RST at a cost of...
Marigold Corp. had a beginning inventory of 110 units of Product
RST at a cost of $7 per unit. During the year, purchases were:
Feb. 20 660 units at $8
Aug. 12 430 units at $10
May 5 530 units at $9
Dec. 8 110 units at $11
Marigold uses a periodic inventory system. Sales totaled 1,560
units.
What are the ending inventory and cost of goods sold in FIFO
LIFO AVERAGE-COST.
Concord Corporation Inc. had a beginning inventory of 100 units of Product RST at a cost...
Concord Corporation Inc. had a beginning inventory of 100 units
of Product RST at a cost of $6 per unit. During the year, purchases
were:
Feb. 20
585 units
at
$7
Aug. 12
405 units
at
$9
May 5
495 units
at
$8
Dec. 8
100 units
at
$10
Concord Corporation uses a periodic inventory system. Sales totaled
1,570 units.
Determine the ending inventory and the cost of goods sold under
each of the assumed cost flow methods (FIFO, LIFO,...
Problem 6-03A Blue Spruce Corp. had a beginning inventory of 100 units of Product RST at...
Problem 6-03A
Blue Spruce Corp. had a beginning inventory of 100 units of Product
RST at a cost of $9 per unit. During the year, purchases
were:
Feb. 20
650
units at
$10
Aug. 12
460
units at
$12
May 5
590
units at
$11
Dec. 8
100
units at
$13
Blue Spruce uses a periodic inventory system. Sales totaled 1,510
units.
Determine the cost of goods available for sale.
The cost of goods available for sale
$enter the cost...
Swifty Corporation had a beginning inventory of 120 units of Product RST at a cost of...
Swifty Corporation had a beginning inventory of 120 units of
Product RST at a cost of $7 per unit. During the year, purchases
were:
Feb. 20
630
units at
$8
Aug. 12
445
units at
$10
May 5
535
units at
$9
Dec. 8
120
units at
$11
Swifty uses a periodic inventory system. Sales totaled 1,500
units.
The cost of goods available for sale 16465
Average Cost 8.9
Determine the ending inventory and the cost of goods sold under...
Problem 12-9A Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp. Comparative Balance Sheets...
Problem 12-9A
Condensed financial data of Whispering Winds Corp. follow.
Whispering Winds Corp.
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 158,368
$ 94,864
Accounts receivable
172,088
74,480
Inventory
220,500
201,586
Prepaid expenses
55,664
50,960
Long-term investments
270,480
213,640
Plant assets
558,600
475,300
Accumulated depreciation
(98,000
)
(101,920
)
Total
$1,337,700
$1,008,910
Liabilities and Stockholders’ Equity
Accounts payable
$ 199,920
$ 131,908
Accrued expenses payable
32,340
41,160
Bonds payable
215,600
286,160
Common stock
431,200
343,000
Retained earnings
458,640...
Problem 12-9A Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp. Comparative Balance Sheets...
Problem 12-9A Condensed financial data of
Whispering Winds Corp. follow.
Whispering Winds Corp.
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 158,368
$ 94,864
Accounts receivable
172,088
74,480
Inventory
220,500
201,586
Prepaid expenses
55,664
50,960
Long-term investments
270,480
213,640
Plant assets
558,600
475,300
Accumulated depreciation
(98,000
)
(101,920
)
Total
$1,337,700
$1,008,910
Liabilities and Stockholders’ Equity
Accounts payable
$ 199,920
$ 131,908
Accrued expenses payable
32,340
41,160
Bonds payable
215,600
286,160
Common stock
431,200
343,000
Retained earnings
458,640...
Whispering Winds Inc. had the following statement of financial position at the end of operations for...
Whispering Winds Inc. had the following statement of financial
position at the end of operations for 2016:
WHISPERING WINDS INC.
Statement of Financial Position
December 31, 2016
Cash
$20,000
Accounts payable
$30,000
Accounts receivable
21,200
Bonds payable
41,000
FV-NI investments
32,000
Common shares
100,000
Equipment (net)
81,000
Retained earnings
23,200
Land
40,000
$194,200
$194,200
During 2017, the following occurred:
1.
Whispering Winds liquidated its FV-NI investments portfolio at
a loss of $9,000.
2.
A parcel of land was purchased for...
Groves Company Inc. had a beginning inventory of 300 units of Product MLN at a cost...
Groves Company Inc. had a beginning inventory of 300 units of
Product MLN at a cost of $8 per unit. During the year, purchases
were:
Feb. 20 700 units at $9
Aug. 12 600 units at $11
May 5 500 units at $10
Dec. 8 100 units at $12
Groves Company uses a periodic inventory system. Sales totaled
1,800 units.
Instructions:
(a) determine the cost of goods
available for sale.
(b) Determine the ending inventory and
the cost of goods...
Shamrock, Inc. owns 25% of the common shares of Whispering Winds Corp. The other 75% of...
Shamrock, Inc. owns 25% of the common shares of Whispering Winds
Corp. The other 75% of the shares are owned by the Sheffield
family. Shamrock acquired the shares eight years ago through a
financing transaction. Each year, Shamrock has received a dividend
from Sheffield. Sheffield has been in business for 60 years and
continues to have strong operations and cash flows. Shamrock must
determine the fair value of this investment at its year end. Since
there is no market on...
Do It! Review 6-2 The accounting records of Whispering Winds Corp. show the following data. Beginning...
Do It! Review 6-2 The accounting records of Whispering Winds
Corp. show the following data. Beginning inventory 3,010 units at
$6 Purchases 8,130 units at $8 Sales 9,090 units at $11 Determine
cost of goods sold during the period under a periodic inventory
system using the FIFO method, the LIFO method, and the average-cost
method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO
Average-cost Cost of goods sold $enter a dollar amountEntry field
with incorrect answer 6. $enter...
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