Assuming FIFO cost flow assumption the days to sell is _________. Beginning Inventory 1/1/16: 15 units...

Assuming FIFO cost flow assumption the days to sell is _________.

Beginning Inventory 1/1/16: 15 units @ $1.00 per unit

Sale 1/3/16: 10 units @ $5.00 per unit

Purchase 1/4/16: 10 units @ $1.10 per unit

Sale 1/5/16: 10 units @ $5.00 per unit

Purchase 1/7/16: 20 units @ $1.20 per unit

Purchase 1/17/16: 15 units @ $1.40 per unit

Sale 1/18/16: 15 units @ $5.00 per unit

Sale 1/25/16: 15 units @ $5.00 per unit

Purchase 1/30/16: 5 units @ $1.50 per unit

For the month of January 2016 compute the following amounts using the periodic method

Solutions

Expert Solution

Note: Final answer rounded to 1 Decimal. As it's not mentioned in the question

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1. Assume the company uses the perpetual FIFO cost flow assumption. What is the ending inventory...

1. Assume the company uses the perpetual FIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work. Stratosphere Communications has the following inventory transactions in its first year. On Jan. 6, purchased 1,000 units at $3 On Mar. 23, purchased 2,000 units at $4 On Jun. 27, sold 1,500 units at $9 On Oct. 1, purchased 3,000 units at $5 On Dec. 15, sold 2,500 units at $11 2. Assume...

A company has beginning inventory of 15 units at a cost of $12 each on October...

A company has beginning inventory of 15 units at a cost of $12 each on October 1. On October 5, it purchases 10 units at $13 per unit. On October 12 it purchases 20 units at $14 per unit. On October 15, it sells 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

UNITS FIFO LIFO AVG. COST Beginning Inventory (160,000 at $2) 160,000 320,000 320,000 320,000 Purchase 1...

UNITS FIFO LIFO AVG. COST Beginning Inventory (160,000 at $2) 160,000 320,000 320,000 320,000 Purchase 1 (60,000 at $2.50) 60,000 150,000 150,000 150,000 Purchase 2 (60,000 at $3.50) 60,000 210,000 210,000 210,000 Goods for Sale 280,000 680,000 680,000 680,000 Ending Inventory (30,000 units) 30,000 105,000 60,000 72,857 Cost of Goods Sold 250,000 575,000 620,000 607,143 1. Assuming the company has NOT determined which inventory method to use, Which method should they use for income tax purposes? Why? 2. The sold...

Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

Retail Inventory MethodUncle Butch's Hunting Supply Shop reports the following information related to inventory:Beginning inventory Cost- $ 35,000 Retail- $ 92,000Purchases Cost- 75,000 Reatil- 200,000Net additional markups Cost- 0 Retail- 15,000Net markdowns Cost- 0 Retail- (22,000)Goods available for sale Cost- $110,000 Retail- $ 285,000Sales (178,000)Ending inventory at retail $ 107,000Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

Marigold has the following inventory data: July 1 Beginning inventory 31 units at $16 $496 7...

Marigold has the following inventory data: July 1 Beginning inventory 31 units at $16 $496 7 Purchases 109 units at $16 1744 22 Purchases 16 units at $17 272 $2512 A physical count of merchandise inventory on July 30 reveals that there are 39 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is

Company Z had the beginning inventory of 500 units at $15 each. On February 1, they...

Company Z had the beginning inventory of 500 units at $15 each. On February 1, they purchased an additional 800 units at $18 each. On March 15, they sold 1000 units at $50 each. On June 1, they purchased another 600 units at $20 each. Lastly, on August 15, they sold another 500 units at $55 each. Calculate the company’s cost of goods sold using average cost. Assume the company uses the periodic method

With regard to inventory cost flow, compare and contrast FIFO with LIFO with examples to illustrate...

With regard to inventory cost flow, compare and contrast FIFO with LIFO with examples to illustrate the points better.

Compute cost of goods sold, assuming Kingbird uses: 1.Perpetual system, FIFO cost flow 2.Perpetual system, LIFO...

Compute cost of goods sold, assuming Kingbird uses: 1.Perpetual system, FIFO cost flow 2.Perpetual system, LIFO cost flow 3. Perpetual system, moving-average cost flow Kingbird Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 3,500 $19 2/4 Purchase 4,500 28 2/20 Sale 5,000 47 4/2 Purchase 5,500 36 11/4 Sale 4,700 52

Compute the net income, using FIFO and LIFO and the following information: Beginning Inventory 26,000 units...

Compute the net income, using FIFO and LIFO and the following information: Beginning Inventory 26,000 units @ $25.00 Purchases (new inventory) 26,000 units @ $30.00 Sales: 26,000 units @ $65.00 Tax Rate: 33% Total Income before taxes: $51,500 Total Income after taxes: $34,505

Date Transaction Units Cost Sell 1/1 Beginning inventory 1,700 $28 3/6 Sale 1,100 $38 6/26 Purchase...

Date Transaction Units Cost Sell 1/1 Beginning inventory 1,700 $28 3/6 Sale 1,100 $38 6/26 Purchase 3,100 29 8/2 Purchase 2,100 30 10/31 Sale 3,500 40 (e) Periodic system, weighted-average cost flow. (f) Perpetual system, moving-average cost flow.

Subjects