Question
In: Accounting
Aiello, Inc. had the following inventory in fiscal 2016. Compute the company’s cost of goods sold...
Aiello, Inc. had the following inventory in fiscal 2016. Compute the company’s cost of goods sold for fiscal 2016 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory:
Beginning Inventory, January 1, 2016: 130 units @ $15.00
Purchase 200 units @ $18.00
Purchase 50 units @ $13.50
Purchase 110 units @ $15.75
Ending Inventory, December 31, 2016: 120 units
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Compute ending inventory, cost of goods sold, and gross profit.
My question: Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)
William’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, William adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of:
Category
Quantity
...
Aiello, Inc. had the following inventory in fiscal 2016. Beginning Inventory, January 1, 2016: 130 units...
Aiello, Inc. had the following inventory in fiscal 2016.
Beginning Inventory, January 1, 2016: 130 units @ $15.00
Purchase 200 units @ $18.00
Purchase 50 units @ $13.50
Purchase 110 units @ $15.75
Total units sold during the month is 370.
a) Compute the company’s cost of goods sold and ending inventory
for fiscal 2016 assuming the company used FIFO
b) Compute the company’s cost of goods sold and ending inventory
for fiscal 2016 assuming the company used LIFO methods...
From the following information, compute cost of goods sold. Purchase returns $ 1,200 Inventory, December 31...
From the following information, compute cost of goods
sold.
Purchase returns
$ 1,200
Inventory, December 31
2,500
Freight-in
1,100
Inventory, January 1
2,800
Purchases
15,000
Group of answer choices
$15,300
$15,200
$15,100
$15,000
1. To adjust a company’s LIFO cost of goods sold to FIFO cost of goods sold...
1.
To adjust a company’s LIFO cost of goods sold to FIFO cost of
goods sold
the ending LIFO reserve is added to LIFO cost of goods sold.
the ending LIFO reserve is subtracted from LIFO cost of goods
sold.
an increase in the LIFO reserve is subtracted from LIFO cost of
goods sold.
a decrease in the LIFO reserve is subtracted from LIFO cost of
goods sold.
2.
All of the following statements are true regarding the LIFO
reserve...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the weighted-average method, ending
inventory is 56 units. (Round your intermediate
calculations and final answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
2.70
April 10
9
3.20
May 15
13
3.70
July 22
14
3.95
August 19
19
4.70
September 30
19
4.90
November 10
33
5.10
December 15
15
5.50
cost of ending inventory?
Cost of...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the LIFO method, ending inventory is 54
units. (Round your answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
1.00
April 10
9
1.50
May 15
13
2.00
July 22
14
2.25
August 19
19
3.00
September 30
19
3.20
November 10
33
3.40
December 15
15
3.80
Cost of ending inventory
$
Cost of goods sold
$
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
Penn Company uses a periodic
inventory system. At the end of the annual accounting period,
December 31 of the current year, the accounting records provided
the following information for product 1:Required Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
For the past year, Coach, Inc., had a cost of goods sold of $68,382. At the...
For the past year, Coach, Inc., had a cost of goods sold of
$68,382. At the end of the year, the accounts payable balance was
$11,889.
How long on average did it take the company to pay off its
suppliers during the year? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.)
Days’ sales in payables
days
For the past year, Coach, Inc., had a cost of goods sold of $59,882. At the...
For the past year, Coach, Inc., had a cost of goods sold of
$59,882. At the end of the year, the accounts payable balance was
$13,589.
How long on average did it take the company to pay off its
suppliers during the year? (Do not round intermediate
calculations and round your answer to 2 decimal places, e.g.,
32.16.)
Days’ sales in payables
days
Cost of Goods Sold and Ending Inventory for each of the following methods:
Calculate the following:Cost of Goods Sold and Ending
Inventory for each of the following methods:a. FIFOb. LIFOc. Weighted Average Units
Unit Cost7/1 Beginning Inventory 100 107/5
Purchases
500 157/15
Sales
400 7/20
Purchases
200 20
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