Question
In: Accounting
You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method...
You are provided with the following information for Barton Inc.
Barton Inc. uses the periodic method of accounting for its
inventory transactions.
| March | 1 | Beginning inventory 2,000 liters at a cost of 60¢ per liter. | ||
| March | 3 | Purchased 2,500 liters at a cost of 65¢ per liter. | ||
| March | 5 | Sold 2,300 liters for $1.05 per liter. | ||
| March | 10 | Purchased 4,000 liters at a cost of 72¢ per liter. | ||
| March | 20 | Purchased 2,500 liters at a cost of 80¢ per liter. | ||
| March | 30 | Sold 5,200 liters for $1.25 per liter. |
Calculate the value of ending inventory that would be reported
on the balance sheet, under each of the following cost flow
assumptions. (Round answers to 2 decimal places, e.g.
125.25.)
| (1) | Specific identification method assuming: | ||
| (i) | The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and | ||
| (ii) | The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. | ||
| (2) | FIFO | ||
| (3) | LIFO | ||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
You are provided with the following information for Sunland Inc. Sunland Inc. uses the periodic system...
You are provided with the following information for Sunland Inc.
Sunland Inc. uses the periodic system of accounting for its
inventory transactions.
March
1
Beginning inventory 1,950 liters at a cost of 60¢ per
liter.
March
3
Purchased 2,475 liters at a cost of 65¢ per liter.
March
5
Sold 2,320 liters for $1.10 per liter.
March
10
Purchased 3,820 liters at a cost of 72¢ per liter.
March
20
Purchased 2,580 liters at a cost of 80¢ per liter....
You are provided with the following information for Novak Corp. Novak Corp. uses the periodic system...
You are provided with the following information for Novak Corp.
Novak Corp. uses the periodic system of accounting for its
inventory transactions.
March
1
Beginning inventory 1,930 liters at a cost of 60¢ per
liter.
March
3
Purchased 2,450 liters at a cost of 65¢ per liter.
March
5
Sold 2,395 liters for $1.05 per liter.
March
10
Purchased 4,190 liters at a cost of 72¢ per liter.
March
20
Purchased 2,510 liters at a cost of 80¢ per liter....
You have the following information for Sunland Company. Sunland uses the periodic method of accounting for...
You have the following information for Sunland Company. Sunland
uses the periodic method of accounting for its inventory
transactions. Sunland only carries one brand and size of
diamonds—all are identical. Each batch of diamonds purchased is
carefully coded and marked with its purchase cost.
March 1
Beginning inventory 150 diamonds at a cost of $300 per
diamond.
March 3
Purchased 200 diamonds at a cost of $340 each.
March 5
Sold 170 diamonds for $630 each.
March 10
Purchased 345...
You have the following information for Sheridan Company. Sheridan uses the periodic method of accounting for...
You have the following information for Sheridan Company.
Sheridan uses the periodic method of accounting for its inventory
transactions. Sheridan only carries one brand and size of
diamonds—all are identical. Each batch of diamonds purchased is
carefully coded and marked with its purchase cost.
March 1
Beginning inventory 150 diamonds at a cost of $320 per
diamond.
March 3
Purchased 200 diamonds at a cost of $360 each.
March 5
Sold 190 diamonds for $650 each.
March 10
Purchased 325...
You have the following information for Sheffield Corp.. Sheffield uses the periodic method of accounting for...
You have the following information for Sheffield Corp..
Sheffield uses the periodic method of accounting for its inventory
transactions. Sheffield only carries one brand and size of
diamonds—all are identical. Each batch of diamonds purchased is
carefully coded and marked with its purchase cost.
March 1
Beginning inventory 141 diamonds at a cost of $285 per
diamond.
March 3
Purchased 207 diamonds at a cost of $365 each.
March 5
Sold 166 diamonds for $570 each.
March 10
Purchased 328...
You have the following information for Crane Company. Crane uses the periodic method of accounting for...
You have the following information for Crane Company. Crane uses
the periodic method of accounting for its inventory transactions.
Crane only carries one brand and size of diamonds—all are
identical. Each batch of diamonds purchased is carefully coded and
marked with its purchase cost.
March 1 Beginning inventory 160 diamonds at a cost of
$300 per diamond.
March 3 Purchased 210 diamonds at a cost of $340
each.
March 5 Sold 170 diamonds for $600 each.
March 10 Purchased 325...
Problem 2. You have the following information for Divine Diamonds. The company uses the periodic method...
Problem 2.
You have the following information for Divine Diamonds. The
company uses the periodic method of accounting for its inventory
transactions. Divine Diamonds only carries one brand and size of
diamonds—all are identical. Each batch of diamonds purchased is
carefully coded and marked with its purchase cost.
March 1 Beginning inventory 150 diamonds at a cost of $300 per
diamond.
March 3 Purchased 200 diamonds at a cost of $350 each.
March 10 Purchased 350 diamonds at a cost...
Happy Company uses the periodic inventory method and had the following inventory information available:
Happy Company uses the periodic inventory method and had the
following inventory information available:
Units Unit Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$400
1/20
Purchase
400
$6
$2400
7/25
Purchase
200
$7
$1400
10/20
Purchase
300
$8
$2400
1,000
$6,600
A physical county if inventory on December 31 revealed that
there were 400 units on hand
Answer questions below and show computations supporting the
answer:
Assume that the company uses the FIFO...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had the
following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there
were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had
the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that
there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
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