Question
In: Accounting
Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for...
Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $375. Transactions for this item during April were as follows:
| April | 9 | Purchased | 40 | units @ | $395 | per unit |
| 14 | Sold | 80 | units @ | $600 | per unit | |
| 23 | Purchased | 20 | units @ | $400 | per unit | |
| 29 | Sold | 40 | units |
Required
a. Calculate the cost of goods sold and the ending inventory
cost for the month of April using the weighted-average cost method.
Do not round until your final answers. Round your final answers to
the nearest dollar.
b. Calculate the cost of goods sold and the ending inventory cost
for the month of April using the first-in, first-out method.
c. Calculate the cost of goods sold and the ending inventory cost
for the month of April using the last-in, first-out method
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise...
Inventory Costing Methods - Periodic Method
Fortune Stores uses the periodic inventory system for its
merchandise inventory. The April 1 inventory for one of the items
in the merchandise inventory consisted of 120 units with a unit
cost of $355. Transactions for this item during April were as
follows:
Required a. Calculate the cost of goods sold and the ending
inventory cost for the month of April using the weighted-average
cost method. Do not round until your final answers. Round...
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Inventory Costing Methods-Perpetual Method
Fortune Stores uses the perpetual inventory system for its
merchandise inventory. The April 1 inventory for one of the items
in the merchandise inventory consisted of 130 units with a unit
cost of $335. Transactions for this item during April were as
follows:
April
9
Purchased
40
units @
$355 per unit
14
Sold
80
units @
560 per unit
23
Purchased
20
units @
360 per unit
29
Sold
40
units
Required
a. Calculate the...
he Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory...
he Kali Company uses the periodic inventory system for its
merchandise inventory. The June 1 inventory for one of the items in
the merchandise inventory consisted of 60 units with a unit cost of
$45. Transactions for this item during June were as follows: June 5
Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit
25 Purchased 40 units @ $53 per unit 29 Sold 20 units@ $110 per
unit Required a. Compute the...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—3,000 units;
cost $6.50 each.
8
Purchased 12,000 units for $5.70
each.
14
Sold 9,000 units for $12.20
each.
18
Purchased 7,000 units for $5.20
each.
25
Sold 8,000 units for $11.20
each.
31
Inventory on hand—5,000
units.
Required:
Determine the inventory balance Altira would report in its August
31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available: Aug.1 Inventory on
hand—5,000 units; cost $7.90 each. 8 Purchased 22,000 units for
$6.70 each. 14 Sold 16,000 units for $13.20 each. 18 Purchased
12,000 units for $6.20 each. 25 Sold 15,000 units for $12.20 each.
31 Inventory on hand—8,000 units. Required: Determine the inventory
balance Altira would report in its August 31, 2018, balance sheet
and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—7,000 units;
cost $8.10 each.
8
Purchased 20,000 units for $6.50
each.
14
Sold 15,000 units for $13.00
each.
18
Purchased 11,000 units for $6.00
each.
25
Sold 14,000 units for $12.00
each.
31
Inventory on hand—9,000
units.
Required:
Determine the inventory balance Altira would report in its August
31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.40 each.
8
Purchased 29,000 units for $7.40 each.
14
Sold 20,500 units for $13.90 each.
18
Purchased 15,500 units for $6.90 each.
25
Sold 19,500 units for $12.90 each.
31
Inventory on hand—15,000 units.
Required:
Determine the inventory balance Altira would report in its August
31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—10,000 units; cost $8.00 each.
8
Purchased 26,000 units for $7.10 each.
14
Sold 19,000 units for $13.60 each.
18
Purchased 14,000 units for $6.60 each.
25
Sold 18,000 units for $12.60 each.
31
Inventory on hand—13,000 units.
Determine the inventory balance Altira would report in its
August 31, 2018, balance sheet and the...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available: Aug.1 Inventory on
hand—6,500 units; cost $7.90 each. 8 Purchased 24,000 units for
$6.90 each. 14 Sold 18,000 units for $13.40 each. 18 Purchased
13,000 units for $6.40 each. 25 Sold 17,000 units for $12.40 each.
31 Inventory on hand—8,500 units. Required: Determine the inventory
balance Altira would report in its August 31, 2018, balance sheet
and...
Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...
Swifty Corp. uses a periodic inventory system. The company had
the following inventory transactions in April:
April
3
Purchased merchandise from Blue Spruce Ltd. for $26,000, terms
1/10, n/30, FOB shipping point.
6
The appropriate company paid freight costs of $770 on the
merchandise purchased on April 3.
7
Purchased supplies on account for $5,050.
8
Returned damaged merchandise to Blue Spruce and was given a
purchase allowance of $3,700. The merchandise was repaired by Blue
Spruce and returned to...
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