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In: Accounting
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods
Tyler Company has the following information related to purchases and sales of one of its inventory items.
| Date | Description | Units Purchased at Cost | Units Sold at Retail |
| Sept. 1 | Beginning inventory | 400 units @ $18 | |
| Sept. 10 | Purchase | 600 units @ $19 | |
| Sept. 20 | Sales | 630 units @ $32 | |
| Sept. 25 | Purchase | 800 units at $21 |
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
| FIFO | LIFO | Avg Cost | |
| Cost of goods sold | $ | $ | $ |
| Ending inventory | $ | $ | $ |
Solutions
Expert Solution
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
ekkarill92 answered 1 year agoRelated Solutions
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at Cost
Units Sold at Retail
Sept. 1
Beginning inventory
400 units @ $17
Sept. 10
Purchase
600 units @ $18
Sept. 20
Sales
700 units @ $31
Sept. 25
Purchase
700 units at $20
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the
FIFO, LIFO,...
Tyler Company has the following information related to purchases and sales of one of its inventory items.
Inventory Costing MethodsTyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory400 units @ $16Sept. 10Purchase600 units @ $18Sept. 20Sales690 units @ $31Sept. 25Purchase800 units at $19Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the
FIFO, LIFO, and average cost methods.FIFOLIFOAvg CostCost of goods sold$fill in the blank 1$fill in the blank 2$fill in the blank 3Ending...
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases...
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods
Tyler Company has the following information related to purchases
and sales of one of its inventory items. Date Description Units
Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory
400 units @ $13 Sept. 10 Purchase 600 units @ $14 Sept. 20 Sales
680 units @ $24 Sept. 25 Purchase 600 units at $16 Assume the
company uses a perpetual inventory system.
Required: Calculate ending inventory and cost of goods sold...
Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) Tyler Company has the following information related to...
Inventory Costing Methods: Periodic Inventory Systems. (Appendix
6B)
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
Sept. 1
Beginning inventory
20 units @ $5
10
Purchase
30 units @ $8
20
Sales
40 units @ $15
25
Purchase
25 units at $10
Assume that the company uses the periodic inventory system.
Required:
Calculate the cost of goods sold and the cost...
Brief Exercise 6-35 (Algorithmic)Inventory Costing MethodsTyler Company has the following information related to purchases...
Brief Exercise 6-35 (Algorithmic)Inventory Costing MethodsTyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory400 units @ $12Sept. 10Purchase600 units @ $13Sept. 20Sales700 units @ $22Sept. 25Purchase800 units at $15Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the
FIFO, LIFO, and average cost methods.FIFOLIFOAvg CostCost of goods sold???Ending inventory???
Periodic Inventory System and Inventory Costing Methods Portia's Parts Shop recorded the following purchases and sales...
Periodic Inventory System and Inventory Costing Methods Portia's
Parts Shop recorded the following purchases and sales during the
past year: Jan. 1 Beginning inventory 125 cases @ $23 $ 2,875 Feb.
25 Purchase 100 cases @ $26 2,600 June 15 Purchase 200 cases @ $28
5,600 Oct. 15 Purchase 150 cases @ $28 4,200 Dec. 15 Purchase 100
cases @ $30 3,000 Goods available for sale 675 $18,275 Total sales
500 cases Dec. 31 Ending inventory 175 cases Assume for...
6. Periodic Inventory System and Inventory Costing Methods In chronological order, the inventory, purchases, and sales...
6. Periodic Inventory System and Inventory Costing Methods
In chronological order, the inventory, purchases, and sales of a
single product for a recent month are as follows:
Units
Amount per
Unit
June 1
Beginning inventory
150
$30
4
Purchase
400
33
12
Purchase
800
36
16
Sale
1,300
60
24
Purchase
300
39
Using the periodic inventory system, compute the cost of ending
inventory, cost of goods sold, and gross margin. Use the
average-cost, FIFO, and LIFO inventory costing methods....
Cornerstone Exercise 6-25 Effects of Inventory Costing Methods Filimonov Inc. has the following information related to...
Cornerstone Exercise 6-25
Effects of Inventory Costing Methods
Filimonov Inc. has the following information related to
purchases and sales of one of its inventory items:
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
June 1
Beginning Inventory
200 units @ $10 = $2,000
9
Purchase 1
300 units @ $12 = $3,600
14
Sale 1
400 units @ $25
22
Purchase 2
250 units @ $14 = $3,500
29
Sale 2
225 units @ $25
Required:
1. In...
Problem 6-63A Inventory Costing Methods Anderson's Department Store has the following data for inventory, purchases, and...
Problem 6-63A
Inventory Costing Methods
Anderson's Department Store has the following data for
inventory, purchases, and sales of merchandise for December for one
of the items the company sells:
Activity
Units
Purchase Price (per unit)
Sale Price (per unit)
Beginning inventory
10
$6.00
Purchase 1, Dec. 2
22
6.80
Purchase 2, Dec. 5
26
7.50
Sale 1, Dec. 7
19
$12.00
Sale 2, Dec. 10
25
12.00
Purchase 3, Dec. 12
12
8.00
Sale 3, Dec. 14
20
12.00
Anderson's...
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company...
Inventory Costing Methods-Periodic Method The following
information is for the Bloom Company for 2012; the company sells
just one product: Units Unit Cost Beginning Inventory 200 $70
Purchases: Feb. 11 500 $74 May 18 400 76 Oct. 23 100 80 At December
31, 2012, there was an ending inventory of 360 units. Assume the
use of the periodic inventory method. Calculate the value of ending
inventory and the cost of goods sold for the year using (a)
first-in, first-out, (b)...
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