Question
In: Accounting
CorpX has 50 units in beginning inventory with a cost of $300. During the year purchases...
CorpX has 50 units in beginning inventory with a cost of $300.
During the year purchases were made as follows:
January 15- 100 units @ 5.75 per
unit
= $575 total
cost
June 15- 100 units @ 5.50 per unit = $550 total cost
October 20-50 units @ 5.00 per unit = $250 total cost
Total Units = 250 $1375 total cost
An inventory count at year end reveals 60 units in ending inventory.
Required:
1-what is the ending inventory under:
LIFO, FIFO, average cost methods
2- what is the cost of goods sold under:
LIFO, FIFO, average cost methods
3- what is the LIFO reserve
4 -which method should the company utilize? Why? What is the dollar benefit?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Inventory
300 units at $8
13
Sale
175 units
22
Purchase
375 units at $10
29
Sale
280 units
a. Assuming a perpetual inventory system and
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Beginning inventory - 15 units valued at $10,000 each
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June purchases - 20 units at $12,000 each
Total units used - 42
calculate the value of then ending inventory and the value of
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Groves Company Inc. had a beginning inventory of 300 units of Product MLN at a cost...
Groves Company Inc. had a beginning inventory of 300 units of
Product MLN at a cost of $8 per unit. During the year, purchases
were:
Feb. 20 700 units at $9
Aug. 12 600 units at $11
May 5 500 units at $10
Dec. 8 100 units at $12
Groves Company uses a periodic inventory system. Sales totaled
1,800 units.
Instructions:
(a) determine the cost of goods
available for sale.
(b) Determine the ending inventory and
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The following units of an inventory item were available for sale during the year: Beginning inventory...
The following units of an inventory item were available for sale
during the year:
Beginning inventory 7 units at $52
First purchase 15 units at $54
Second purchase 28 units at $55 T
hird purchase 16 units at $57
The firm uses the periodic inventory system. During the year, 26
units of the item were sold.
The value of ending inventory rounded to the nearest dollar
using average cost is (Round average cost per unit to three decimal
place.)
a.$1,462...
during january, tedesco company sold 183 units of product k. It's beginning inventory and purchases during...
during january, tedesco company sold 183 units of product k.
It's beginning inventory and purchases during the month were as
following: january. 1- beginng inventory 100 units @ $41, january 5
-purchases 100 units @ $43, january 10 -purchases 100 units @ $38,
january 15- purchases 100 units @ $50, january 20- purchases 100
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inventory and the cost of goods sold using the methods: a) average
cost, b) FIFO,...
Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods...
Beginning inventory, purchases, and sales for an inventory item
are as follows:
Purchases Cost of Goods Sold Inventory
Event Unit Cost Total Cost Unit Cost Total Cost Total Cost QTY
Bought Qty sold Qty Unit Cost
Beginning Inventory 150 755
First Sale 120
First Purchase 400 785
Second Sale 200
Second Purchase 300 805
Sale 290
The firm uses the perpetual inventory system and there are 240
units of the item on hand at the end of the year
A....
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of 50 units with a cost per unit of $100. The following
transactions occur during the month of November.
November 2 Purchase 80 units of inventory on account from Kong Inc.
for $110 per unit, terms 2/10, n/30.
November 3 Pay freight charges related to the November 2 purchase,
$240.
November 9 Return 20 defective units from the November 2 purchase
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November 11 Pay Kong Inc. in full....
At the beginning of November, Donkey Inc.'s inventory consists of 50 units with a cost per...
At the beginning of November, Donkey Inc.'s inventory consists of
50 units with a cost per unit of $100. The following transactions
occur during the month of November.
November 2 Purchase 80 units of inventory on account from Kong Inc.
for $110 per unit, terms 2/10, n/30.
November 3 Pay freight charges related to the November 2 purchase,
$240.
November 9 Return 20 defective units from the November 2 purchase
and receive credit.
November 11 Pay Kong Inc. in full....
The following transactions occurred for the Levy Company during 2019: Beginning inventory consists of 50 units...
The following transactions occurred for the Levy Company during
2019: Beginning inventory consists of 50 units with a price per
unit of $40. Transactions during 2019 (in order) were: 1) Purchased
100 units @ $42 2) Purchased 110 units @ $43 3) Sold 190 units
Required: a) Use the above information and compute the ending
inventory and cost of goods sold for 2018 assuming is used:
periodic LIFO, periodic FIFO, WAC. b) Assume the use of LIFO and a
market...
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