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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300 units at $8
13
Sale
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22
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Sale
280 units
a. Assuming a perpetual inventory system and
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Total units used - 42
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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
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Instructions:
(a) determine the cost of goods
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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...
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during january, tedesco company sold 183 units of product k.
It's beginning inventory and purchases during the month were as
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-purchases 100 units @ $43, january 10 -purchases 100 units @ $38,
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Beginning inventory, purchases, and sales for an inventory item
are as follows:
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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
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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
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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.
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November 11 Pay Kong Inc. in full....
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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.
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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
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unit of $40. Transactions during 2019 (in order) were: 1) Purchased
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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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