Question
In: Accounting
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost Apr...
Cost Flow Methods
The following three identical units of Item JC07 are purchased during April:
| Item Beta | Units | Cost | ||||
|---|---|---|---|---|---|---|
| April 2 | Purchase | 1 | $229 | |||
| April 15 | Purchase | 1 | 230 | |||
| April 20 | Purchase | 1 | 231 | |||
| Total | 3 | $690 | ||||
| Average cost per unit | $230 | ($690 ÷ 3 units) |
Assume that one unit is sold on April 27 for $313.
Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.
| Gross Profit | Ending Inventory | |
| a. First-in, first-out (FIFO) | $ | $ |
| b. Last-in, first-out (LIFO) | $ | $ |
| c. Weighted average cost | $ | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item...
Cost Flow Methods
The following three identical units of Item Alpha are purchased
during April:
Item Alpha
Units
Cost
Apr.
2
Purchase
1
$76
14
Purchase
1
81
28
Purchase
1
83
Total
3
$240
Average cost per unit
$80
($240 ÷ 3 units)
Assume that one unit is sold on April 30 for $132.
Determine the gross profit for April and ending inventory on
April 30 using the (a) first-in, first-out (FIFO); (b) last-in,
first-out (LIFO); and (c) weighted...
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item...
Cost Flow Methods
The following three identical units of Item PX2T are purchased
during April:
Item Beta
Units
Cost
April 2
Purchase
1
$68
April 15
Purchase
1
71
April 20
Purchase
1
74
Total
3
$213
Average cost per unit
$71
($213 ÷ 3 units)
Assume that one unit is sold on April 27 for $91. Determine the
gross profit for April and ending inventory on April 30 using the
(a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and...
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost...
Three identical units of merchandise were purchased during July,
as follows:
Date
Product T
Units
Cost
July 3
Purchase
1
$25
10
Purchase
1
28
24
Purchase
1
31
Total
3
$84
Average cost per unit
$28
Assume one unit sells on July 28 for $40.
Determine the gross profit, cost of goods sold, and ending
inventory on July 31 using (a) first-in, first-out, (b) last-in,
first-out, and (c) average cost flow methods.
Gross Profit
Cost of Goods Sold
Ending...
Three identical units of merchandise were purchased during May, as follows: Magnesium XP Units Cost May...
Three identical units of merchandise were purchased during May,
as follows:
Magnesium XP
Units
Cost
May 3
Purchase
1
$130
10
Purchase
1
136
19
Purchase
1
142
Total
3
$408
Assume that two units are sold on May 23 for $313. Determine the
gross profit for May and ending inventory on May 31 using (a) FIFO,
(b) LIFO, and (c) average cost methods.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
$
$
b. Last-in, first-out (LIFO)
$
$...
Inventory by three methods: The units of an item available for sale during the year are...
Inventory by three methods:
The units of an item available for sale during the year are as
follows:
Jan 1.
Inventory
21 units at 1,800
May 15
Purchase
28 units at 1,950
August 7
Purchase
10 units at 2,040
Nov. 20
Purchase
17 units at 2,100
There are 20 units of the item in the physical inventory at
December 31. ROUND YOUR INTERMEDIATE CALCULATIONS AND FINAL ANSWER
TO THE NEAREST DOLLAR
1. Using First in First Out Method calculate cost...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
1,050 units @ $138
Feb. 17
Purchase
1,445 units @ $139
Jul. 21
Purchase
1,615 units @ $141
Nov. 23
Purchase
1,150 units @ $141
There are 1,225 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Do not round
intermediate calculation and round final answer to nearest whole
value.
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
6 units @ $50
Feb. 17
Purchase
14 units @ $52
Jul. 21
Purchase
13 units @ $53
Nov. 23
Purchase
10 units @ $54
There are 4 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Round average
unit cost to one decimal and final answers to the nearest...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
1,080 units @ $122
Feb. 17
Purchase
1,390 units @ $124
Jul. 21
Purchase
1,625 units @ $125
Nov. 23
Purchase
1,135 units @ $126
There are 1,210 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Do not round
intermediate calculation and round final answer to nearest whole
value....
eriodic Inventory by Three Methods The units of an item available for sale during the year...
eriodic Inventory by Three Methods
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
13 units at $41
Feb. 17
Purchase
5 units at $43
Jul. 21
Purchase
17 units at $46
Nov. 23
Purchase
20 units at $47
There are 5 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Round average
unit cost to one decimal and final answers to the nearest...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item
available for sale during the year were as follows: Jan. 1
Inventory 17 units at $48 Feb. 17 Purchase 20 units at $49 Jul. 21
Purchase 13 units at $51 Nov. 23 Purchase 7 units at $51 There are
11 units of the item in the physical inventory at December 31. The
periodic inventory system is used. Round average unit cost to the
nearest cent and final answers to the...
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