Question

In: Accounting

Alpha Company uses the periodic inventory system and had the following inventory & sales activity for...

Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

150

$10

5/5

Purchase

200

$12

5/15

Purchase

300

$14

5/25

Purchase

150

$16

Sales were 525 units at $20.  Using the LIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Easton Company uses the periodic inventory system and had the following inventory & sales activity for...
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 130 $10 5/5 Purchase 210 $12 5/15 Purchase 350 $14 5/25 Purchase 310 $16 Sales were 470 units at $20.  Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
3. Easton Company uses the periodic inventory system and had the following inventory & sales activity...
3. Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 100 $10 5/5 Purchase 240 $12 5/15 Purchase 270 $14 5/25 Purchase 320 $16 Sales were 430 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: Beginning inventory 107 Units @ $10 November 5: Purchased 107 Units @ $26 November 8: Purchased 57 Units @ $25 November 16: Sold 154 Units @ $80 November 19: Purchased 50 Units @ $20 Using the weighted-average inventory method, the company's ending inventory would be:
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: Beginning inventory 114 Units @ $30 November 5: Purchased 114 Units @ $26 November 8: Purchased 64 Units @ $30 November 16: Sold 182 Units @ $115 November 19: Purchased 85 Units @ $30 Using the weighted-average inventory method, the company's ending inventory would be:
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: Beginning inventory 116 Units @ $10 November 5: Purchased 116 Units @ $26 November 8: Purchased 66 Units @ $25 November 16: Sold 190 Units @ $125 November 19: Purchased 95 Units @ $20 Using the weighted-average inventory method, the company's ending inventory would be: a. $1,160 b. $3,991 c. $3,550 d. $4,710 e. $3,060
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $12.00 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.00 5/20 Sales 250 $28 5/25 Purchase 150 $13.50 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for...
Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 325 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date...
Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for...
Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date...
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for...
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for the month of March. Units Cost Per Unit Beginning Inventory (March 1) 250 $12 Purchase (March 25th) 130 $13 Purchase (March 28th) 285 $15 Sale (March 30th) 350 1. If the company uses a FIFO inventory method, what will be COST OF GOODS SOLD for the month of March? (please only enter positive numbers) Use the same information as for Question 1 If the...
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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT