Question
In: Accounting
4. Sylvia's Designs Co. had the following inventory activity during April: Units Unit Cost Beginning inventory...
4. Sylvia's Designs Co. had the following inventory activity during April:
|
Units |
Unit Cost |
|
|
Beginning inventory |
100 |
$10 |
|
Purchase (April 3) |
50 |
12 |
|
Sale (April 10) |
80 |
|
|
Purchase (April 18) |
40 |
14 |
|
Purchase (April 23) |
60 |
15 |
|
Sale (April 28) |
120 |
Assuming Sylvia's uses a perpetual LIFO cost flow assumption, ending inventory for April would be
|
a. |
$ 750 |
|
b. |
$2,560 |
|
c. |
$ 500 |
|
d. |
$2,310 |
Solutions
Expert Solution
Answer: Correct Answer is (c) $500
| Stock statement onLIFO basis | |||||||||
| Purchase | Sales | Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| Beg Inv | 100 | $10.00 | $1,000 | ||||||
| 03-04 | 50 | $12.00 | $600.00 | 100 | $10.00 | $1,000 | |||
| 50 | $12.00 | $600.00 | |||||||
| 10-04 | 50 | $12.00 | $600.00 | ||||||
| 30 | $10.00 | $300.00 | 70 | $10.00 | $700.00 | ||||
| 18-04 | 40 | $14.00 | $560.00 | 70 | $10.00 | $700.00 | |||
| 40 | $14.00 | $560.00 | |||||||
| 23-Apr | 60 | $15.00 | $900.00 | 70 | $10.00 | $700.00 | |||
| 40 | $14.00 | $560.00 | |||||||
| 60 | $15.00 | $900.00 | |||||||
| 28-Apr | 60 | $15.00 | $900.00 | ||||||
| 40 | $14.00 | $560.00 | |||||||
| 20 | $10.00 | $200.00 | 50 | $10.00 | $500.00 | ||||
| 150 | 200 | 120 | 1,660 | 50 | $500.00 | ||||
ekkarill92 answered 8 months agoRelated Solutions
Botter Company had a beginning inventory of 200 units at a cost of $13 per unit...
Botter Company had a beginning inventory of 200 units at a cost
of $13 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
Sales
August
4
250 units at $14
August
7
150 units
August
15
350 units at $15
August
11
100 units
August
28
200 units at $16
August
17
300 units
August
24
200 units
Botter uses a periodic inventory system.
Instructions
Determine ending inventory and cost of goods sold...
Elston Company had a beginning inventory of 200 units at a cost of rm12 per unit...
Elston Company had a beginning inventory of 200 units at a cost
of rm12 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
______________Sales
________
August 4 250
units at
RM13/unit
August
7 150 units @
RM20
August 15 350 units at
RM15/unit
August
11 100 units @ RM20
August 28 200 units at
RM14/unit
August
17 250 units @ RM25
August
24 260 units @...
Balotelli Co. had 3,000 units in its inventory on January 1, 2010. The unit cost of...
Balotelli Co. had 3,000 units in its inventory on January 1,
2010. The unit cost of goods in the beginning inventory is $9.77.
Balotelli purchased 2,000 units on January 6 and 2,700 units on
January 26. The unit costs for January 6 and January 26 purchases
are $10.30 and $10.71, respectively. Balotelli sells 2,500 units on
January 7 and 4,000 units on January 31. Assuming that Balotelli
maintains periodic inventory records, what should be the inventory
at January 31, using...
Franklin Co. had 10 units of an inventory item on hand at the beginning of the...
Franklin Co. had 10 units of an inventory item on hand at the
beginning of the current year, each of which had a per-unit cost of
$10. During the year, 20 additional units were purchased at $11,
and 25 units were sold. What is the amount of the ending inventory
under the LIFO and the average-cost methods of accounting for
inventory? (Round your intermediate calculations and final
answers to 2 decimal places.)
Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company...
Grouper Ltd. had beginning inventory of 54 units that cost $102
each. During September, the company purchased 208 units on account
at $102 each, returned 8 units for credit, and sold 153 units at
$201 each on account.
Correct answer iconYour answer is correct.
Journalize the September transactions, assuming that Grouper
Ltd. uses a perpetual inventory system. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry"...
During the most recent year, Boston Corp. had the following data: Beginning inventory in units - ...
During the most recent year, Boston Corp. had the following
data:
Beginning inventory in units
-
Units produced
15,000
Units sold ($125 per unit)
12,000
Variable costs per unit:
Direct materials
$15
Direct labor
$20
Variable overhead
$10
Fixed costs:
Fixed overhead per unit
produced
$20
Fixed selling and
administrative
$ 200,000
Required:
A. How many units are in ending inventory?
B. Using absorption costing, calculate the per-unit product
cost....
Beginning Inventory # of units Cost per unit Total Beginning Inventory 15 $10 $150 Jan 1....
Beginning Inventory
# of units
Cost per unit
Total
Beginning Inventory
15
$10
$150
Jan 1. Purchase
15
$11
$165
Jan 10. Purchase
15
$12
$180
Total
45
1. During January, AA sold 20 units at $30 per unit.
Under FIFO, how much is the Gross
Profit?
$365
$380
$390
$395
2. During January, AA sold 20 units at $30 per unit
Under the Weighted Average Method, how much is the
Gross Profit?.
$365
$380
$395
$400
3. During January,...
AU Company has the following inventory transactions for the month of March: Units Unit Cost Beginning,...
AU Company has the following inventory transactions for the
month of March:
Units
Unit Cost
Beginning, Mar. 1
10,000
15
Purchases, Mar. 10
20,000
18
Sold, Mar. 15
15,000
Purchases, Mar. 18
5,000
23
Sold, Mar. 25
6,000
The company uses the perpetual inventory system. Determine the
cost of inventory on March 31 and cost of goods sold under:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold
First in, first out (FIFO)
Moving Average
Last in, first out (LIFO)
EBECEDE Company has the following inventory transactions for the month of February: Units Unit Cost Beginning,...
EBECEDE Company has the following inventory transactions for the
month of February:
Units
Unit Cost
Beginning, Feb. 1
10,000
40
Purchases, Feb. 10
10,000
43
Sold, Feb. 15
15,000
Purchases, Feb. 18
5,000
44
Sold, Feb. 25
2,000
The company uses the perpetual inventory system. Determine the
cost of inventory on February 29 and cost of goods sold under:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold (COGS
First in, first out (FIFO)
Weighted Average
Last in, first out...
Coopers Company reported the following information: Units Unit Cost Units Sold Jan 1 Beginning inventory 190...
Coopers Company reported the following information:
Units Unit Cost Units Sold
Jan 1 Beginning inventory 190 $50
Mar 8 Sale 100
Apr 10 Purchase 320 55
Jun 20 Sale 240
Oct 10 Purchase 570 60
Nov 30 Sale 450
Total
Selling price per unit
during the year: $75 790
Required Complete the following table.
Cost Total Periodic Perpetual Date Purchased per Unit Cost Sold
FIFO Weighted Average Units $ $ Units Units $ $ Units $ $
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Do you have a wireless network at home? What kind of wireless equipment do you have?...
- 1) A gas mixture containing 75% air, 20% of A and 5% of B (by volume)...
- What is the difference between a physical and a semantic barrier to communication? Provide an example...
- Draw an EER that models the given requirements. Consider modeling a bank: The bank keeps personal...
- To what extent will built-to-change design principles apply to organizations in other industries with different environments?...
- Multiple Part Question. For the reaction at 25C CCL4(l) + H2(g) -> HCl(g) + CHCl3(l) Delta...
- Cost, volume, profit analysis identifies a transaction’s “contribution’ to fixed costs. Explain the meaning of ‘contribution’...
ADVERTISEMENT