Question
In: Accounting
Use the following data of Makrel Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning...
Use the following data of Makrel Sales, Inc.:
|
Unit |
Total |
Units |
||
|
Units |
Cost |
Cost |
Sold |
|
|
Beginning inventory |
18 |
$6 |
$108 |
|
|
Purchase on Apr 25 |
35 |
7 |
245 |
|
|
Purchase on Nov 16 |
13 |
10 |
130 |
|
|
Sales |
45 |
? |
? |
MakrelMakrel
Sales' LIFO cost of ending inventory would be
A.$186.
B.$129.
C.$154.
D.$450.
Solutions
Expert Solution
In Lifo method the goods which are included in inventory are sold first.
IN this question ending inventory = (18 + 35 + 13) – 45
= 66 – 45
= 21
Cost of ending inventory = (18* 6) + (3* 7)
= 108 + 21
= 129
SO cost of ending inventory using LIFO is $129.
Correct option is B
ekkarill92 answered 1 year agoRelated Solutions
Potter Company has the following data available: Transaction Units Purchased Unit Cost Units Sold Beginning Inventory...
Potter Company has the following data available: Transaction
Units Purchased Unit Cost Units Sold Beginning Inventory 500 $10
March 1 Purchase 200 $12 April 25 Sale 350 June 10 Purchase 300
$14 July 20 Sale 250 October 30 Purchase 300 $15 December 15 Sale
400 If Potter Company uses a perpetual movingminus average
inventory system, the cost of goods sold for the year is
________. (Round average cost per unit to four decimal places and
all other numbers to...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the perpetual inventory system.
Be sure to do...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the periodic inventory system.
Be sure to do...
('$) ('$) Unit. Total Balance Date Explanation Units. Cost Cost in Units Jun-01 Beginning...
('$)
('$)
Unit.
Total
Balance
Date
Explanation
Units.
Cost
Cost
in Units
Jun-01
Beginning inventory.
50
1.0
50
50
Jun-06
Purchase
50
1.2
60
100
Jun-10
Sales
60
40
Jun-13
Purchase
150
1.4
210
190
Jun-20
Purchase
100
1.6
160
290
Jun-25
Purchase
150
1.8
270
440
Jun-30
Sales
200
240
FIFO Periodic System
COGS:
Ending Inventory:
Average Cost Periodic System
COGS:
Ending Inventory:
FIFO Previous System
COGS:
Ending Inventory:
Average Cost Previous System
COGS:
Ending Inventory:
Show...
The records of ABC Company showed the following: Units Unit Cost Total Cost January 1 Beginning...
The records of ABC Company showed the following:
Units
Unit Cost
Total Cost
January 1
Beginning
10,000
60
600,000
April 1
Purchase
18,000
50
900,000
October 1
Purchase
22,000
40
880,000
The physical inventory reveals 15,000 units on hand on December
31.
Compute the cost of ending inventory and cost of sales using:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold (COGS)
First in, first out (FIFO)
Weighted Average
Last in, first out (LIFO)
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 $ $
Purchase Units Unit Cost Sold Units Beg.nventory &
Purchase Units Unit Cost Sold Units
Beg.nventory
3000
0.60$
Dec3
4000
0.74$
Dec5
4400
Dec17 2200 0.80$
Dec22 2100
Compute ending inventory and cost of goods sold using moving-
average cost, assuming the Company uses the perpetual inventory
system
date activities units cost total units sold retail price total aug 1 beginning inventory 150 $8.00...
date
activities
units
cost
total
units sold
retail price
total
aug 1
beginning inventory
150
$8.00
$1,200.00
aug 10
sales
70
$80.00
$5,600.00
aug 20
purchases
50
$9.00
$450.00
aug 25
sales
100
$80.00
$8,000.00
aug 31
purchases
50
$9.25
$475.00
totals
250
$2125.00
170
Corey Church is a seller of designer sunglasses. Following is a
summary of Corey Church’s purchases and sales for the month of
August, 2020. Calculate the cost of the ending inventory under the
A) FIFO...
Philips Company has the following data available Transaction Units purchased Unit cost Units sold Transaction 300...
Philips Company has the following data available
Transaction
Units purchased
Unit cost
Units sold
Transaction
300
10
March 1 Purchase
200
12
April 25 sale
330
June 10 Purchase
370
14
July 20 sale
250
October 30 Purchase
340
11
December 15 sale
390
if Philips uses a perpetual FIFO inventory
system, the cost of ending inventory on Dec 31 is
I need the steps in the form of table
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,...
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