Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...

Shellhammer Company's inventory records show the following data for the month of September:

Units Unit Cost

Inventory, September 1 100 $3.34

Purchases: September 8 450 3.50

September 18 350 3.70

A physical inventory on September 30 shows 200 units on hand.

Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. (Round cost per unit to 2 decimal places and ending inventory and cost of goods sold to the nearest dollar.)

Ending inventory

$

Cost of goods sold

$

Expert Solution

ekkarill92 answered 1 year ago

Tess Company's inventory records show the following data for the month of May: Units Unit Cost...

Tess Company's inventory records show the following data for the month of May: Units Unit Cost Inventory, May 1 200 $2.00 Purchases: May 8 200 3.00 May 15 100 4.00 The company uses a periodic inventory system. A physical inventory on May 30 shows 150 units on hand. Assuming FIFO (First-In-First-Out) inventory costing, calculate the cost of goods sold. a. $1,100 b. $850 c. $700 d. $980

Hess Company's inventory records show the following data for the month of September: &

Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. a. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. b. Calculate the value of ending inventory and cost of goods sold if...

1. Eneri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000...

1. Eneri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 $9.20 Purchases: June 18 4,500 8.00 November 8 3,000 7.00 A physical inventory on December 31 shows 2,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at A. $16,133. B. $14,000. C. $16,480. D. $18,400. 2. Priscilla...

SimpsonSimpson Company's inventory records for the most recent year contain the following data: Quantity Unit Cost...

SimpsonSimpson Company's inventory records for the most recent year contain the following data: Quantity Unit Cost Beginning inventory 2,000 $8.00 Purchases during year 18,000 $10.00 Simpson Company sold a total of 19,800 units during this year. 1. Using the average- cost method, compute the cost of goods sold and the ending inventory of the year. 2. Using the FIFO method, compute the cost of goods sold and the ending inventory of the year. 3. Using the LIFO method, compute the...

Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit...

Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 700 $1.10 $0.90 B 1 300 1.50 1.55 C 2 150 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? Individual items Product A $ Product B Product C Product D Product E Total inventory value $ Groups of items...

A company's inventory records indicate the following data for the month of April: April 1 Beginning...

A company's inventory records indicate the following data for the month of April: April 1 Beginning 350 units at $18 each April 5 Purchase 290 units at $20 each April 9 Sale 500 units at $55 each April 14 Purchase 250 units at $22 each April 20 Sale 200 units at $55 each April 30 Purchase 240 units at $25 each The company uses the perpetual inventory system What would be the cost of the ending inventory under the following...

Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr....

Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 500 $2.40 Apr. 20 Purchase 400 $2.50 The company sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: a. $1,690 b. $1,720. c. $1,700. d. $1,730. e. $1,710. If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably possible,...

The accounting records of Metlock Electronics show the following data. Beginning inventory 2,700 units at $5...

The accounting records of Metlock Electronics show the following data. Beginning inventory 2,700 units at $5 Purchases 7,000 units at $7 Sales 8,100 units at $10 1a. Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. 1b. Determine cost of goods sold during the period under a periodic inventory system using the LIFO method. 1c. Determine cost of goods sold during the period under a periodic inventory system using the average-cost method.

The accounting records of Swifty Corporation show the following data. Beginning inventory 4,000 units at $6...

The accounting records of Swifty Corporation show the following data. Beginning inventory 4,000 units at $6 Purchases 8,500 units at $8 Sales 10,700 units at $11 1) Average unit cost. 2) FIFO 3)LIFO 4) Average cost

The accounting records of Blossom Company show the following data. Beginning inventory 5,000 units at $5...

The accounting records of Blossom Company show the following data. Beginning inventory 5,000 units at $5 Purchases 7,500 units at $7 Sales 9,900 units at $10 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)

Question