Question
In: Accounting
The following information is available for the month ofApril. The company uses the perpetual inventory method....
The following information is available for the month ofApril. The company uses the perpetual inventory method. April 1 inventory balance 120 units @$8.04 each April 10purchase 200 units @ $8.20 each April 20purchase 410 units @ $8.40 each April 22sale 630 units @ $15.00 each April 25purchase 310 units @ $8.59 each a. Compute the value of ending inventory under LIFO,show steps. b. Compute the value of ending inventory under FIFO,show steps. c. Which inventory costing method results in the largestcost of goods sold?
Solutions
ekkarill92 answered 6 months agoRelated Solutions
Kayla Company uses the perpetual inventory system and the LIFO method. The following information is available...
Kayla Company uses the perpetual inventory system and the LIFO
method. The following information is available for the month of
June:
June 1 Beginning inventory 200 units @ $5
12 Purchase on account 400 units @ $6
15 Sales on account 440 units
23 Purchase on account 300 units @ $7
27 Sales on account 360 units
The selling price (price the company charged the customers) was $10
per unit.
a) Show the calculation of cost of goods sold and...
Happy Company uses the periodic inventory method and had the following inventory information available:
Happy Company uses the periodic inventory method and had the
following inventory information available:
Units Unit Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$400
1/20
Purchase
400
$6
$2400
7/25
Purchase
200
$7
$1400
10/20
Purchase
300
$8
$2400
1,000
$6,600
A physical county if inventory on December 31 revealed that
there were 400 units on hand
Answer questions below and show computations supporting the
answer:
Assume that the company uses the FIFO...
Sheridan Company uses a perpetual inventory system. The following information is available for November: Units Purchase...
Sheridan Company uses a perpetual inventory system. The
following information is available for November:
Units
Purchase Price
Sales Price
Nov. 1
Balance
8
$4.00
4
Purchase
20
$4.50
7
Purchase
20
$5.00
10
Sale
(8)
$8.00
12
Sale
(32)
$8.00
Calculate the cost of goods sold and ending inventory under FIFO
and Calculate the cost of goods sold and ending inventory under
weighted average
Cullumber Company uses a perpetual inventory system. The following information is available for November: Units Purchase...
Cullumber Company uses a perpetual inventory system. The
following information is available for November:
Units
Purchase Price
Sales Price
Nov. 1
Balance
8
$6.00
4
Purchase
18
$6.50
7
Purchase
20
$7.00
10
Sale
(8)
$9.00
12
Sale
(30)
$9.00
Calculate the cost of goods sold and ending inventory under
FIFO. (Round answers to 0 decimal places, e.g.
5,275.)
FIFO
Cost of goods sold
$
Ending inventory
$
Calculate the cost of goods sold and ending inventory under
weighted average....
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had the
following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there
were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8...
Anabtawi Company uses the periodic inventory method and had
the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that
there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending...
SJH Company uses the periodic inventory method and had the following inventory information available: &n
SJH Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$5
2,000
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,200
A physical count of inventory on December 31 revealed that there
were 350 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Q. Assume that the
company uses...
Shanrock Company uses the periodic inventory method and had the following inventory information available: &nb
Shanrock Company uses the periodic inventory method and had the
following inventory information available:
Units
Unit
Cost
Total Cost
1/1 Beginning
Inventory
100
$4
$ 400
1/20
Purchase
400
$6
2,400
7/25
Purchase
200
$7
1,400
10/20
Purchase
300
$8
2,400
1,000
$6,600
A physical count of inventory on December 31 revealed that there
were 400 units on hand.
Instructions
Answer the following independent questions and show computations
supporting your answers.
Assume that the...
The following information is available for Wallace Company for 2017. Wallace uses the LIFO inventory method....
The following information is available for Wallace Company for
2017. Wallace uses the LIFO inventory method. Beginning inventory
$600,000 Ending inventory 700,000 Beginning LIFO reserve 200,000
Ending LIFO reserve 300,000 Cost of goods sold 5,980,000 Sales
8,000,000
Calculate the inventory turnover and days in inventory for
Wallace Company based on LIFO. (Round answers to 1 decimal places,
e.g. 15.2.) Inventory turnover ____ times Days in inventory ____
days.
Calculate the inventory turnover and days in inventory after
adjusting for the...
Question 1: Kayla Company uses the perpetual inventory system and the LIFO method. The following information...
Question 1:
Kayla Company uses the perpetual inventory system and the LIFO
method. The following information is available for the month of
June:
June 1
Beginning inventory
200 units @ $5
12
Purchase on account
400 units @ $6
15
Sales on account
440 units
23
Purchase on account
300 units @ $7
27
Sales on account
360 units
The selling price (price the company charged the customers) was
$10 per unit.
a) Show the calculation of cost of goods...
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