Question
In: Accounting
18. Blue Inc. Utilizes a Periodic LIFO inventory method. They make the following purchases and sales....
18. Blue Inc. Utilizes a Periodic LIFO inventory method. They make the following purchases and sales.
August 3rd: Purchases 100 units at $20 per unit
August 10th: Purchases 150 units at $25 per unit
August 15th: Sells 125 units at $45 per unit
August 23rd: Purchases 50 units at $35 per unit
August 30th: Sells 75 units at $55 per unit
What is the value of Blue Inc. inventory at the end of August assuming they started with no inventory?
-
$2,000
-
$3,000
-
$8,000
-
$2,500
Question 2
19. Red Corp. utilizes a periodic FIFO inventory method. They make the following purchases and sales
January 7th: Purchases 3,000 units at $50 per unit
January 10th: Sells 100 units at $75 per unit
January 15th: Purchases 175 units at $60 per unit
January 22nd: Sells 250 Units at $85 per unit
January 26th: Sells 50 units at $95 per unit
What was COGS for Red Corp during the month of january assuming they started with no inventory?
-
$4,500
-
$ 21,000
-
$21,750
-
$33,500
Question 3
20. Orange LLC. utilizes a periodic weighted average inventory method. They make the following purchases and sales
May 2nd: Purchases 100 units at $15 per unit
May 7th: Sells 75 units at $35 per unit
May 12th: Purchases 125 units at $25 per unit
May 25th: Sells 75 units at $45 per unit
What was Orange LLC. COGS for the month of may assuming they did not have any initial inventory?
-
$2,569.44
-
$ 4,111.11
-
$ 4,625.00
-
$3.083.33
Question 4
22. Pink Co. purchases 40 units of inventory at $50 per unit. After having the inventory on hand for a period of time, they find the Net Realizable value of each unit to be $65 . What will Pink Co. record for the total value of the inventory?
-
$600
-
$ 2,000
-
$ 3,250
-
$2,600
Solutions
ekkarill92 answered 11 months agoRelated Solutions
Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Cansela Corporation uses a periodic inventory system and the
LIFO method to value its inventory. The company began 2018 with
inventory of 5,600 units of its only product. The beginning
inventory balance of $75,600 consisted of the following
layers:
2,100 units at $11 per unit
=
$
23,100
3,500 units at $15 per unit
=
52,500
Beginning inventory
$
75,600
During the three years 2018–2020, the cost of inventory remained
constant at $17 per unit. Unit purchases and...
Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Cansela Corporation uses a periodic inventory system and the
LIFO method to value its inventory. The company began 2018 with
inventory of 6,100 units of its only product. The beginning
inventory balance of $87,200 consisted of the following layers:
2,600 units at $12 per unit = $ 31,200 3,500 units at $16 per unit
= 56,000 Beginning inventory $ 87,200 During the three years
2018–2020, the cost of inventory remained constant at $18 per unit.
Unit purchases and sales during...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Hazelton Corporation uses a periodic inventory system and the
LIFO method to value its inventory. The company began 2018 with
$84,100 in inventory of its only product. The beginning inventory
consisted of the following layers:
4,700 units at
$7 per unit
$
32,900
6,400 units at
$8 per unit
51,200
Total
$
84,100
During 2018, 6,700 units were purchased at $9 per unit and
during 2019, 8,400 units were purchased at $10 per unit. Sales, in
units, were 8,400 and...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
Date
Transaction
Numberof Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
78
$300
$23,400
8
Purchase
156
360
56,160
11
Sale
105
1,000
105,000
30
Sale
66
1,000
66,000
May 8
Purchase
130
400
52,000
10
Sale
78
1,000
78,000
19
Sale
39
1,000
39,000
28
Purchase
130
440
57,200
June 5
Sale
78
1,050
81,900
16
Sale...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
42
$525
$22,050
8
Purchase
84
630
52,920
11
Sale
56
1,750
98,000
30
Sale
35
1,750
61,250
May 8
Purchase
70
700
49,000
10
Sale
42
1,750
73,500
19
Sale
21
1,750
36,750
28
Purchase
70
770
53,900
June 5
Sale
42
1,840
77,280
16
Sale...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50...
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