Homework Answers
| QTY | Rate | Amount | |
| Purchase | 300 | 6 | ₹ 1,800.00 |
| Purchase | 400 | 7 | ₹ 2,800.00 |
| Purchase | 200 | 8 | ₹ 1,600.00 |
| 900 | ₹ 6,200.00 |
1
Average unit Cost =$6200/900= $6.89
2
The cost of ending Inventory =360*6.89=$2480
3
No of units sold = total purchased units - closing stock =440 units - 180 Units =260 units
Cost of goods sold under FIFO method
| QTY | Rate | Total |
| 100 | 6 | ₹ 600.00 |
| 160 | 7 | ₹ 1,260.00 |
| Amount | ₹ 1,720.00 | |
|
Cost of goods sold under LIFO method |
||
| Units | Rate | Amount |
| 140 | 8 | 1120 |
| 120 | 7 | 840 |
| 280 | Cost of goods sold | 1960 |
Hence Profit when shifting to LIFO Method =$1960-$1720=$240
4
Correct income = 90000 + understated inventory =$97000
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Brief Exercise 6-04 al-a2 In its first month of operations, Bethke Company made three purchases of...
Brief Exercise 6-3 In its first month of operations, Bethke Company made three purchases of merchandise...
Brief Exercise 6-3 In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 188 units at $9, (2) 523 units at $10, and (3) 136 units at $11 Assuming there are 331 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Bethke uses a periodic inventory system. LIFO FIFO The cost of the ending inventory
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In its first month of operation, Whispering Winds Corp. purchased 180 units of inventory for $7, then 280 units for $8, and finally 220 units for $9. At the end of the month, 260 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profits = _______
In its first month of operation, Whispering Winds Corp. purchased 180 units of Inventory for $8,...
In its first month of operation, Whispering Winds Corp. purchased 180 units of Inventory for $8, then 280 units for $9, and finally 220 units for $10. At the end of the month, 260 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profits 4. PM C NEW TORU5.00) 0/1 Question 7 View Policies Show Attempt History Current Attempt in Progress port Your answer is incorrect. In its first...
In its first month of operation, Bonita Industries purchased 340 units of inventory for $5, then...
In its first month of operation, Bonita Industries purchased 340 units of inventory for $5, then 440 units for $6, and finally 380 units for $7. At the end of the month, 420 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit $
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In its first month of operation, Vaughn Manufacturing purchased 320 units of inventory for $8, then...
In its first month of operation, Vaughn Manufacturing purchased 320 units of inventory for $8, then 420 units for $9, and finally 360 units for $10. At the end of the month, 400 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit $ 2380
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In its first month of operations, Oriole Company made three
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there are 100 units on hand at the end of the period, compute the
cost of the ending inventory under (a) the FIFO method and (b) the
LIFO method. Oriole Company uses a periodic inventory
system.
FIFO
LIFO
The Ending Inventory
$Enter a dollar amount
$Enter...
In its first month of operation, Wildhorse Co. purchased 320 units of inventory for $5, then...
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In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following...
In its first month of operations, Ivanhoe Company made three
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Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X...
In its first month of operations, Vaughn Company made three purchases of merchandise in the following...
In its first month of operations, Vaughn Company made three
purchases of merchandise in the following sequence: (1) 330 units
at $8, (2) 470 units at $9, and (3) 220 units at $10.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Vaughn uses
a periodic inventory system.
FIFO
LIFO
Cost of the ending inventory
$
$
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purchases of merchandise in the following sequence: (1) 200 units
at $7, (2) 300 units at $9, and (3) 400 units at $10. Assuming
there are 100 units on hand at the end of the period, compute the
cost of the ending inventory under (a) the FIFO method and (b) the
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$Enter a dollar amount
$Enter...
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purchases of merchandise in the following sequence: (1) 300 units
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are 410 units on hand, compute the cost of the ending inventory
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Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X...
In its first month of operations, Vaughn Company made three
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at $8, (2) 470 units at $9, and (3) 220 units at $10.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Vaughn uses
a periodic inventory system.
FIFO
LIFO
Cost of the ending inventory
$
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