Homework Answers
a) Cost of ending Inventory using LIFO = 35*3+21*6 = 105 + 126 =
231
b) Items Sold = 185 - 56 = 129
Cost of Goods Sold = 50*8 + 45*7 + 34*6 = 919
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6.66 points Given the following Number purchasedper unitTotal Cost January 1 inventory April 1 June 1...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units). Cost of ending inventory $ b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units). Cost of goods sold $
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units). Cost of ending inventory $ b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units). Cost of goods sold $
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units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
1. Complete the table to determine the cost assigned to ending inventory and cost of goods...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
Company reports the following for the month of June. Compute/ the cost of the ending inventory...
Company reports the following for the month of June.
Compute/ the cost of the ending inventory and /the cost of goods
sold under FIFO/ and LIFO.
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Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52...
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A company just starting business made the following four inventory purchases in June June 1 150...
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Bramble Company's inventory records show the following data for the month of September: Units Unit Cost...
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the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
4.00
A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter a...
units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
Company reports the following for the month of June.
Compute/ the cost of the ending inventory and /the cost of goods
sold under FIFO/ and LIFO.
Units 200 400 Unit Cost $3 June 1 Inventory 12 Purchase 23 Purchase 30 Inventory Total Cost $ 600 2,800 3,000 300 100 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ " Cost of goods sold...
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A company just starting business made the following four inventory purchases in June June 1 150 units at $2.60 $ 390 June 10 200 units at $3.00 600 June 15 200 units at $3.20 640 June 28 150 units at $3.50 525 $2.155 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers 1. Assume that the company uses the LIFO...
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Bramble Company's inventory records show the following data for
the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
4.00
A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter a...
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