BE6–18 At the beginning of the year, Seller Company had 700 units with a cost of $3 per unit in its beginning inventory. The following inventory transactions occurred during the month of January:
BE6–18 At the beginning of the year, Seller Company had 700 units with a cost of $3 per unit in its beginning inventory. The following inventory transactions occurred during the month of January:
Calculate inventory ratios.
(SO 6) AP
Compare inventory ratios.
(SO 6) C
Apply periodic cost FIFO and average. (SO 7) AP
Record transactions using periodic FIFO and average. (SO 2, 7) AP
Apply gross profit method.
(SO 8) AP
Apply retail inventory method. (SO 8) AP
Identify items in inventory.
(SO 1) K
Determine correct inventory amount. (SO 1) AP
Jan. 3 9 15
Sold 550 units on account for $6 each. Purchased 1,000 units on account for $4 per unit. Sold 850 units for cash for $7 each.
Prepare journal entries to record the January transactions assuming that Seller Company uses a periodic inventory system under (a) FIFO and (b) average.
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BE6–18 At the beginning of the year, Seller Company had 700 units with a cost of $3 per unit in its beginning inventory. The following inventory transactions occurred during the month of January:
Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. Duri...
Sheffield Company had a beginning inventory on January 1 of 190
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
Pacific Company starts the year with a beginning inventory of 4,400 units at $7 per unit....
Pacific Company starts the year with a beginning inventory of 4,400 units at $7 per unit. The company purchases 6,400 units at $6 each in February and 3,400 units at $8 each in March. Pacific sells 1,650 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter? Multiple Choice $11,550 $9,900 $12,375 $13,200 Alphabet Company, which uses the periodic inventory method, purchases different...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows:
Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: PurchasesDate of PurchaseUnitsUnit Cost*Total CostJan. 103,000$7$21,000Jan. 184,000832,000Totals7,00053,000* Includes purchase price and cost of freight. SalesDate of SaleUnitsJan. 52,000Jan. 121,000Jan. 203,000Total6,000 5,000 units were on hand at the end of the month.Required:1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.2. Calculate January's ending inventory and cost of goods sold...
On January 1, 2008, Company X had beginning inventory consisting of 500 units with a unit...
On January 1, 2008, Company X had beginning inventory consisting of 500 units with a unit cost of $7. During January, the company purchased inventory as follows: 200 units at $7 300 units at $8 The company sold 500 units during the month for $18 per unit. Company X uses the average cost method. 1. What is the average cost per unit for January? 2. What is the value of Company X's inventory on January 31, 2008? 3. What is...
Alternative Inventory Methods Totman Company has the following transactions during the months of January and February:...
Alternative Inventory Methods Totman Company has the following transactions during the months of January and February: Date Transaction Units Cost/Unit January 1 Balance 200 10 Purchase 50 $25 22 Sale 40 28 Purchase 60 27 February 4 Purchase 40 28 14 Sale 50 23 Sale 20 The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the cost of goods sold for each...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 450 units. Ending inventory at January 31 totals 170
units.
Assume the periodic inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on
the weighted average method. (Round per unit costs to 3
decimal places. Amounts to be deducted should be indicated with a
minus sign.)
A company reports the following beginning...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 7...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 770 units at $28 July 20 550 units at $26 Dec. 2 220 units at $31 2,200 units were sold. Kingbird, Inc. uses a periodic inventory system. ▼ (a) Your answer is correct. Determine the cost of goods available for sale. The...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following
beginning inventory and two purchases for the month of January. On
January 26, the company sells 390 units. Ending inventory at
January 31 totals 150 units.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit...
Sheffield Company had a beginning inventory on January 1 of 190
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
Pacific Company starts the year with a beginning inventory of 4,400 units at $7 per unit. The company purchases 6,400 units at $6 each in February and 3,400 units at $8 each in March. Pacific sells 1,650 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter? Multiple Choice $11,550 $9,900 $12,375 $13,200 Alphabet Company, which uses the periodic inventory method, purchases different...
On January 1, 2008, Company X had beginning inventory consisting of 500 units with a unit cost of $7. During January, the company purchased inventory as follows: 200 units at $7 300 units at $8 The company sold 500 units during the month for $18 per unit. Company X uses the average cost method. 1. What is the average cost per unit for January? 2. What is the value of Company X's inventory on January 31, 2008? 3. What is...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 450 units. Ending inventory at January 31 totals 170
units.
Assume the periodic inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on
the weighted average method. (Round per unit costs to 3
decimal places. Amounts to be deducted should be indicated with a
minus sign.)
A company reports the following beginning...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 770 units at $28 July 20 550 units at $26 Dec. 2 220 units at $31 2,200 units were sold. Kingbird, Inc. uses a periodic inventory system. ▼ (a) Your answer is correct. Determine the cost of goods available for sale. The...
A company reports the following
beginning inventory and two purchases for the month of January. On
January 26, the company sells 390 units. Ending inventory at
January 31 totals 150 units.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit...
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