If total carrying cost is $35,000, carrying cost per unit is $5, and beginning inventory is...
If total carrying cost is $35,000, carrying cost per unit is $5, and beginning inventory is 14,000 units, compute ending inventory. Round to two decimal places.
Homework Answers
Solution:
Total inventory carrying cost = $35000
Carrying cost per unit = $5
Beginning inventory = 14000 units
Total number of inventory = total carrying cost/ carrying cost per unit
= 35000/5 = 7000 units
So, 7000 units represent the average inventory over a period of time.
So, 7000* 2 = 14000 units
This value is equal to beginning inventory.
Ending inventory = 14000 units – 14000 units
Ending inventory = 0 units.
Add Answer to:
If total carrying cost is $35,000, carrying cost per unit is $5,
and beginning inventory is...
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Lisa Company had 115 units in beginning inventory at a total
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inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
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The beginning inventory was 900 units at a cost of $10 per unit. Goods available for...
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Information about Vinzant Company’s inventory of one item follows. Compute the cost of the ending inventory...
Information about Vinzant Company’s inventory of one item
follows.
Compute the cost of the ending inventory under the
average cost method.
Compute the cost of the ending inventory under the FIFO
method.
Compute the cost of the ending inventory under the LIFO
method.
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Lisa Company had 115 units in beginning inventory at a total
cost of $14,375. The company purchased 230 units at a total cost of
$31,050. At the end of the year, Lisa had 92 units in ending
inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$...
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150 units $20 per unit Units Sold at Retail Date Jan Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 725 units $80 per unit 190 units $40 per unit 540 units $37 per unit 730 units $80 per unit 1,455 units Totals 1,780 units Required: 1. Compute cost of goods available for sale...
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hapter #8 Dollar-Value LIFO Retail Johnson Corporation had beginning inventory of $20,000 at cost and $35,000 at retail. During the year, it made net purchases of $180,000 at cost and $322,000 at retail. Johnson made sales of $300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnson's ending inventory at cost using the dollar-value LIFO retail method. Round cost index computations to four decimal places, other intermediate...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending ibventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May, 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending inventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units 5401 Cost...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
Information about Vinzant Company’s inventory of one item
follows.
Compute the cost of the ending inventory under the
average cost method.
Compute the cost of the ending inventory under the FIFO
method.
Compute the cost of the ending inventory under the LIFO
method.
Number of Unit Units Cost 135 $ 270 Explanation Beginning inventory, January 1 Purchases: April August October Ending inventory, December 31 175 195 145 135 275 280 282 Complete this question by entering your answers in the...
Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 $ 615 Purchases 2,106 Purchases 1,358 Inventory Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold
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