Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,500 1/24...
|
Date |
Transaction |
# of Units |
Unit Cost |
Total Cost |
|
1/1 |
Beg Balance |
150 |
$30 |
$4,500 |
|
1/24 |
Purchase |
70 |
33 |
2,310 |
|
2/22 |
Sale |
(100) |
- |
- |
|
3/7 |
Purchase |
90 |
35 |
3,150 |
|
4/10 |
Purchase |
140 |
36 |
5,040 |
|
6/11 |
Sale |
(100) |
- |
- |
|
9/28 |
Purchase |
50 |
38 |
1,900 |
|
12/4 |
Sale |
(100) |
- |
- |
Q1. What is the cost of goods sold under a FIFO periodic inventory system?
a. $10,500
b. $9,610
c. $7,290
d. $6,150
Q2. What is the ending inventory under a LIFO periodic inventory system?
a. $10,500
b. $9,610
c. $7,290
Q3. $6,150 10. What is the cost of goods sold under a LIFO perpetual inventory system?
a. $10,500
b. $9,610
c. $7,290
d. $6,150
Q4. What is the ending inventory under a FIFO perpetual inventory system?
a. $10,500
b. $9,610
c. $7,290
d. $6,150
Homework Answers
Add Answer to:
Date
Transaction
# of Units
Unit Cost
Total Cost
1/1
Beg Balance
150
$30
$4,500
1/24...
Garrett Company has the following transactions during the months of April and May: Date Transaction Units...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
beginning inventory and purchases Sales Date Units Unit Cost Total Date Units Beg. Inv. 6250 3...
beginning inventory and purchases Sales Date Units Unit Cost Total Date Units Beg. Inv. 6250 3 18750 15-Mar 5000 3.12 15600 3-Feb 5250 10-May 8750 3.3 28875 4-May 4250 12-Aug 6250 3.48 21750 16-Sep 8000 20-Nov 3750 3.72 13950 9-Oct 7250 TOTAL 30000 TOTAL 25000 Beg. Inv 6250 Purchses 23750 (total - beg. Inv) Goods Ava. 30000 Sales 25000 Ending inv. 5000 (purchase-sales) Ending inv. Under specific identification Didn't provide sale so omit this part Ending inv. Under FIFO Sales...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Date Transaction Number of Units Unit Cost Total Cost 1/1 Beginning inventory 150 $ 32 $ 4,800 1/24 Purchase 70 33 2,310 2/22 Sale (100 ) - - 3/7 Purchase 90 35 3,150 4/10 Purchase 140 38 5,320 6/11 Sale (100 ) - - 9/28 Purchase 50 38 1,900 12/4 Sale (100 ) - - Required: a. Assume that Kuffel Co. uses...
Patricia Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Patricia Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 340 $5 $1,700 12 Purchase 640 6 3,840 23 Purchase 840 7 5,880 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 710 units occurred on June 15 for a selling price of $8 and a sale of 740 units on June...
Can someone help me with part B? The inventory records of Kuffel Co. reflected the following...
Can someone help me with part B?
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 Unit Cost $ 33 34 Total Cost $ 4,950 2,380 70 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 39 36 3,510 5,040 (100) 90 140 (100) 50 (100) 37 1,850 Required: a. Assume that Kuffel Co. uses a periodic inventory...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2016:
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Unit Cost $ 29 32 Total Cost $ 4,350 2,240 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 90 140 (100) 50 (100) 35 40 3,150 5,600 35 1,750...
Can you Show the work please? Karen Company reports the following for the month of June. Unit Units Total Cost Date Expl...
Can you Show the work
please?
Karen Company reports the following for the month of June. Unit Units Total Cost Date Explanation Cost $4 $2,160 June 1 Inventory 540 12 Purchase 840 5,040 6 23 Purchase 8,320 1,040 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 910 units occurred on June 15 for a selling price of $8 and a sale...
Inventory Date Activity Units  
Inventory Date Activity Units Unit Cost Balance 1-Mar Beginning Balance 250 $14 $3,500 3-Mar Sale (200) - - 0 10-Mar Purchase 200 15 ...
units sold is 290 Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January...
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....
Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
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Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
5,000
11
55,000
Totals
11,000
115,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
6,000 units were on...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
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Required: 1. Compute the inventories at the end of each month
and...
Can someone help me with part B?
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 Unit Cost $ 33 34 Total Cost $ 4,950 2,380 70 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 39 36 3,510 5,040 (100) 90 140 (100) 50 (100) 37 1,850 Required: a. Assume that Kuffel Co. uses a periodic inventory...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2016:
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Can you Show the work
please?
Karen Company reports the following for the month of June. Unit Units Total Cost Date Explanation Cost $4 $2,160 June 1 Inventory 540 12 Purchase 840 5,040 6 23 Purchase 8,320 1,040 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 910 units occurred on June 15 for a selling price of $8 and a sale...
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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....
Ferris Company began 2018 with 5,000 units of its principal
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Unit Cost*
Total Cost
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