Homework Answers
SOLUTION:
| Ending inventory | ||
| FIFO: | ||
| Units | cost | Total |
| 80 | 5 | 400 |
| 300 | 6 | 1800 |
| 380 | 2,200 | |
| LIFO | ||
| Units | cost | Total |
| 100 | 3 | 300 |
| 280 | 4 | 1120 |
| 380 | 1420 | |
| Weighted average | ||
| 380 | 4.60 | 1748 |
| COGS | ||
| FIFO | ||
| 100 | 3 | 300 |
| 500 | 4 | 2000 |
| 20 | 5 | 100 |
| 620 | 2,400 | |
| LIFO | ||
| 300 | 6 | 1800 |
| 100 | 5 | 500 |
| 220 | 4 | 880 |
| 620 | 3,180 | |
| Weighted average | ||
| 620 | 4.60 | 2852 |
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SA Hansen Company uses the periodic inventory method and had the following inventory information available: Units...
100 Irish Company uses the periodic inventory method and had the following inventory information available: Units...
100 Irish Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory $ 500 1/20 Purchase 400 2,400 7/25 Purchase 200 1,400 10/20 Purchase 2,400 1.000 $6.700 A physical count of inventory on December 31 revealed that there were 480 units on hand. S6 300 Instructions Answer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of...
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McGregor Company uses the periodic inventory method and has the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $400 1/20 Purchase 500 $5 $2,500 7/25 Purchase 100 $7 $ 700 10/20 Purchase 300 $8 $2,400 1,000 $6,000 A physical count of inventory on December 31 revealed that there were 325 units on hand. 1. Assume that the company uses the FIFO method. What cost of inventory would they report on December 31? 2. Assume...
Exercise 239 Grother Company uses the periodic inventory method and had the following inventory information available:...
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Problem 1 (10 pts.): Morton Company uses the periodic inventory method. The company's 20XX inventory information...
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MC MR 3. (14 points) Hogwallop Company uses the periodic inventory method and had the following...
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100 Irish Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory $ 500 1/20 Purchase 400 2,400 7/25 Purchase 200 1,400 10/20 Purchase 2,400 1.000 $6.700 A physical count of inventory on December 31 revealed that there were 480 units on hand. S6 300 Instructions Answer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of...
McGregor Company uses the periodic inventory method and has the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $400 1/20 Purchase 500 $5 $2,500 7/25 Purchase 100 $7 $ 700 10/20 Purchase 300 $8 $2,400 1,000 $6,000 A physical count of inventory on December 31 revealed that there were 325 units on hand. 1. Assume that the company uses the FIFO method. What cost of inventory would they report on December 31? 2. Assume...
Exercise 239 Grother Company uses the periodic inventory method and had the following inventory information available: Unit Cost 1/1 1/20 7/25 10/20 Beginning Inventory Purchase Purchase Purchase Units 100 500 100 300 1,000 Total Cost $400 2,500 700 2,400 $6,000 $8 A physical count of inventory on December 31 revealed that there were 350 units on hand. Answer the following independent questions. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31...
Problem 1 (10 pts.): Morton Company uses the periodic inventory method. The company's 20XX inventory information is as follows: 1/1 Beginning Inventory 2/20 Purchase 7/25 Purchase 10/20 Purchase S 400 $ 2,000 $1,400 S 4,000 100 $4 $5 $7 400 200 500 $8 A physical count of inventory on December 31, 20XX revealed there were 400 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers to receive credit. a. How many units were available...
3.) Shamrock Company uses the periodic inventory method and had the following information available: (20 points) Units Unit Cost 1/1 Beginning Inventory 100 $4 1/20 Purchase 7/25 Purchase 200 10/20 Purchase 300 400 A physical count of inventory on 12/31 revealed there were 400 units on hand. Complete the following: COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost / / / 1 / / II / 17 / / / / LION FIFO: / /...
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