Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)Weighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost of GoodsunitCost perCost perInventoryBalanceDate# of unitsunitsunitSoldunitJanuary 1185 @$ 11.00 =$ 2,035.00January 10145 @$ 11.00 =$ 1,595.0040 @$ 11.00 =$440.00January 20100 @$ 10.0040 @$ 11.00 =$440.00100 @$ 10.00 =1,000.00Average cost140 @$ 1,440.00January 25125 @January 30270 @$9.50270 @$9.502,565.00Totals$ 1,595.00270 @ Required informationUse the following information for the Exercises below.[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product.ActivitiesUnits Acquired at Cost185 units @ $11.00 = $2,035DateUnits sold at RetailJan. 1 Beginning inventoryJan. 10 Sales145 units @ $20.00Jan. 20 Purchase100 units @ $10.00 =1,000Jan. 25 Sales125 units @ $20.00Jan. 30 Purchase270 units @ $ 9.50 =2,565Totals555 units$5,600270 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

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Description: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)Weighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost

Using the weighted average method, Average unit = Total cost of goods available / Total units…

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Accounting

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 = 2,565.00 Totals $ 1,595.00 270 @

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 = 2,565.00 Totals $ 1,595.00 270 @

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
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 nude 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 Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units sold at Units Acquired at Cost 140 units @ $6.00 = $ Retail 840 100 units @ $ 15 60 units @ $5.00 - 300 80 units @ $ 15 180 units @ $4.50 = 380 units 810 $1,950 180 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 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…
Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost 165 units@ $9.00 - $1,485 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 125 units @ $18.00 Jan. 20 Purchase Jan. 25 Sales 110 units@ $8.00 = 880 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 - 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 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…
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Jan. 1 Beginning inventory Date Units Acquired at Cost 165 unitse $9.00 - $1, 485 Units sold at Retail Jan. 10 Sales 125 units e $18.00 Jan. 20 Purchase 110 unitse $8.00 - 880 Jan. 25 Sales 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 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…
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 165 units@ $9.00 - $1,485 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 125 units e $18.00 Jan. 20 Purchase 110 units@ $8.00 - 880 Jan. 25 Sales 125 units@ $18.00 Jan. 30 Purchase 230 units@ $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 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…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar. 15 Sales 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $ 23,750 980 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending…