he units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @ $42 Feb. 17 Purchase 9 units @ $44 Jul. 21 Purchase 4 units @ $45 Nov. 23 Purchase 18 units @ $46 here are 7 units of the item in the physical inventory at December 31. The periodic inu earest whole dollar, if required. - Determine the inventory cost by the first-in, first-out method. - Determine the inventory cost by the last-in, first-out method. Determine the inventory cost by the weighted average cost method.
Q: The units of an item available for sale during the year were as follows:Jan. 1…
A: a.
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…
A: units cost per unit Total Jan.1 180 108 $ 19,440 Mar.10 224 110…
Q: A company uses a weighted-average perpetual inventory system. The following transactions took place…
A: THE WEIGHTED AVERAGE PERPETUAL INVENTORY SYSTEM RECALCULATES A NEW UNIT COST WHENEVER A NEW PURCHASE…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units…
A: Calculation of ending inventory cost FIFO= (60*200)+(15*180) = $ 14700
Q: he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…
A:
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @…
A: The cost of the inventory is determined by three methods. The methods are- FIFO - First in First…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at…
A: There are various methods by which the cost of ending inventory and cost of goods sold can be…
Q: A company uses the periodic inventory system and had the following activity during the current…
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…
A: Under FIFO method goods that are brought at earlier dates are sold first. Cost of goods sold include…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,090…
A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…
Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…
A: (a) Calculate the ending inventory using FIFO method.
Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…
A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…
Q: Use the information below to answer the following question. The following units of an inventory item…
A: Weighted Average: Under the weighted average method, a weighted average cost is calculated and the…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at…
A:
Q: The units of an item available for sale during the year were as follows: $ 7,200 Jan. Inventory 20…
A: In the question mentioned inventory cost, we assumed that ending inventory.
Q: The units of an item available for sale during the year were as follows: Jan. Inventory 1,800 units…
A: Calculation of Cost of goods available for sales and units sold: Ending results are as follows:
Q: Determine the ending inventory cost by (a) FIFO (b) LIFO (c) Average Cost. a. b. c.
A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units…
A: As per the LIFO method, those units are issued first, which are purchase last. So it means the…
Q: The units of an item available for sale during the year were as follows: Jan. 1 5 units at $29 $145…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: The following lots of a particular commodity were available for sale during the year Beginning…
A: Using LIFO method, the units purchased at last are sold first and older inventory is left in the…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: The units of an item available for sale during the year were as follows: 8 units at $27 6 units at…
A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…
A: Given, There are 11 units of the product in the physical inventory at November 30. The periodic…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…
A: Particulars Units Price per unit Total value Jan. 1 1010 $126 1,27,260…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: The inventory can be valued usi g various methods as: LIFO FIFO Average method
Q: company's inventory records report the following in November of the current year:…
A: Under LIFO inventory system, the goods received last are despatched first. Gross Profit is computed…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21…
A: Solution:- a)Calculation of Ending inventory using FIFO method as follows:- Rule:- As per FIFO…
Q: A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9…
A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…
Q: During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date…
A: Under the LIFO method, the latest sales are sold first, and therefore, the cost of goods sold…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units…
A: Weighted average cost per unit = Cost of goods available for sale / Total units available for sale =…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000…
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: During the year, TRC Corporation has the following inventory transactions. Date Transaction…
A: Note: As per the norms of Bartleby, only first three subparts are to be mandatorily answered. Hence…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…
A: Calculate Units sold: Units Sold=Total units avaialble-Inventory at November 30=97-13=84
Q: The units of an item available for sale during the year were as follovs: January 11 Inventory 60…
A: FIFO is one of the most common methods used for inventory valuation. FIFO method works on the…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: A company uses the periodic inventory system and had the following activity during the current…
A: Particulars No. of Units Cost per unit Total Value Beginning Inventory 100 $20 $2000…
Q: The following units of an inventory item were available for sale during the year: Beginning…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units…
A: Average cost per unit = Cost of goods available for sale / No. of units Available for sale = 1378/42…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sold…
Q: a company inventory records report the following in november of the current year begining november…
A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…
A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…
Q: he following units of a particular item were available for sale during the calendar year: Jan. 1…
A: As the form illustrated mentioned in the question is not available, the answer is given in the…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…
A: Calculating units sold: Units sold = Total units available for sale - Units in ending inventory = 96…
Q: The cost of the ending inventory is:
A: Ending inventory cost is $1,210
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…
A: Inventory cost by the average cost method=Ending Inventory Units×Total Cost Goods Available for…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…
Q: a. Determine the inventory cost by the FIFO method. $fill in the blank 1 b. Determine the…
A: The FIFO (“First-In, First-Out”) method means that the cost of a company’s oldest inventory is used…
Step by step
Solved in 2 steps
- If the begning inventory is 0 and purchases during the period are as follows: Date of purchase Units Unit Cost 1st April 120 2 7th April 80 2 12 - Aug 50 3 9th Sept 100 5 3rd Nov 150 6 2nd Feb 120 5 31st March Ending Inventory 220 What will be the COGS for the period using FIFO method Question 1Answer a. 1250 b . 1150 c. 1350 d. 1450 which is write ans plz explai step by stepThree Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ EDashboard CengageNOWv2 | Onlin X+ 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=D&inprogress3false Calculator R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd pPurchase 25 $14 350 Nov. 9 3rd pPurchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the tota! amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market All work…
- Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.tests.mettl.com/test-window/f55ac827#/testWindow/0/12/1 EY Accounting Assessment Total 00:55:09 Finish Test Section 1 of 1 Section #1 v 5 7 8. 10 11 12 13 14 15 13 of 45 All 2 43 Question # 13 G Revisit Choose the best option The following information is available for an entity for the quarter ended March 31, of the current year Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000. The gross profit margin is normally 20% of sales What is the estimated cost of the merchandise inventory at March 31, of the current year? O 20,000 O 40,000 60,000 180,000 Next Queslion +91-82878-03040 Zaineh Support +1-650-924-9221 413 PM metil 1/16/2021
- X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost ofModule Three Assignment - ACC X * CengageNOWv2 | Online teachir x v.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. O eBook Show Me How Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $42 $210 Aug. 13 Purchase 18 units at $45 810 Nov. 30 Purchase 17 units at $46 782 Available for sale 40 units $1,802 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and vour final answer to the nearest whole dollar). First-in, first-out (FIFO) a. b. Last-in, first-out (LIFO) C. Weighted average cost Previous Next Check My Work 5:39 AM 46°E A O E D a 40) 11/13/2021X CengageNOWv2 | Online teachin X N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato... Q Not syncing 田 eBook E Print Item Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 1st purchase 2nd purchase 400 $19 $7,600 October 18 490 19.5 9,555 November 25 190 20.5 3,895 January 12, 20-2 Brd purchase 310 21 6,510 March 17 4th purchase Sth purchase 6th purchase 7th purchase 890 22.5 20,025 June 2 770 23 17,710 August 21 200 24 4,800 September 27 710 25 17,750 3,960 $87,845 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 Brd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…
- Module Three Assignment - ACCX * CengageNOWv2 | Online teachir x ew.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... * G| 曲 O eBook Show Me How Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Υ7 20Y6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Υ6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Υ6 X days X days Number of days' sales in inventory C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? Unfavorable Feedback Check My Work a. The inventory turnover ratio indicates how many times a company has sold and…Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = daysKS Module Three Assignment - AC * CengageNOwv2 | Online teachir ngagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $17 7. Sale 51 units 15 Purchase 69 units @ $18 24 Sale 32 units perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the Assuming inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Check My Work Previous Next 6:38 AM 45°F 11/13/2021