Radakrishnan Corporation begins business in 20X5, decides to use LIFO costing, and makes the following purchases in 20X5: Purchase Date Units Purchased February 12 May 4 July 18 September 11 November 1 December 8 Total АО BO 600 DO 2,300 2,900 2,200 4,800 $128,423 $112,874 1,100 13,900 $122,481 Unit Cost $105,741 $32 $34 $35 $38 $40 $44 Total Cost $19,200 Radakrishnan's 20X5 year-end physical count yields 4,600 units, and its 20X6 physical count yields 3,100 units. What is Radakrishnan's 20X6 ending inventory? When calculating the cost per unit, round the calculated result to two decimal places (for example, $30.10). 78,200 101,500 83,600 192,000 48,400 $522,900
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- If a company has four lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle) for$15, purchase 3 (middle) for $12, and purchase 4 (latest) for $14, which cost would be assumed to be sold firstusing LIFO costing?A. $17B. $15C. $12D. $14< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $COst Flow Methods The following thren identical units of Item K113 are purchased during April Item Beta Units Cost April 2 Purchase $153 April 15 Purchase 155 April 20 Purchase 157 Total $465 Average cost per unit $155 (s4653 units) Assume that one unit is sold on Apri 27 for $219. Detemime the gross profit for April and ending ventory on April 30 using the (a) first-in, first-out (FIro), (b) last-n, first out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) Weighted average cost
- The following information has been extracted from the records of Jayson Company about one of its products. Jayson Company used the perpetual system. Units Unit cost Total cost 1 Beginning balance 6 Purchase 560,000 211,500 70.00 8,000 3,000 10,000 11,000 800 Jan. 70.50 Feb. 5 Sale 808,500 58,800 73.50 Mar. 5 Purchase Mar. 8 Purchase return 73.50 Apr. 10 Sale Apr. 30 Sale return 7,000 300 If the FIFO cost flow method is used, what is the cost of the inventory on April 30?Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving averagePROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.
- The following information has been extracted from the records of Marie Company about one of itsproducts:Units Unit Cost Total CostJan. 1 Beg. balance 10,000 150 P1,500,000Jan. 5 Purchase 10,000 180 1,800,000Jan. 15 Sale 15,000Jan. 16 Sales return 1,000Jan. 25 Purchase 4,000 200 800,000Jan. 26 Purchase return 500 200 100,000 4. Under the FIFO, the cost of ending inventory and cost of goods sold should, respectively beCost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Purchase 1 Purchase 1 [[ Purchase 1 3 April 2 April 15 April 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ Units Cost $ Average cost per unit $221 ($663 3 units) Assume that one unit is sold on April 27 for $301. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit 82 ✔ $219 X 221 223 $663 Ending Inventory $ XCost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta. Units Cost April 2 April 15 April 20 Total Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase 1 1 1 3 $76 80 84 $240 $80 Average cost per unit ($240 + 3 units) Assume that one unit is sold on April 27 for $106. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory
- omus A cdn.student.uae.examus.net/?rldbqn3D1&sessi... ACCT101_FEX_2021_2_Male 2 -34 A company reported the following data related to its ending inventory 5ab 95ab Product 95ab Units Per Market Total on Hand Total Market be18 SR1,100 Unit Cost Cost 100 SR10 SR11 SR1,000 В 75 16 1,200 1,050 60 14 95abe18ce 33 13 840 40 780 16 20 640 800 SR3,680 SR3,730 Calculate the lower-of-cost-or-market on the: e33 (a) Inventory as a whole (b) inventory applied separately to each product. MacBook Pro F3 D00 F4 FS 24 F6 F7 50 & 8 A 95abe18ce33Cost Flow Methods The following three identical units of Item K113 are purchased during April: Cost April 2 April 15 April 20 Total Item Beta a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase Purchase Purchase Units 1 1 1 3 $ $504 Average cost per unit $168 ($504 + 3 units) Assume that one unit is sold on April 27 for $210. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit $165 168 171 Ending Inventory $Problem 11-17 (IAA) Jayson Company used the perpetual system. Units Unit cost Total cost Jan. 1 Beginning balance 6 Purchase 8,000 3,000 10,000 11,000 800 70.00 70.50 560,000 211,500 Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 73.50 73.50 808,500 58,800 7,000 300 If the FIFO cost flow method is used, what amount should be reported as cost of the inventory on April 30? a. 330,750 b. 315,000 c. 433,876 d. 329,360