Rahul Walte Company just starting business had the following transactions in May:PurchaseSalePurchasePurchaseSalePurchaseJune 1June 5130 units @ 5.50100 units @ 8.00$ 715.00$800.00June 10200 units @ 5.60$1,120.00June 15200 units @ 5.70$1,140.00June 25325 units @ 8.00June 28150 units @ 5.90$2,600.00$ 885.00A physical count of merchandise inventory on May 31st reveals that there are 255 units on hand.Assume that no returns occurred during the month and no discounts were given.Using the periodic inventory method calculate Ending Inventory under LIFO.O $3,860.00O $1,470.00O $1,483.50$1,415.00

The objective of the question is to calculate the ending inventory of Rahul Walte Company using the…

Answered: Walte Company just starting business…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Jan. 3 Sales 180 units @ $2 = $ 360 Feb. 14 Feb. 15 Sales Purchase 282 units @ $3 = $ 846 118 units @ $8 200 units @ $8 June 30 Purchase 230 units @ $4 = $ 920 Nov. 6 Sales Nov. 19 Purchase Totals 170 units @ $8 76 units @ $5 768 units = $ 380 $2,506 488 units Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals LIFO Units Acquired at Cost Units Sold at Retail 230 units @ $2 = $ 460 @$8 @ $3 = Required C 372 units 280 units Ending Inventory 96 units 978 units @ $4 = Complete this question by entering your answers in the tabs below. $ 1,116 $ 1, 120 @$5 $480 $ Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Cost of Goods Sold 3,176 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 138 units 250 units 220 units 608 units @ $8 @ $8
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Number : Per of Units Unit Date Transaction Jan. 1 Beg. Inv. 50 $15 | Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost Cost of Goods Sold 3,640 2,970 3,890 3,434 Ending Inventory 3,430 4,100 3,180 3,636 Gross Margin 1,460 2,130 1,210 1,666
Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units @ $2 = $ 400 January 3 Sales 126 units @ $ 8 February 14 Purchase 318 units @ $3 = $ 954 February 15 Sales 220 units @ $ 8 June 30 Purchase 250 units @ $4 = $ 1,000 November 6 Sales 182 units @ $ 8 November 19 Purchase 84 units @ $5 = $ 420 Totals 852 units $ 2,774 528 units Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why
A company had the following purchases during its first year of operations: Purchases Sales January 6 units at $10 May 12 units at $9 September 26 units at $12 October 24 units at $20 What is the cost of goods available for sale before the sale of October? $322 $802 $378 $480
A company had the following purchases during its first year of operations: Purchases Sales Beginning inventory 40 units at $25 January 20 units at $27 May 45 units at $45 September 50 units at $34 October 15units at $48 November 85 units at $33 What is the quantity of units available for sale for the year? $15 $195 $60 O $135
Use the following to answer questions 7 – 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 S715 303,875 Purchase 275 $723 198,825 750 S538,200 7. $ period? What were company's sales for the For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $ 10. $ Calculate gross profit (FIFO) For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. $ Calculate ending inventory (LIFO) 12. $ Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation.
[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail units Date January 1 Beginning inventory 40 January 3 February 14 February 15 June 30 November 6 November 19 Sales Purchase Sales Purchase Sales Purchase Totals 70 90 20 220 units units units units @ $2 @ $3 @ $4 = $ 80 = = @ $5 = $ 210 $360 $ 100 30 60 86 units @ $8 $750 176 units Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. units @ $8 units @ $8
Angel Company provided the following data for June 30:June 1 Balance 5,000 units @ P20.00 eachJune 3 Sale 3,000 units @ P35.00 eachJune 10 Purchases 6,000 units @ P21.50 eachJune 13 Purchases 3,000 units @ P20.50 each June 20 Sales 1,500 units @ P35.00 eachJune 25 Purchases 2,000 units @ P22.00 eachJune 28 Sales 5,500 units @ P35.00 eachJune 30 Sales 2,500 units @ P35.00 eachRequirements: Compute the inventory cost at the end of June based on the following cost-flowassumptions:1. Specific Identification. Assume that the inventory left at the end of the month came from theJune 10 purchases.2. FIFO – Periodic3. FIFO – Perpetual4. Weighted Average5. Moving Average – Perpetual
A record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Total Units Unit Selling Price Total May 1 – Balance 400 $4.00 $ 1,600 May 3 300 $7.00 May 4 1,300 $4.10 5,330 May 6 1,000 $7.00 May 8 800 $4.30 3,440 May 12 900 $7.50 May 14 700 $4.40 3,080 May 18 400 $7.50 May 22 1,200 $4.50 5,400 May 30 1,400 $8.00 May 27 500 $4.75 2,375 TOTALS 4,900 $21,225 4,000 Required: Assuming that perpetual inventory records are kept, calculate the ending inventory using FIFO Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar.
John Adams Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 29 (a1) Purchases 600 @ $6.00 6.08 800 @ 6.40 6.50 Average-cost per unit 1,500 @ 1.200 @ 700 @ 500 @ 5,300 6.60 6.79 April 3 per unit 9 11 23 27 Sales 500 @ $10.00 1,400 10.00 600 @ 11.00 11.00 1,200 @ 900 @ 4,600 Assuming that periodic inventory records are kept in units only calculate the average-cost per unit. (Round answer to 2 decimal places, eg 2.76) 12.00

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