29.17/50 E Monty Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 585 units at $10 Aug. 12 395 units at $12 May 5 480 units at $11 Dec. 8 100 units at $13 Monty Corp. uses a periodic inventory system. Sales totaled 1,445 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 18,070

29.17/50 E Monty Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 585 units at $10 Aug. 12 395 units at $12 May 5 480 units at $11 Dec. 8 100 units at $13 Monty Corp. uses a periodic inventory system. Sales totaled 1,445 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 18,070

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
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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.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. 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 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 595 units at $8 Aug. 12 410 units at $10 May 5 500 units at $9 Dec. 8 100 units at $11 Oriole Company uses a periodic inventory system. Sales totaled 1,485 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale (b1) eTextbook and Medla 15,195 Your Answer Correct Answer (Used) Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237.) Average cost per unit $ (62) Your answer is correct. 8.886 Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory FIFO 2,350 The cost of goods sold 12,845 eTextbook and Medla LIFO 1,695 13,500 AVERAGE-COST 1,999 13,196 (c) Which…
Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 595 units at $8 Aug. 12 410 units at $10 May 5 500 units at $9 Dec. 8 100 units at $11 Oriole Company uses a periodic inventory system. Sales totaled 1,485 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 15,195 (61) eTextbook and Media Your Answer Correct Answer * Your answer is incorrect. Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237) Average cost per unit $ (b2) eTextbook and Media Solution 8.89 Attempts: 1 of 3 used Attempts: 3 of 3 used Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, eg. 5,125.) The ending $ inventory The cost of goods $ sold FIFO $ $ LIFO S $…
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Sherman Electric uses a pericdic inventory system. The beginning nventory of a particular product, and the purchases during the curent year, were as follows: $105 = $ 6.300 Beginning inventory Purchase..n Purchase 60 units @ 30 units @ 90 units @ 20 units @ 200 units Jan. 3115- 3125 S135 = 3,450 11,250 2.700 $23.700 Mar. Aug. 11 Oet. 23 Purchase Total available for sale At December 31. the ending inventory of this product consisted of 65 units. Using periodic costing procedures, determine (1) cost of the year-end inventory and. (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cast of Goods Sold Average cost First-in. first-out Last-in, first-out
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Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 640 units at $9 Aug. 12 377 units at $11 May 5 540 units at $10 Dec. 8 91 units at $12 Ivanhoe Company uses a periodic inventory system. Sales totaled 1,590 units. (a) Determine the cost of goods available for sale. 17,263 $ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) 9.830 $ Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the…
Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: 630 units at $8 May 5 535 units at $9 Feb. 20 (a) Aug. 12 Dec. 8 Determine the cost of goods available for sale. Cullumber Company uses a periodic inventory system. Sales totaled 1,500 units. The cost of goods available for sale $ Weighted-average cost per unit $ 445 120 units at units at $10 $11 Calculate weighted-average cost per unit. (Round answer to 3 decimal places, e.g. 5.125.)