DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/3Purchase No. 1600$1085Sale No. 1500817Sale No. 22008/11Purchase No. 2800$128/17Sale No. 319008/19Purchase No. 31500$118/21Sale No. 4I8008/28Sale No. 55008/29Purchase No. 4900$108/30 Ending inventoryRequired:Determine the amount of the ending inventory and cost of goods sold underof the following methods assuming the periodic inventory system.MethodWeighted-averagebFIFOSeachInventoryCost of GoodsSold$$

Name: DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/
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Description: DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/3Purchase No. 1600$1085Sale No. 1500817Sale No. 22008/11Purchase No. 2800$128/17Sale No. 319008/19Purchase No. 31500$118/21Sale No. 4I8008/28Sale No. 55008/29Purchase No. 4900$108/

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…

Business

Accounting

Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11 Purchase No. 2 8/17 Sale No. 3 8/19 Purchase No. 3 8/21 Sale No. 4 I 8/28 Sale No. 5 8/29 Purchase No. 4 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold un of the following methods assuming the periodic inventory system. Method Weighted-average FIFO 55 Inventory

Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11 Purchase No. 2 8/17 Sale No. 3 8/19 Purchase No. 3 8/21 Sale No. 4 I 8/28 Sale No. 5 8/29 Purchase No. 4 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold un of the following methods assuming the periodic inventory system. Method Weighted-average FIFO 55 Inventory

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.19E: Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was...

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Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a perpetual inventory system. Company records indicate the following for a particular line of guitars. Gross margin under FIFO is $. Quantity Unit Cost $980 Date Item Gross margin under weighted-average-cost is $ Nov. 1 Balance 4 6. Sale 2 8 Purchase 13 910 The moving-weighted-average-cost method produces a V cost of goods sold (and therefore a higher gross 17 Sale Purchase 4 margin) because unit inventory costs are V in this scenario. While counts 30 8 910 the earlier inventory first, the cost of goods sold. method uses all inventory on hand in determining the The sale price of each guitar was $1,640. E (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) E (Click the icon to view the cost of goods sold calculation from the moving-weighted-average-cost perpetual inventory record.) Required Calculate the gross margin for Music Unlimited…
02/ The following data industrial company for materials (X) 1/2 Balance 1000 unit@10$ 1/5 Issued 500 unit 1/9 purchase S00 unit @12 1/10 purchase 1000 unit @14 25/11 Returen 200unit fram issued quantity 5/1 1/30 purchase 300 unit @15 R)prepare the cost of materials used and the cost assigned to the ending inventory using (LiFo, weighted averge method)
Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
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Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01Beginning inventory 50 1.0 50 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 .input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $