Four Methods: 1. Specific Identification 2. FIFO 3. LIFO 4. Weighted Average Beginning Inventory 1st Purchase 2nd Purchase Cost of Goods Available Sales 200 300 250 Units 750 (Total Units) 625 1.50 1.30 1.10 Price @ 2.50/unit Total (Units x Price) $ 300 $ 390 $275 $ 965 $1,562.50 (FIFO) 19. Assuming a FIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (LIFO) 20. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (Weighted Average) 21. Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS?

Four Methods: 1. Specific Identification 2. FIFO 3. LIFO 4. Weighted Average Beginning Inventory 1st Purchase 2nd Purchase Cost of Goods Available Sales 200 300 250 Units 750 (Total Units) 625 1.50 1.30 1.10 Price @ 2.50/unit Total (Units x Price) $ 300 $ 390 $275 $ 965 $1,562.50 (FIFO) 19. Assuming a FIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (LIFO) 20. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (Weighted Average) 21. Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS?

Name: Four Methods:1. Specific Identification2. FIFO3. LIFO4. Weighted Aver
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Four Methods:1. Specific Identification2. FIFO3. LIFO4. Weighted AverageBeginning Inventory1st Purchase2nd PurchaseCost of GoodsAvailableSales200300250Units750 (Total Units)6251.501.301.10Price@ 2.50/unitTotal (Units x Price)$300$ 390$ 275$ 965$1,56

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...

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Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00