The following information is for the inventory of mini-kettles at Flounder Company Limited for the month of May. Date May 1 6 7 10 12 15 18 22 25 (a1) 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Ending inventory Units In $ 140 800 400 320 530 2,190 Unit Cost $4.40 4.50 5.00 5.10 4.40 Total $616 3,600 2,000 1,632 2,332 $10,180 Units Sold 330 330 240 400 240 1,540 Unit Price $7.40 7.60 8.00 7.60 7.60 Total $2,442 2,508 1,920 3,040 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. 1,824 $11,734

The following information is for the inventory of mini-kettles at Flounder Company Limited for the month of May. Date May 1 6 7 10 12 15 18 22 25 (a1) 30 Totals Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Ending inventory Units In $ 140 800 400 320 530 2,190 Unit Cost $4.40 4.50 5.00 5.10 4.40 Total $616 3,600 2,000 1,632 2,332 $10,180 Units Sold 330 330 240 400 240 1,540 Unit Price $7.40 7.60 8.00 7.60 7.60 Total $2,442 2,508 1,920 3,040 Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. 1,824 $11,734

Name: Please provide answer in text (Without image) The following informatio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please provide answer in text (Without image) The following information is for the inventory of mini-kettles at Flounder Company Limited for the month of May.DateMay 167101215182225(a1)30TotalsTransactionBalancePurchaseSaleSalePurchaseSalePurchaseSal

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

See similar textbooks

Similar questions

Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
Neighborly Industries has the following inventory information. July 1Beginning Inventory 30 units at RM120 180 units at RM112 |120 units 5Purchases 14Sale 21 Purchases 90 units at RM115 30 Sale 84 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? O A. RMI1,022 O B. RM23,088 O C. RM23,118 O D. RM10,992
The following information is for the inventory of mini-kettles at Grouper Company Limited for the month of May: Date Transaction UnitsIn UnitCost Total UnitsSold UnitPrice Total May 1 Balance 130 $4.20 $546 6 Purchase 810 4.40 3,564 7 Sale 330 $7.20 $2,376 10 Sale 330 7.60 2,508 12 Purchase 410 5.00 2,050 15 Sale 230 8.00 1,840 18 Purchase 350 4.80 1,680 22 Sale 410 8.00 3,280 25 Purchase 540 4.60 2,484 30 Sale 230 7.60 1,748 Totals 2,240 $10,324 1,530 $11,752 (a1) Your answer has been saved. See score details after the due date. Assuming that the periodic inventory method is…
The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
1. The following information relates to the one typy of inventory of Toy Ltd during the month of May 2022. Ignore GST. 1/5 Beginning inventory 10/5 Purchase 15/5 Purchase 23/5 Purchase Totals Units 2,520 1,800 1,080 1,800 7,200 Units cost ($) 33 34.8 36.6 39 Total cost ($) 83,160 62,640 39,528 70,200 $255,528 Toy Ltd has adopted the Periodic Inventory System. A physical count on 31 May verified that 2160 units of the type of inventory were on hand. Required: a) Determine the Ending inventory and Cost of Sales for the month of May, using the FIFO costing method. b) Discuss at least 4 differences between Perpetual and Periodic Inventory systems. Your comparison should be based on aspects such as recording keeping, internal control, end of period process and business opportunity etc.
The following information was available from the inventory records of Sheffield Corp. for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $41060. O $41818. O $41524. O $40968. 8800 5800 8100 (7400 ) (11300 4000 Unit Cost $9.76 10.25 10.76 Total Cost $85888 59450 87156 Assuming that Sheffield does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?
Owe Company X began August with 70 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions: UnitsUnit CostUnit Sales PriceAug. 3Sale60 $74.00Aug. 8Purchase80$43.00 Aug. 21Sale70 79Aug. 30Purchase2049Requirements: Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method.Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method.Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing methods.Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods.
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Numberof Units UnitCost Apr. 1 Beginning inventory 470 $ 2.11 Apr. 20 Purchase 420 2.70 Dunbar sold 590 units of inventory during the month. Ending inventory assuming LIFO would be?
36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 S84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $ 37. Inventory records for MM Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $25.00 Mar. 6 Purchase 400 $25,50 Mar. 16 Purchase 500 $25.70 Mar, 23 Purchase 400 $26.00 MM sold 1,370 units of inventory during the month. Ending inventory assuming FIFO would be $ 38. Inventory records for SC Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $38.00 Mar. 3 Purchase 600 S39.00 Mar. 23 Purchase 300 $40.00 SC sold 990 units of inventory during the month. Ending inventory assuming Weighted Average would be 2$
Data on the physical inventory of Katus Products Co. as of December 31 follow: Market Value per Unit (Net Realizable Value) $ 56 Inventory Item Inventory Quantity A54 37 C77 24 178 F66 30 132 H83 21 545 K12 375 Q58 90 18 S36 235 20 V97 140 Y88 744 17 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Next-to-the-Last Purchases Invoice Purchases Invoice Quantity Unit Purchased Cost Unit Inventory Item Quantity Purchased Cost $ 60 A54 30 40 $58 C7 25 174 15 180 F66 20 130 15 128 H83 547 15 540 K12 500 500 Q58 75 25 80 26 S36 256 4 260 V97 100 17 115 16 Y88 10 750 740 Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert…
Show Attempt History Current Attempt in Progress You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August. Paper Inventory (in tonnes) Cost/Tonne NRV/Tonne June 30 16,090 $830 $891 July 31 16,760 891 857 August 31 15,640 857 830 (a) Your Answer Correct Answer