A company reports the following beginning inventory and two purchases for the month of January. On...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 280 Unit Cost Purchase on January 9 Purchase on January 25 60 100 $ 2.60 2.80 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Date Cost per # of units # of units unit sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 $ 0 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Units 280 60 Unit Cost Purchase on January 25 100 $ 2.60 2.80 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold January 1 January 9 Goods purchased Inventory Balance Date # of # of units Cost per unit units Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance sold Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 $ 0.00 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 280 Unit Cost Purchase on January 9 Purchase on January 25 60 100 $ 2.60 2.80 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Date Cost per # of units # of units unit sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 9 Total January 9 January 25 Total January 25 January 26 $ 0 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Units 280 60 Unit Cost Purchase on January 25 100 $ 2.60 2.80 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold January 1 January 9 Goods purchased Inventory Balance Date # of # of units Cost per unit units Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance sold Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 $ 0.00
Expert Answer:
Related Book For
Posted Date:
Students also viewed these finance questions
-
The historical returns for the last three years for Share B and the stock market portfolio are: Share B: 24%, 0%, 24%; Market portfolio: 10%, 12%, 20%. Calculate the required rate of return (cost of...
-
Table 2 Modified A.CRS Depreciation Allowances Year 3-Year 7-Year 3 -2045NE 33.33% 20.00% 14.29% 44.44 32.00 24.49 14.82 19.20 17.49 7.41 12.49 8.93 8.93 8.93 DWI Table 1 Projected Unit Sales and...
-
My pension plan will pay me $19,500 once a year for a 10-year period. The first payment will come in exactly five years. The pension fund wants to immunize its position. Required: a. What is the...
-
Palmer Cheese Company is a small manufacturer of several different cheese products. One product is a cheese spread sold to retail outlets. Susan Palmer must decide how many cases of cheese spread to...
-
Why is e-Learning so popular today? What is the future of social media techniques for training? How can we ensure that everyone in the firm is comfortable using these types of techniques?
-
Guy, Alma, and Kara form the Ivory Partnership. In exchange for a 30% capital interest, Guy transfers property (basis of $200,000; fair market value of $400,000) subject to a liability of $100,000....
-
Compute and interpret price and usage variances for material, labour, and overhead inputs.
-
Simulate Problem 28 to find the probabilities of project completion. Use a triangular distribution for defining activity time distributions. After a 1,000-trial simulation, examine the statistical...
-
QUESTION 7 2 points Save Antwe Leah, Inc., applies manufacturing overhead to production using an activity-based costing system. The company s utilities cost pool has accumulated $192000, its...
-
There are 3 red marbles and 2 blue marbles placed in a box. Stan randomly picks a marble from the box and records the color. He does not replace the marble before picking a second marble. What is the...
-
Your homeowners or renters policy often limits the coverage on expensive items like jewelry, expensive cameras, silverware, etc. There are also restrictions on coverage when away from home. Identify...
-
Calculate net income from the following table. 14) Calculate net income from the following table. Inventories $50,000 anime Cost of Goods Sold $250,000 Administrative Expenses $50,000 Accumulated...
-
Can you elaborate on the molecular mechanisms underlying epigenetic inheritance, including DNA methylation, histone modifications, and non-coding RNAs, and how do these mechanisms regulate gene...
-
What kinds of financial and nonfinancial measures could HHC ( Non Profit Organization ) from a Cost Accounting Stand point provide to donors to show how they are helping the people of Haiti?
-
A company produces a single product. The selling price per unit is $50 and the variable cost per unit is $30. Total fixed costs during June were $84,000. How many units must the company sell to break...
-
A professor wants to examine how he can increase his students test scores. To test this, he introduces a study guide for his students to use to prepare for the exam. To test the effectiveness of his...
-
Identify the most stable compound:
-
What role does growth-need strength play in the job characteristics model?
-
Explain the difference between halo errors and recency errors in performance appraisal.
-
When is a team effective?
Study smarter with the SolutionInn App