A company began January with 9,000 units of its principal product. The cost of each unit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company began January with 9,000 units of its principal product. The cost of each unit is $4. Inventory transactions for the month of January are as follows: Check Date of Purchase 5 Units January 10 6,000 Purchases Unit Cost $ 5 Total Cost January 18 9,000 6 $ 30,000 54,000 Totals 15,000 $ 84,000 *Includes purchase price and cost of freight. Sales Date of Sale Units ok January 5 5,000 January 12 3,000 January 20 6,000 Total 14,000 ht 10,000 units were on hand at the end of the month. 1 ences Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of LIFO Number Cost per of units unit Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold 9,000 $ 4.00 $ 36,000 $ 4.00 $ 0 Beginning Inventory Purchases: Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit Ending Inventory $ 4.00 $ 0 January 10 6,000 $ 5.00 30,000 $ 5.00 0.000 9 233 FA 000 $ 5.00 0 9 935 S < Prev 7 8 9 10 of 10 Next > A company began January with 9,000 units of its principal product. The cost of each unit is $4. Inventory transactions for the month of January are as follows: Check Date of Purchase 5 Units January 10 6,000 Purchases Unit Cost $ 5 Total Cost January 18 9,000 6 $ 30,000 54,000 Totals 15,000 $ 84,000 *Includes purchase price and cost of freight. Sales Date of Sale Units ok January 5 5,000 January 12 3,000 January 20 6,000 Total 14,000 ht 10,000 units were on hand at the end of the month. 1 ences Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of LIFO Number Cost per of units unit Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold 9,000 $ 4.00 $ 36,000 $ 4.00 $ 0 Beginning Inventory Purchases: Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit Ending Inventory $ 4.00 $ 0 January 10 6,000 $ 5.00 30,000 $ 5.00 0.000 9 233 FA 000 $ 5.00 0 9 935 S < Prev 7 8 9 10 of 10 Next >
Expert Answer:
Answer rating: 100% (QA)
To calculate Januarys ending inventory and cost of goods sold using LIFO LastIn FirstOut periodic sy... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
Discuss three strengths and three weaknesses of the Capital Asset Pricing Model (CAPM) when it's applied to calculate the expected return on a stock
-
El FASB requiere informes financieros externos para proporcionar informacin sobre El FASB requiere informes financieros externos para proporcionar informacin sobre Todas las restricciones impuestas a...
-
eBook Project A requires an initial outlay at t=0 of $1,000, and its cash flows are the same in Years 1 through 10. Its IRR is 15%, and its WACC is 10%. What is the project's MIRR? Do not round...
-
How many moles of carbon dioxide, CO2, are in a 22 gram sample of the compound?
-
Compare and contrast since 1990 the ratios of debt-to- GDP for Germany, Italy, Japan, and the United States.
-
Consider a Poisson random variable with = 3. Use Table 2 to find the following probabilities: a. P(x 3) b. P(x > 3) c. P(x = 3) d. P(3 x 5)
-
When Japanese workers start each day with the company song, this is an example of a(n) ____________. (a) symbol (b) myth (c) underlying assumption (d) ritual
-
On July 31, 2017, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico. Conchita reported the following balance sheet at the...
-
talled 2-test with a 0.10. Mclude a graph with yo tempts (Round to two decimal places as needed. Use a comma to separate answers as needed.) tempts The critical value(s) is (are) Draw a graph of the...
-
8. Find a binary tree whose preorder and inorder traversals create the same result. 9. What are the maximum and minimum heights of a tree with 28 nodes? 10. In a binary tree, what is the maximum...
-
2 34 5 Dog Up! Franks is looking at a new sausage system with an installed cost of $385,000. This cost will be depreciated straight-line to zero over the project's five-year life, at the end of which...
-
4. 5. 6. The business sub-lets a portion of the building and earns a rental income of R4,800 per month. The rental for February is still outstanding and has not been received from the tenant....
-
Question 2 (20 marks) Listed below is a simplified balance sheet showing the dollar value and duration of assets and liabilities held. For ease of calculation, we will assume an average interest rate...
-
Currently, the Fotopoulos Corporation's balance sheet is as follows: Assets Debt Assets $9 billion Debt Common equity $4 billion $5 billion Total assets $9 billion Total debt & common equity $9...
-
18 Below are producion and sales data for three products. Joint costs amounted to P 35,000 UNITS COST QUANT PRODUCE SELLING PRICE AFTER ITY 23 27 2222222222 28 19 PRODUCT D SPLIT-OFF SOLD 20 M 1,500...
-
Harry seeks to invest in a new business. He anticipates the business will generate its first annual cashflow of $175,000 three years from today. Subsequent annual cash flows will grow at 4.5% in...
-
1. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places. 2. What is the quarterly compounded interest rate if...
-
Assume that you own and manage a small clothing store. A. What kinds of financial information would you want to run your business? B. What kinds of nonfinancial information would you want (for...
-
One of the first U.S. major industries to be regulated was the railroads. Farmers and manufacturers depended on railroads to get their products to market, and often there was only one railroad...
-
The chapter indicates that two very different objectives of accounting are to provide useful information for making decisions about the future, and to provide accountability for what happened in the...
Study smarter with the SolutionInn App