Required information Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, as follows: Car ID 203 207 210 Car ID 211 212 213 214 During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 215 216 217 218 219 Cost Problem 8-7 (Algo) Part 3 Cost Ending inventory Cost of goods sold $ 99,000 99,000 102,000 $ $ 99,000 99,000 100,500 102,000 105,000 103,500 108,000 105,300 111,000 x Answer is not complete. LIFO Periodic Selling Price 909,000 x $ 129,000 132,000 not sold 135,000 139,500 . Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. not sold 144,000 145,500 not sold

Required information Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, as follows: Car ID 203 207 210 Car ID 211 212 213 214 During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 215 216 217 218 219 Cost Problem 8-7 (Algo) Part 3 Cost Ending inventory Cost of goods sold $ 99,000 99,000 102,000 $ $ 99,000 99,000 100,500 102,000 105,000 103,500 108,000 105,300 111,000 x Answer is not complete. LIFO Periodic Selling Price 909,000 x $ 129,000 132,000 not sold 135,000 139,500 . Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. not sold 144,000 145,500 not sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Car Armour sells car wash cleaners. Car Armour uses a perpetual Inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased oct. 3 Purchased Oct. 5 sold Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). 130 units @s 7.20 - $ 60 units @$15.70- 320 units es 6.50 = 120 units @ $15.70 = 570 units @s 6.30- 520 units @s 6.20 710 units @ $15.70- Units Number of units sold Number units remaining in ending inventory 4 FIFO b Moving weighted average 2. Calculate the number of units sold and units remaining in ending inventory. 936.00 942.00 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Cost 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending Inventory and to goods sold under: (Do not round the Intermediate calculations and round the final answers to…
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Number of units sold Number units remaining in ending inventory 130 units @ $ 6.90 60 units @ $15.40 = 290 units @ $ 6.20 = 120 units @ $15.40 = 540 units @ $ 6.00 = 490 units @ $ 5.90 = 660 units @ $15.40 = a FIFO b. Moving weighted average Units $ 1,450 $ 2. Calculate the number of units sold and units remaining in ending inventory. Cost Ending Inventory 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 610 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate…
Required information [The following Informetion applies to the questions displeyed below] Greet Sounds Company sells various electronics Including computers and televislons. The company reporta inventory using the lower of cost and net realizeble value (NRV). Deta releted to its year-end Inventory follows. Inventory Televisions Quantity 128 Unit Cost $ 77 unit NV $ 92 Computers 42 328 260 Required: 1. Calculate the total recorded cost of ending Inventory before any acjustments. Cost of ending inventory (bafore adustment)
(Appendix 6B) Inventory Costing Methods: Periodic FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Units Purchased at Cost Units Sold at Retail 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Date June 1 Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 9 14 22 29 Sale 2 Assume that Filimonov uses a periodic inventory system. Required: 250 units @ $15 = $3,750 300 units @ $25 225 units @ $25
Required information Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Transactions Beginning inventory Purchase Date June 1 June 7 Sale June 12 June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $200 $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 4 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold
3) Vango, Inc. sells part number 86Z to auto parts stores around the world. Information about part number 86Z is contained in the table below. Vango uses a FIFO periodic inventory system. Beginning inventory Purchase Purchase Totals Number of Units 2,000 3,000 5,000 10,000 Unit Cost Total Cost $8.00 $16,000 $8.20 $24,600 $8.60 $43,000 $83,600 Determine the cost of goods sold and ending inventory value of part 86Z, if 4,000 units remain unsold in inventory at the end of the accounting period.
Required information [The following information applies to the questions displayed below] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 10 Unit Cost $340 330 320 310 Total Cost $5,440 3,300 3,200 3,100 $15,040 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $11.80 245 units 390 units 445 units 145 units 1,225 units @ $16.80 = @ $21.80 = @ $26.80 = $ 2,891 6,552 9,701 3,886 $ 23,030 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 190 units 350 units 430 units 970 units @ $41.80 @ $41.80 @ $41.80
Required information [The following Informetion applies to the questions displeyed below] Greet Sounds Company sells various electronics Including computers and televislons. The company reports inventory using the lower of cost and net realizeble velue (NRV). Dets related to its year-end Inventory follows. Inventory Televisions Quantity 128 Unit NRV $ 92 250 Unit Cost $ 77 320 Corputers 42 2 Calculste ending inventory using the lower of cost and net reslizsble value. Lower of Coct and NRV per unit Ending Inventory Inventory Guantity Tolovisions Computers
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 F 240 units 370 units 440 units 140 units 1,190 units @$16.60 = @ $21.60 = @$26.60 - $ 2,784 6,142 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. 9,504 3,724 $ 22, 154 Units Sold at Retail 180 units 330 units 415 units 925 units @$41.60 @$41.60 @$41.60 Check my