5Required information[The following information applies to the questions displayed below.]The Hell Depot began 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, anadditional 36,000 units were purchased by The Hell Depot at a single unit cost, and 26,000 units remained on hand at theend of 2024 (26,000 units therefore were sold during 2024). We know that The Hell Depot uses a periodic inventorysystem. Cost of goods sold for 2024, applying the average cost method, is $179,400. You are hired by The Hell Depotbecause the company wants to know what cost of goods sold would have been if the FIFO or LIFO methods were used.Required:1. Determine the cost of goods sold for 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases.]Note: Do not round intermediate calculations.FIFO cost of goods sold

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Description: 5Required information[The following information applies to the questions displayed below.]The Hell Depot began 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, anadditional 36,000 units were purchased by The

The COGS per unit under average cost method is = $179,400/26000 units =$ 6.90 Cost per unit under…

Business

Accounting

mation applies to the questions displayed below.] gan 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, units were purchased by The Hell Depot at a single unit cost, and 26,000 units remained on hand 00 units therefore were sold during 2024). We know that The Hell Depot uses a periodic inventor ods sold for 2024, applying the average cost method, is $179,400. You are hired by The Hell Dep any wants to know what cost of goods sold would have been if the FIFO or LIFO methods were u goods sold for 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases

mation applies to the questions displayed below.] gan 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, units were purchased by The Hell Depot at a single unit cost, and 26,000 units remained on hand 00 units therefore were sold during 2024). We know that The Hell Depot uses a periodic inventor ods sold for 2024, applying the average cost method, is $179,400. You are hired by The Hell Dep any wants to know what cost of goods sold would have been if the FIFO or LIFO methods were u goods sold for 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases

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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A company began 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, an additional 36,000 units were purchased at a single unit cost, and 26,000 units remained on hand at the end of 2024 (26,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $179,400. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. 1. Determine the cost of goods sold for 2024 using the LIFO method.
BOC Company has the following information available for 2024, its first period of operations: Inventory purchased for resale $300,000 Freight-in 8,000 Freight-out 5,000 Returns of inventory 2,000 BOC's cost of goods available for 2024 is Select one: $300,000 $306,000 $311,000 $303,000
The following relate to God's blessings enterprise for the year ended 31 December 2019. Production cost of goods completed is 1080,000 Sales is 1939,500 Inventory of finished goods at cost on 1st January 2019 is 255000 Inventory of finished goods at cost 31st December 2019 is 202500 Selling and distribution expenses 216,000 Administrative expenses 180000 Financial charges 48000 Goods are transferred to the warehouse at cost plus 33%. What is the value of opening inventory at market value?
Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units; cost $5.30 each. August 8 Purchased 8,000 units for $5.50 each. August 14 Sold 6,000 units for $12.00 each. August 18 Purchased 6,000 units for $5.60 each. August 25 Sold 7,000 units for $11.00 each. August 28 Purchased 4,000 units for $5.80 each. August 31 Inventory on hand-7,000 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Perpetual Average Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total Inventory…
Required information [The following information applies to the questions displayed below] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,600 units; cost $6.70 each. August 8 Purchased 13,000 units for $6.10 each. August 14 Sold 10,400 units for $12.60 each. August 18 Purchased 7,800 units for $5.60 each. August 25 Sold 9,400 units for $11.60 each. August 28 Purchased 4,600 units for $5.80 each. August 31 Inventory on hand-8,200 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Perpetual Average Beginning inventory Purchase-August 8 Sale-August 14 Purchase August 18 Total Sale-August 25 Purchase-August 28 Inventory on hand…
Massy Distribution Centre (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box. Additional information relating to the units in inventory: VAT – 10%; warehousing cost - $0.55 per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit. Recently, due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromised and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. At what amount would this IGA Cornflakes be required to be stated on 30 September 2022? Provide detailed analysis to support your answer.
Massy Distribution Center (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box. Additional information relating to the units in inventory: VAT —10%; warehousing cost — $0.55 per unit; purchase discount — $0.40 per unit; carriage inwards — $0.60 per unit. Recently, due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromised, and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. Answer the following: At what amount would this IGA Cornflakes be required to be stated on 30 September 2022? Provide detailed analysis to support your answer.
Diamond Estates and Botanicals produces floral arrangements for every occasion. A. At the end of the third quarter of 2021, inventory of Diamond Estates and Botanicals consisted of the following items, for which certain information is provided below. Items Cost ($) Estimated Completion Cost ($) Expected Selling Price ($) Estimated Cost to Sell ($) A101 25 6 40 4 P215 42 12 58 8 R405 120 25 150 15 Q177 18 3 26 2 REQUIRED: In accordance with IAS 2, what unit amount should each item of inventory be valued at for the purpose of preparing interim financial statements at the end of the third quarter. Complete the schedule provided. Items NRV ($) Cost ($) Financial Statement Per Unit Valuation ($) A101 Answer Answer Answer P215 Answer Answer Answer R405 Answer Answer Answer Q177 Answer Answer Answer
Massy Distribution Center (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box. Additional information relating to the units in inventory: VAT – 10%; wharehousing cost - $0.55 per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit.Recently , due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromized and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. What is the cost and the net realizable value of the cornflakes ?
Oyster Manufactures had an inventory of 30000 units of product B (at a production cost of R11 per unit) on 01 January 2023. An additional 600000 units are expected to be produced during 2023. The unit production cost of Product B is expected to be R12 per unit during 2023. An inventory of 45000 units is expected on 31 December 2023. The first in first out method of valuing inventories is used. Calculate the cost of sales for 2023
16.On March 31, 2021, the warehouse of Cucumber Company was destroyed by fire. The company's markup on cost is 40%. The following information was obtained from the available records:Inventory, 12/31/2020 - P600,000Sales for the 1st quarter - P2,240,000Purchases for the 1st quarter - P1,750,000What is the cost of inventory immediately before the fire?
ANC Company had the following transactions: Beginning inventory, 200 at P5 per unit; purchased on January 15, 2020, 100 at P5.30; purchased on January 28, 2020, 100 at P5.50. On January 20, 2020, 250 units were sold. Using moving average method, what is the average cost per unit? Show answer until two decimal place.