The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty Cost Total Cost January 1 Beginning Inventory 400 $44 $17,600 February 14 Purchase 150 41 6,150 July 13 Purchase 250 48 12,000 September 2 Purchase 400 71 28,400 October 8 Purchase Total available for sale 1,400 200 56 11,200 $75,350 If 925 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing? $

The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty Cost Total Cost January 1 Beginning Inventory 400 $44 $17,600 February 14 Purchase 150 41 6,150 July 13 Purchase 250 48 12,000 September 2 Purchase 400 71 28,400 October 8 Purchase Total available for sale 1,400 200 56 11,200 $75,350 If 925 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing? $

Name: The annual inventory of Bargain Bonanza, Inc. shows the following inf
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets:DateQtyCostTotal CostJanuary 1Beginning Inventory400$44$17,600February 14Purchase150416,150July 13Purchase2504812,000September 2Purchase4007128,400October 8Pur

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 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

See similar textbooks

Similar questions

At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
The Yes Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost RetailBeg. invy 809,000 1,400,000Purchases 2,970,000 4,200,000Freight-in 40,000 Net markups 130,000Net markdowns 30,000Sales 4,000,000Sales discount 75,000At what amount would Yes Company report as its estimated cost of goods sold under the FIFO retail method?
The information below is provided for Sea Company: Year EndingInventory End-of-Year Prices CostIndex 2017 $ 90,000 100 2018 97,650 105 2019 103,550 109 2020 $109,760 112 Required:Compute Sea Company's 2019 ending inventory using dollar-value LIFO.
sweet Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of$63,000 and a retail price of $100,000. The following information is available.Year-EndInventory at Retail Current YearCost-Retail% Year-EndPrice Index2024 $127.200 60% 1062025 144.480 63% 1122026 133.400 64% 1152027 152,500 61% 125 The price index at January 1, 2024, is 100.Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, eg.78% and final answers to O decimal places, eg. 28,987.)2024 2025 2026 2027Ending inventory avoid images in solution thnx
The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date January 1 February 14 July 13 September 2 October 8 Beginning Inventory Purchase Purchase Purchase Purchase Total available for sale Qty Cost 400 $48 150 250 400 200 1,400 41 52 71 60 Total Cost $19,200 6,150 13,000 28,400 12,000 $78,750 If 927 jackets were on hand on December 31, find the value (in $) of the ending inventory using the FIFO method of inventory pricing? $
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
The Blueberry Company values its inventory by using the FIFO retail method.. The following information is available for the year 2020: Cost RetailBeg. invy 809,000 1,400,000Purchases 2,970,000 4,200,000Freight-in 40,000 Net markups 130,000Net markdowns 30,000Sales 4,000,000Sales discount 75,000At what amount would Blueberry Company report as its estimated cost of goods sold under the FIFO retail method?
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory $ 42,000 $ 60,000 Net purchases 94,500 118,000 $ 108,108 $ 133,200 Freight-in 3,000 3,500 Net markups 15,000 10,000 Net markdowns 3,000 3,200 Net sales to customers 117,360 119,890 Sales to employees (net of 10% discount) 3,600 6,300 Price Index: January 1, 2018 1.00 December 31, 2018 1.04 December 31, 2019 1.09 Required:Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. I keep getting the following and do not understand why…
The following inventory transactions took place for Oriole Ltd. for the year ended December 31, 2020: Date Event Quantity Cost/SellingPrice Jan 1 opening inventory 20,020 $38.50 Jan 5 sale 5,940 72.45 Feb 15 purchase 34,600 40.75 Mar 10 purchase 10,260 47.00 May 20 sale 42,000 72.45 Aug 22 purchase 14,700 43.45 Sep 12 sale 20,300 72.45 Nov 24 purchase 9,100 46.80 Dec 5 sale 15,700 72.45 Calculate the ending inventory balance for Oriole Ltd., assuming the company uses a perpetual inventory system and the moving-average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending inventory $ Unit cost of the last item sold $
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 35e 5,595, 700 Purchases Purchase returns 62, 800 Sales Sales returns 49,600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
The following data were taken from the accounting records of Biko Lamps, Inc Balance at January 1, 2022 5,000 lamps @ P30 Purchases: January 8, 2022 1,200 lamps @ P32 January 20, 2022 800 lamps @ P34 Sales: January 6, 2022 1,600 lamps January 14, 2022 1,200 lamps If Biko Lamps uses a perpetual inventory system, the cost of the inventory using the movi average cost flow assumption at January 31, 2022 is?