Question

Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold....

Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 120 $5 June 2 Purchase 65 $4 November 5 Sales 135 What amounts would be reported as the cost of goods sold and ending inventory balances for the year?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
17. On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc....
17. On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory system. Alberta pays the invoice on October 8 and takes the appropriate discount. What journal entry will be recorded by Robertson on October 8 if they use the gross method? A) Debit Cash and credit Accounts Receivable for $5,800. B) Debit Cash and credit Accounts...
1. Which of the following are similarities between a six-month note receivable and an account receivable?...
1. Which of the following are similarities between a six-month note receivable and an account receivable? They both are: Select one: a. formal written contracts. b. interest bearing. c. current assets. d. current liabilities. 2. Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date ...................... Description......................# of units...........Cost per unit January 1................Beginning inventory...............240......................$ 5 June 2.....................Purchase.................................90......................$ 4 November 5............Sales......................................260 What amounts...
Yoseff Company uses the LIFO method of inventory valuation. For Year 5, cost of goods sold...
Yoseff Company uses the LIFO method of inventory valuation. For Year 5, cost of goods sold was $45,000. Beginning inventory was $5,000 and ending inventory was $6,000. If Yoseff had used the FIFO method of inventory valuation, beginning inventory would have been $8,000 and ending inventory would have been $11,000. What would Yoseff’s cost of goods sold in Year 5 have been if Yoseff had used FIFO?
Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and...
Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 [The following information applies to the questions displayed below.] Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 270 items at $95 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.    Date Transaction Description Mar. 5 Purchased 250 items @ $ 105 Apr. 10 Sold 145...
Nonny Company uses the LIFO method of inventory valuation. For Year 6, cost of goods sold...
Nonny Company uses the LIFO method of inventory valuation. For Year 6, cost of goods sold was $150,000. Beginning inventory was $25,000 and ending inventory was $30,000. If Nonny had used the FIFO method of inventory valuation, beginning inventory would have been $15,000 and ending inventory would have been $40,000. What would Nonny’s cost of goods sold in Year 6 have been if Nonny had used FIFO?
Assuming Christy’s Cookie Company uses the FIFO inventory cost allocation method, determine the ending inventory balance...
Assuming Christy’s Cookie Company uses the FIFO inventory cost allocation method, determine the ending inventory balance as of December 31st and the Cost of Goods Sold for the year. Christy’s Cookie Company uses the periodic system to track changes in the inventory account. Date Quantity Purchased Quantity Sold Cost per Unit Quantity on Hand 1/1 $10 8 3/25 25 $12 33 7/14 15 18 10/22 16 $14 34 12/31 4 30 Cost of Goods Sold for the year $________________________ Ending...
Han Company uses the LIFO method of inventory valuation. For Year 10, cost of goods sold...
Han Company uses the LIFO method of inventory valuation. For Year 10, cost of goods sold was $300,000. Beginning inventory was $50,000 and ending inventory was $80,000. If Han had used the FIFO method of inventory valuation, beginning inventory would have been $75,000 and ending inventory would have been $122,000. What would Han’s cost of goods sold in Year 10 have been if Han had used FIFO? Write the dollar amount of your answer.
Concord Company uses a periodic system reports the following for the month of June. Units Unit...
Concord Company uses a periodic system reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $ 1,000 12 Purchase 450 6 2,700 23 Purchase 320 7 2,240 30 Inventory 120 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ $ Cost of goods sold
A company uses the cost-of-goods-sold method of reporting lower-of-cost-to-market adjustments to inventory. The company reports the...
A company uses the cost-of-goods-sold method of reporting lower-of-cost-to-market adjustments to inventory. The company reports the following balances for the first half of the fiscal year: Month Inventory at cost Inventory at market January $78,000 $76,000 February $92,000 $89,000 March $66,000 $72,000 April $102,000 $100,000 May $74,000 $69,000 June $97,000 $92,000    Which effect does the adjustment of inventory value to market have on the year-to-date cost of goods sold?   The answer is $5,000 increase, but I am wondering how...
The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since...
The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979. In 2018, the company decided to change to the average cost method. Data for 2018 are as follows: Beginning inventory, FIFO (5,700 units @ $37.00) $ 210,900 Purchases: 5,700 units @ $43.00 $ 245,100 5,700 units @ $47.00 267,900 513,000 Cost of goods available for sale $ 723,900 Sales for 2018 (9,400 units @ $77.00) $ 723,800 Additional...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT