Alpha Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $20 per unit

Bramble Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the...

Bramble Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $24 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units    December 31, 2019 175    December 31, 2020, by purchase date       December 2, 2020 175       July 20, 2020 50 225 During the year 2020, the following purchases and sales were made. Purchases Sales March 15...

Homework BuyAlot Company started its operations in 2019. Inventory purchases for the single product that it...

Homework BuyAlot Company started its operations in 2019. Inventory purchases for the single product that it sells are shown in the table below: Date Units Cost per Unit Total January 1 100 $12 $1,200 March 13 200 14 2,800 August 17 150 15 2,250 October 31 300 17 5,100 ON December 31, 2019 BuyAlot had 125 units in ending inventory. Calculate ending inventory and cost of goods sold using each of the cost flow assumptions below: 1. FIFO 2. LIFO...

The 2020 inventory data for Garden Corporation’s patio furniture Bermuda set is presented below. Assume that...

The 2020 inventory data for Garden Corporation’s patio furniture Bermuda set is presented below. Assume that Garden uses periodic inventory tracking. 2020 Beginning Inventory (purchased in 2019) 50 units @ $280 per unit Purchases: Purchase 1 on 1/20/20 150 units @ $300 per unit Purchase 2 on 6/15/20 600 units @ $320 per unit     Sales: Sale 1 on 4/8/20 275 units @ $600 per unit Sale 2 on 9/25/20 430 units @ $600 per unit When Garden examines the...

The beginning inventory on November 1 includes 15 units at a cost of $8.00 per unit....

The beginning inventory on November 1 includes 15 units at a cost of $8.00 per unit. Following information is related to purchases made during November: Units Unit Cost Nov. 8 Purchase 60 units $8.60 17 Purchase 30 units $8.40 25 Purchase 45 units $8.80 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Cost of ending inventory under FIFO is

Ivanhoe Company was formed on December 1, 2019. The following information is available from Ivanhoe's inventory...

Ivanhoe Company was formed on December 1, 2019. The following information is available from Ivanhoe's inventory record for Product X. Units Unit Cost January 1, 2020 (beginning inventory) 2,000 $16 Purchases: January 5, 2020 2,500 $18 January 25, 2020 2,200 $19 February 16, 2020 1,100 $20 March 15, 2020 2,200 $21 A physical inventory on March 31, 2020, shows 3,400 units on hand. (a) Prepare schedules to compute the ending inventory at March 31, 2020, under FIFO method. Ivanhoe Company...

Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of...

Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases:   Sales: May 6 300 units at $7.20 May 4 275 units 14 400 units at $9.10 300 units 21 100 units at $11.50 22 400 units 28 500 1 ,300 units at $11.80 24 225 1 ,200 units Instructions: Compute the May...

During the year, Zhang Zhang Inc. inventory purchases were as follow: Quarter Unit Purchased Cost per...

During the year, Zhang Zhang Inc. inventory purchases were as follow: Quarter Unit Purchased Cost per Unit Total 1 200 $ 2.30 $ 460 2 300 2.5 750 3 100 2.9 290 4 100 3.1 310 700 $ 1,810 Beginning inventory was 300 units at $2 per unit = $600 Sales for the year were 800 units What is the COGS for the year under FIFO? [For practice purpose, try to calculate COGS under LIFO and ending inventory under both...

Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...

Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below: July 01: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The Beta company sold 1,600 units during the month of July. Required: Compute the cost of goods sold and ending inventory...

Periodic System— Calculating Ending Inventory and Cost of Sales using FIFO The following information is available...

Periodic System— Calculating Ending Inventory and Cost of Sales using FIFO The following information is available for Water Inc. Date Units Unit Cost January 1, 2020 (beginning inventory) 100 $50.00 Purchases: January 10, 2020 75 52.00 January 15, 2020 150 52.50 January 30, 2020 100 55.00 The company maintains a periodic inventory system. A physical count shows 125 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January,...

Electronic Center began December with 70 units of merchandise inventory that cost $ 74 each. During...

Electronic Center began December with 70 units of merchandise inventory that cost $ 74 each. During December​, the store made the following​ purchases: LOADING... ​(Click the icon to view the​ purchases.) Right Now uses the periodic inventory​ system, and the physical count at December 31 indicates that 80 units of merchandise inventory are on hand. Read the requirements LOADING.... Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the​ FIFO,...