10. Prepare a statement showing the pricing of issues, on the basis of FIFO, LIFO, Weighted average method 2018 March 1 Purchased 300 units @ 9.5 each 2 5 Purchased 200 units @ OMR 9.25 each. Issued 250 units to Job X vide M.R.No.12 Purchased 100 units @ OMR 9.50 each Purchased 100 units @ OMR 9.80 each Issued 300 units to Job Y vide M.R.No.15 Issued 100 units to Job Z vide M.R.No.17 Purchased 200 units @ OMR9.90 each Issued 150 units to Job K vide M.R.No.25 7 10 13 18 20 25

10. Prepare a statement showing the pricing of issues, on the basis of FIFO, LIFO, Weighted average method 2018 March 1 Purchased 300 units @ 9.5 each 2 5 Purchased 200 units @ OMR 9.25 each. Issued 250 units to Job X vide M.R.No.12 Purchased 100 units @ OMR 9.50 each Purchased 100 units @ OMR 9.80 each Issued 300 units to Job Y vide M.R.No.15 Issued 100 units to Job Z vide M.R.No.17 Purchased 200 units @ OMR9.90 each Issued 150 units to Job K vide M.R.No.25 7 10 13 18 20 25

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 12.16E: Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that...

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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta. Units Cost April 2 April 15 April 20 Total Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase 1 1 1 3 $76 80 84 $240 $80 Average cost per unit ($240 + 3 units) Assume that one unit is sold on April 27 for $106. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory
< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $
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Natal Company provided the following information: Pro Problem 10-2 (IAA) 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Sum beg of 9 yea Materiale Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and ehipping cartona Finished gooda in factory Finished goods in company-owned retail store, including 50% profit on cost Pinished goods in hands of consignees including 40% profit on sales Finished goods in tranait to customers, shipped FOB deatination at cost Finished gooda out on approval, at cost Unsalable fininhed gooda, at cost Office supplies Materials in transit shipped FOB nhipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 1. 2. 750,000 3. 4. 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.
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Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Purchase 1 Purchase 1 [[ Purchase 1 3 April 2 April 15 April 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ Units Cost $ Average cost per unit $221 ($663 3 units) Assume that one unit is sold on April 27 for $301. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit 82 ✔ $219 X 221 223 $663 Ending Inventory $ X
Cost formula Information on Entity A's inventory of Product A is as follows: Units Unit Cost Total Cost P 58,650 Balance at Jan. 1 5. Info sho 3,000 P19.55 Lower o Purchases: Jan. 6 Jan. 26 Sales: 10,200 21.50 219,300 2,250 20.60 46,350 Purch Jan. 7 Jan. 31 Freig Sell 2,700 7,200 Fre 2. How much are the ending inventory and cost of sales under Ge the FIFO cost formula? Ending inventory a. 117,300 b. 120,300 Cost of sales 207,000 204,000 C. 121,300 d. 124,300 203,000 200,000 3. How much are the ending inventory and cost
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Question 1: Pamlico Manufacturing Ltd has the following information given in the table below. 12.50 Sales per unit Variable production cost per unit Variable administration sales and distribution per 7.50 1.00 unit Fixed production costs 37 500 18 750 Fixed administration sales and distribution Opening inventory in units Units produced 2 500 25 000 At the beginning of December 2018, there were 2 500 units in inventory. Required: Draw up a staement of comprehensiy income according to margial costing principlesor three differenevels of sales, for the moth of December 12 500 units b) 18 750 units c) 25 000 units Question 2 Using the above information on Pamlico Manufacturing Ltd, prepare the statement of comprehensive income using absorption costing principles for the month of December and assume the following: 1. Normal level of activity is 25 000 shirts per month. 2. Fixed production costs were 37 500 for the month.
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase $214 April 15 Purchase 216 April 20 Purchase 1 218 Total $648 Average cost per unit $216 ($648 ÷ 3 units) Assume that one unit is sold on April 27 for $272. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. > Gross Profit Ending Inventory a. First-in, first-out (FIFO) 24 b. Last-in, first-out (LIFO) 2$ c. Weighted average cost %$4 2:48 PM Tuna b na to coanch N 86°F 9/19/2021 CTR.exe - Application Error