Using Excel to Cost Inventory Student Work Area PROBLEM In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Required: Provide input into cells shaded in yellow in this template.Use only mathematical formulas with cell references to compute the unit cost and the cost of ending inventory. Cost per Unit $ 6.00 8.00 Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. Units 300 11 400 12 500 9.00 Weighted-average unit cost 13 14 Units on hand at period end 200 Round unit cost to 3 decimals using the ROUND function 15 16 Purchases of merchandise were made in the sequence listed above. Cost of ending inventory 17

Using Excel to Cost Inventory Student Work Area PROBLEM In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: Required: Provide input into cells shaded in yellow in this template.Use only mathematical formulas with cell references to compute the unit cost and the cost of ending inventory. Cost per Unit $ 6.00 8.00 Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. Units 300 11 400 12 500 9.00 Weighted-average unit cost 13 14 Units on hand at period end 200 Round unit cost to 3 decimals using the ROUND function 15 16 Purchases of merchandise were made in the sequence listed above. Cost of ending inventory 17

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 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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v2.cengagenow.com + Мy Home CengageNOWv2 | Online teaching and le... b Search results for 'Cornerstone Exercise... b Weighted average cost flow method und... Cornerstone Exercise 6-23 (Algorithmic)... Homework: Chapter 6 еВook Cornerstone Exercise 6-23 Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 %D 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 $3,500 %3D 29 Sale 2 225 units @ $25 Assume that the company uses a perpetual inventory system. > Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold Cost of ending inventory Feedback Check My Work For cost of goods sold using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of…
A ezto.mheducation.com Logout Question 6 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work Required information Part 1 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV $ 86 $101 305 Furniture 210 Electronics 51 410 еВook Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Hint Cost of ending inventory (before adjustment) $ 2,205 Print References Mc Graw Hill
now how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Work in process Finished goods Inventories Total inventories N 8 hulu
Dashboard CengageNOWv2 | Onlin X+ 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=D&inprogress3false Calculator R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd pPurchase 25 $14 350 Nov. 9 3rd pPurchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the tota! amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company'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 lower-of-cost-or-market All work…
A ezto.mheducation.com Logout Question 7 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work 7 Required information Part 2 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV Furniture $ 86 $101 305 210 Electronics 51 410 eBook 2. Calculate ending inventory using the lower of cost and net realizable value. Hint Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Print Furniture Electronics References Mc Graw Hill
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
K Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power $45,660 6,120 2,230 1,670 $55,680 Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.
Info in images 2. Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal. Beg. Bal. End. Bal. End. Bal. Raw Materials Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal.…
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 65 units at $42 50 units 79 units at $44 Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 45 units 11 units 31 units at $46 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Check My Work 10 X Inventory Inventory Unit Cost Total Cost Email Instructor Save and…
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards durin September. During the same month, 116 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Explanation Units Unit Cost Inventory $106 Purchases Purchases Purchases Sept. 5 Sept. 16 Sept. 29 Totals Sale Sale Sale Totals Units 8 54 54 15 116 49 58 23 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. 145 109 110 111 Total Cost $1,590 5,341 6,380 2,553 $15,864
Home CengageNOWv2| Online teachin x /takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 台☆ еBook Show Me How E Print Item Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $19,660 $41,650 (e) Total manufacturing costs incurred during August 332,750 (c) 1,075,000 Total manufacturing costs (a) $515,770 $1,240,000 Work in process inventory, August 31 23,500 54,000 (f) Cost of goods manufactured (b) (d) $1,068,000 a. b. $ C. $4 d. $4 e. f. Next Previous
Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead. Fixed selling and administrative expenses $ 27 $15. $5 $2 $ 540,000 $ 190,000 During its first year of operations, O'Brien produced 94,000 units and sold 78,000 units. During its second year of operations, it produced 80,000 units and sold 91,000 units. In its third year, O'Brien produced 82,000 units and sold 77,000 units. The selling price of the company's product is $75 per unit. 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold…