You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price $24 26 35 27 40 60 120 100 100 60 70 110 29 40

You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price $24 26 35 27 40 60 120 100 100 60 70 110 29 40

Name: A1 You have the following information for Van Gogh Inc. for the month
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Description: A1 You have the following information for Van Gogh Inc. for the month ended October 31, 2025. Van Gogh uses a periodic system forinventory.DateOct. 1Oct. 9Oct. 11Oct. 17Oct. 22Oct. 25Oct. 29DescriptionBeginning inventoryPurchaseSalePurchaseSalePurcha

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
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Ret Exercise 8-27 (Algo) Dollar-value LIFO (LO8-8] Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $201,000. Inventory data are as follows: Ending Inventory at Ending Inventory at Year Year-End Costs Base Year Costs 2022 2023 $233,100 302,450 303,600 $222,000 263,000 253,000 2024 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) X Answer is not complete. Inventory Layers Converted to Base Year Cost Inventory DVL Cost Inventory Layers Converted to Cost Inventory at Year-End Cost Year- End Cost Index Inventory Layers at Base Year Inventory Layers at Base Year Cost Year- Inventory Layers Converted to Cost Date End Cost Index Cost 12/31/2021 220,000 X 273,000 X I$ 1 220,000 X Base IS 220,000 8 220,000 S 220,000 12/31/2022 1.05 $ 260,000 Base…
Presented below is information related to Sunland Company. Compute the ending inventory for Sunland Company for 2022 through 2027 using the dollar-value LIFO method.
The inventories of Berry Company for the years 2019 and 2020 are as follows: Cost NRVJanuary 1, 2019 $10,000 $10,000December 31, 2019 13,000 11,500December 31, 2020 15,000 14,000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Refer to your answer for E8-6. How does the use of a periodic or perpetual inventory system affect the valuation of inventory?
Abacus Ltd undertook the following transactions during May 2022. Purchased $18,480 inventory; terms 1/10, n/30. May. 1 8 Returned $1,980 of the inventory purchased on May 1. 16 Sold inventory on credit for $8,745. Cost of the inventory sold was $5,700. Required: a) Prepare the journal entries to record the transactions using periodic inventory system. GST apply, and assuming that all the prices are GST inclusive. b) Prepare the journal entries to record the 8th and 16th transactions using perpetual inventory system. Ignore GST.
The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Quantity 24,000 6,400 33.000 9,600 41,600 14,400. 20,400 9,600 16.500. Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72,00 V Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)
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