H9. E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1Enter the missing dollar amounts for the income statement for each of the following independent cases:CasesABCDESalesRevenueBeginningInventory$ 1,800 $1,5409901,360Purchases250 $ 1,6001201,2801707401,020TotalAvailable1,270EndingInventory$520240290Cost ofGoods Sold690GrossProfit310650Expenses$300280180120PretaxIncome(Loss)160270(20) E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average CostLO7-2Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, theaccounting records provided the following information for product 1:Inventory, December 31, prior yearFor the current year:Purchase, March 21Purchase, August 1Inventory, December 31, current yearEnding inventoryCost of goods soldFIFOUnits1,950LIFO5, 1302,8104,040Required:Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.(Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)Unit Cost$ 7910Average Cost

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E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)

E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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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.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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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 goods sold on October 29, and (c) the inventory on October 31.
Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year, the following information is available: Required: Prepare a schedule to compute Raynoldes cost of goods sold.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. 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 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
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