Swifty Company took a physical inventory on December 31 and determined that goods costing $150,000 were...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Swifty Company took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not included in the physical count were $21,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Swifty report as its December 31 inventory? Swifty ending Inventory $ In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: (1) 300 units at $7, (2) 450 units at $8, and (3) 250 units at $9. (a) Calculate the average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Average unit cost $ (b) eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Compute the cost of the ending inventory under the average-cost method, assuming there are 400 units on hand. (Round answer to O decimal places, e.g. 1,250.) The cost of the ending inventory Laura's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Laura's purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Laura's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Cost of goods sold Units 30 eTextbook and Media 45 Save for Later 20 50 The ending inventory at September 30 145 Unit Cost $97 103 105 106 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ Total Cost $ 2,910 4,635 $ 2,100 5,300 $14.945 FIFO $ $ For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. LIFO Attempts: 0 of 5 used Submit Answer Swifty Company took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not included in the physical count were $21,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Swifty report as its December 31 inventory? Swifty ending Inventory $ In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: (1) 300 units at $7, (2) 450 units at $8, and (3) 250 units at $9. (a) Calculate the average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Average unit cost $ (b) eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Compute the cost of the ending inventory under the average-cost method, assuming there are 400 units on hand. (Round answer to O decimal places, e.g. 1,250.) The cost of the ending inventory Laura's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Laura's purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Laura's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Cost of goods sold Units 30 eTextbook and Media 45 Save for Later 20 50 The ending inventory at September 30 145 Unit Cost $97 103 105 106 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. $ Total Cost $ 2,910 4,635 $ 2,100 5,300 $14.945 FIFO $ $ For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. LIFO Attempts: 0 of 5 used Submit Answer
Expert Answer:
Answer rating: 100% (QA)
1 Calculate Swifty Companys December 31 inventory Physical count of inventory on hand 150000 Add Goo... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer...
-
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer...
-
Stallman Company took a physical inventory on December 31 and determined that goods costing $272,000 were on hand. Not included in the physical count were $20,400 of goods purchased from Pelzer...
-
A rectangular parking lot with a perimeter of 440 feet is to have an area of at least 8000 square feet. Within what bounds must the length of the rectangle lie?
-
An EM wave has a wavelength of 650 nm. What is its frequency, and how would we classify it?
-
A method for determining the thermal conductivity k and the specific heat c p of a material is illustrated in the sketch. Initially the two identical samples of diameter D = 60 mm and thickness L =...
-
Do stakeholders influence environmental accounting systems? Do environmental accounting systems influence stakeholders? Provide an example to illustrate your argument.
-
Merline, a one-product mail-order firm, buys its product for $ 75 per unit and sells it for $ 150 per unit. The sales staff receives a 10% commission on the sale of each unit. Its December income...
-
You purchase $100,000 of par value of a TIPS with a real rate of 4.5%. Over the first 6 months after issuance the annualized inflation rate is 8.2% and over the following six months it is 8.5%. What...
-
Use Nodal Analysis to find Vx, in the circuit. 202 4A -2 A Va VB 50 N 40 2 100 2 25 2 10 A
-
Given f(x, y) = 7x - 3xy + 2y, f= < Then Vf(4,2) =
-
Did Christopher Columbus discover America? Explain. Is America truly a "land of opportunity in the 18th century? Explain. How did geography affect the development of colonial America? Would you have...
-
One serving of Monster energy drink contains 86 mg of caffeine (C3H10N402). How many moles of caffeine is in one serving?
-
When did slavery begin in colonial America, and why did it start there? What was slavery like in the 1600s, and how it different in the 1700s? What did people in Colonial America think of race in the...
-
there are many reason how democratic was colonial america ? How did geography affect the development of colonial America?
-
The distance between the earth and the moon is about 2.40 x10 5 miles (exactly). If a supersonic jet canfly at an average speed of 2.7 x 10 3 km/hr,how many hours would it take to fly the same...
-
What is the relationship between policies to strategies?
-
-4 1 9. Let A = Find A-1, (A") and verify that (A")= (A-1)".
-
Deering Wholesale Supply owns stock in Orr Corporation. Deering intends to hold the stock indefinitely because of some negative tax consequences if sold. Should the investment in Orr be classified as...
-
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarters production. 1. Materials purchased on account $192,000, and factory wages...
-
At Bargain Electronics, it costs $30 per unit ($20 variable and $10 fixed) to make an MP3 player that normally sells for $45. A foreign wholesaler offers to buy 3,000 units at $25 each. Bargain...
-
The inverting op-amp circuit in Figure 9.9 has parameters \(R_{1}=20 \mathrm{k} \Omega\), \(R_{2}=200 \mathrm{k} \Omega\), and \(A_{o d}=5 \times 10^{4}\). The output voltage is \(v_{O}=-4.80...
-
The circuit in Figure P9.28 is similar to the inverting amplifier except the resistor \(R_{3}\) has been added. (a) Derive the expression for \(v_{O}\) in terms of \(v_{I}\) and the resistors. (b)...
-
(a) Consider the op-amp circuit in Figure P9.27. The open-loop gain of the op-amp is \(A_{o d}=2.5 \times 10^{3}\). (i) Determine \(v_{O}\) when \(v_{I}=-0.80 \mathrm{~V}\). (ii) What is the percent...
Study smarter with the SolutionInn App