(30 pts, 6 each) X Systems, Ine. uses a perpetual inventory system. The company's beginning inventory...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(30 pts, 6 each) X Systems, Ine. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of Jamuary were follows Quantity Unit cost Total Cost Beginning inventory (Jan. 1) 10 $27.50 $275 Purchase (Jan. 15) 15 $28.00 $420 Purchase (Jan. 23) $29.00 $145 Total 30 $840 On January 28, X Systems sells 18 units of this product. The other 12 units remain in inventory at January 31. Compute the following: a. Assuming that X Systems uses the average cost flow assumption, the cost of goods sold to be recorded at January 28 is: b. Assuming that X Systems uses the LIFO flow assumption, the cost of goods sold on January 28 is: c. Assuming that X Systems uses the FIFO flow assumption, the cost of goods sold on January 28 is: d. Assuming that X Systems uses the LIFO flow assumption, the 12 units of this product in inventory at January 31 have a total cost of: e. Assuming that X Systems uses the FIFO flow assumption, the 12 units of this product in inventory at January 31 have a total cost of: (30 pts, 6 each) X Systems, Ine. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of Jamuary were follows Quantity Unit cost Total Cost Beginning inventory (Jan. 1) 10 $27.50 $275 Purchase (Jan. 15) 15 $28.00 $420 Purchase (Jan. 23) $29.00 $145 Total 30 $840 On January 28, X Systems sells 18 units of this product. The other 12 units remain in inventory at January 31. Compute the following: a. Assuming that X Systems uses the average cost flow assumption, the cost of goods sold to be recorded at January 28 is: b. Assuming that X Systems uses the LIFO flow assumption, the cost of goods sold on January 28 is: c. Assuming that X Systems uses the FIFO flow assumption, the cost of goods sold on January 28 is: d. Assuming that X Systems uses the LIFO flow assumption, the 12 units of this product in inventory at January 31 have a total cost of: e. Assuming that X Systems uses the FIFO flow assumption, the 12 units of this product in inventory at January 31 have a total cost of:
Expert Answer:
Answer rating: 100% (QA)
A assuming FIFO is used 10 275 8 28 499 when FIFO is used the units lying as on jan 1st are ... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
Orn December 31, 2014, the Landon Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Landon used the allowance method of accounting for uncollectible accounts. On...
-
During July, Laesch Company, which uses a perpetual inventory system, sold 1,240 units from its LIFO-based inventory, which had originally cost $18 per unit. The replacement cost is expected to be...
-
The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction_______________________________________________ May 1 Made cash...
-
a. How could aspirin be synthesized, starting with benzene? b. Ibuprofen is the active ingredient in pain relievers such as Advil®, Motrin®, and Nuprin®. How could ibuprofen be...
-
Journalize the following transactions for the Round Company and show all calculations: 201X Jan. 1 Sold a truck for $1,300 that cost $6,700 and had accumulated depreciation of $6,000. Feb. 10 A...
-
Asset Revaluation, Downwards, IFRS. Lousa Company revalues its equipment with a carrying value of 1,100,000 to its fair value of 950,000. The original cost of the equipment is 1,500,000 and...
-
The Family Support Center is a small charitable organization. It has only four full-time employees: two staff, an accountant, and an office manager. The majority of its funding comes from two...
-
KJ Company manufactures furniture and carriages for infants. The accounting staff is currently preparing next years budget. Kyle Lansing is new to the firm and is interested in learning how this...
-
HealthStore Inc. provides a broad and diverse range of services for the health care industry. It also manufactures a variety of hospital equipment. It wants to experience rapid growth and intends to...
-
(Round your calculations to 4 decimal places.) (Note: If you invest equal dollar amounts in the 4,400 stocks traded publicly in the US, the X i of any stock is 1/4400 or 0.000227.) You are curious...
-
Max is reading the baking instructions on a box of cake mix. Which is a compensatory eye movement in this situation? Max's eyes jump from word to word on the box. Max's eyes move back and forth...
-
Which one of the following plots is an accurate representation of the number of G's of force vs. time for a single parabolic maneuver? A # of Gs # of Gs a. time (s) C time (s) 60 60 # of Gs # of Gs 0...
-
Describe the significance of objectivity and positivity in a report. How do they relate to one another?
-
What challenges are associated with designing and implementing distributed operating systems? Discuss issues related to communication, consistency, fault tolerance, and synchronization in distributed...
-
Respond to the following and give som references: Why is it important in change and configuration management of a cloud system to establish a baseline and to track any deviations and exceptions to...
-
What are the key differences between virtualization and containerization in modern operating systems? How do these technologies affect system resource allocation, isolation, and security ?
-
The Fibonacci Sequence 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1597, ... Is Defined Recursively As Follows: Start With F_0 = 0 And F_1 = 1. Then, Each Number Is The Sum Of Its...
-
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
-
Palmer Corporation acquired 70 percent of Krown Corporations ownership on January 1, 20X8, for $140,000. At that date, Krown reported capital stock outstanding of $120,000 and retained earnings of...
-
Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20X7, for $173,000. At that date, the fair value of the noncontrolling interest was $43,250. The trial balances for...
-
Select the correct answer for each of the following questions. 1. Peel Company received a cash dividend from a common stock investment. Should Peel report an increase in the investment account if it...
-
Recognized limitations of financial statement analysis include each of the following except: a. companies in the same industry using different accounting methods. b. inflation. c. different levels of...
-
How do horizontal analysis and vertical analysis of financial statements differ?
-
What is a business segment? Why are gains and losses from a discontinued segment reported in a separate section of the income statement?
Study smarter with the SolutionInn App