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3 years ago

Inventory information for Part 311 of Whispering Corp. discloses the following information for the month of June.

Business

1 answer:

bearhunter [10]3 years ago

8 0

Answer:

FIFO: ending inventory: $9,528 COGS: $ 14,452

LIFO: ending inventory: $ 8,422 COGS: $ 15,558 (periodic)

LIFO: ending inventory $ 9,035 COGS ·$ 14,945 (perpetual)

Explanation:

June 1 Balance 304 units @ $13 3, 952

June 11 Purchased 804 units @ $15 12,060

June 20 Purchased 498 units @ $16 7, 968

Tota units 1,606 Cost available: 23,980

June 10 Sold 205 units @ $30

June 15 Sold 504 units @ $32

June 27 Sold 295 units @ $34

Total units: 1,004 units

Ending Inventory units: 1,606 - 1,004 = 602

FIFO:

first units are sold while last are ending inventory.

As we always pick from chronological order is the same under perpetual or periodic method.

Ending Inventory: 602 units

June 20 Purchased 498 units @ $16 7, 968 (602 - 498 = 104)

June 11 Purchased 104 units @ $15 1, 560

Total: 9,528

COGS: Difference between cost available and ending inventory:

23,980 - 9,528 = 14,452

LIFO:

first units are part of ending inventory. As the units aren't picked in chronological order the values cahnges under perpetual and periodic method.

periodic ending inventory:

June 1 Balance 304 units @ $13 3, 952 (602 - 304 = 298)

June 11 Purchased 298 units @ $15 4,470

Total 8,422

COGS: 23,980 - 8,422 = 15,558

perpetual method:

Inventory after 1st sale: 304 - 205 = 99 units at 13

Inventory after 2nd sale.

99 untis at 13

804-504 = 300 units at 15

Inventory after 3rd sale.

99 untis at 13 1,287

300 units at 15 4,500

498 - 295 = 203 units at 16 3,248

ending inventory: 9,035

COGS: 23,980 - 9,035 = 14,945

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Solution :

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Arrears 25200 25200

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2-1.3 Which of the following statements about data storage is (are) true? A chart of accounts is a list of the numbers assigned

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Answer:

A chart of accounts is a list of the numbers assigned to each general ledger account.
A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts.

Explanation:

A chart of accounts contains a list of all the numbers assigned to balance sheet and income statement accounts. The account numbers allow transaction data to be coded, classified, and entered into the proper accounts.

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Read 2 more answers

The Talbot Company uses electrical assemblies to produce an array of small appliances. One of its high cost / high volume assemb

Pani-rosa [81]

Answer:

160

Explanation:

Reorder point is the inventory level at which new order are placed to prevent a down time due to stock out and and holding cost are also at the minimal level .

Workings

Annual demand = 8000

Ordering cost = $50

Holding cost = $20

Operating days = 250

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Re order point = Average daily usage * Average lead time

Average daily usage = 8000/250 = 32

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