Tamarisk Company's record of transactions concerning part X for the month of April was as...
Question:
Tamarisk Company?s record of transactions concerning part X for the month of April was as follows.
| Purchases | Sales | |||
|---|---|---|---|---|
| April 1 | (balance on hand) | 360 @ $6.70 | April 5 | 560 |
| 4 | 660 @ 6.83 | 12 | 460 | |
| 11 | 560 @ 7.10 | 27 | 1,320 | |
| 18 | 460 @ 7.17 | 28 | 150 | |
| 26 | 860 @ 7.50 | |||
| 30 | 460 @ 7.77 |
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost?
| (1) FIFO | (2) LIFO | (3) Average-cost | |
|---|---|---|---|
| Ending Inventory | $_____ | $_____ | $_____ |
Ending inventories:
Ending inventories are calculated with the help of three different methods i.e. FIFO, LIFO and the Average method. It is calculated to calculate the cost of goods sold and the gross profit of the company.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answer| Calculation of the Ending Inventory: | |||||
|---|---|---|---|---|---|
| FIFO | |||||
| Date | particular | Units | Rate | Total | Balance |
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
from
Chapter 6 / Lesson 11
35K
Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
Related to this Question
- Grouper Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 200 @ $5.10 April 5 400 4 500 @ 5.20 12 300 11 400 @ 5.41
- Stellar Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 280 @ $5.90 April 5 480 4 580 @ 6.02 12 380 11 480 @ 6
- Headland Company's record of transactions for the month of April was as follows: Purchases Sales April 1 (balance on hand) 720@ $5.00 April 3 600@ $11.00 4 1,800@ 5.09 9 1,680@ 11.00 8 960@ 5.41 11
- Larkspur Company's record of transactions concerning part X for the month of April was as follows: Purchases Sales April 1 (balance on hand) 340 @ $6.50 April 5 540 April 4 640 @ 6.63 April 12 440 Apr
- Blue Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 360@$6.70 April 5 560 4 660@6.83 12 460 11 560@7.10 27 1,320
- Pharaoh Company's record of transactions concerning part X for the month of April was as follows: Purchases Sales April 1 (balance on hand) 420 @ $7.30 April 5 620 4 720 @ 7.45 12 520 11 620 @ 7.74
- Exercise 8-11 (Part Level Submission) Marigold Company?s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 654 @ $6.00 April 3 545 @ $9.00 4 1
- Marin Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 210 @$ 5.20 April 5 410 4 510 @ 5.30 12 310 11 410 @ 5.5
- Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30
- Metlock Company's record of transactions concerning part X for the month of April was as follows. Purchases ; Sales ; April 1(balance on hand) 210 @ $5.20 ; April 5 ; 410 ; 4 ; 510 @ 5.30 ; 12 ; 310 ;
- Bonita Company's record of transactions concerning part X for the month of April was as follows: Purchases Sales April 1 (balance on hand) 200 @ $5.10 April 5 400 4 500 @ 5.20 12 300 11 400 @ 5.41 27 1,000 18 300 @ 5.46 28 150 26 700 @ 5.71 30 300 @
- Monty Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 666 @ $6.00 April 3 555 @ $11.00 4 1,665 @ 6.08 9 1,554 @ 11.00 8 888 @ 6.
- Taos Company's record of transactions concerning part X for the month of April was as follows: Purchases Sales April 1 (balance on hand) 100 @$5.00 April 5 300 4 400 @5.10 12 200 11 300 @5.30 27 800 18 200 @5.35 28 100 26 500 @5.60 30 200 @ 5.80 Compute t
- Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1(balance on hand) 520 @ $5.50 April 5 720 4 820 @ 5.60 12 620 11 720 @ 5.80 27 1,640 18 620 @ 5.90 28 150 26 1,020 @ 6.10 30 620 @ 6.40 I
- Ayayai Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 642 @ $6.00 April 3 535 @ $10.00 4 1,605 @ 6.08 9 1,498 @ 10.00 8 856 @ 6.41 11 642 @ 11.00 13 1,284 @ 6.61 23 1,284 @ 11.00 21 749
- Bonita Company's record of transactions concerning part X for the month of April was as follows : Purchases : Date ; Quantity ; Price ; April 1 balance on hand - 300 @ 6.10 ; April 4 - 600 @ 6.22 ;
- On April 30, Hilte Corporation performed a month-end inventory and counted office supplies valued at $1,425. On April 1, the balance in the Supplies account was $750. Assuming that $2,900 of purchases
- John Adams Company's record of transactions for the month of April was as follows: Purchases Sales April 1 (balance on hand) 600@$6.00 April 3 500@$10.00 4 1,500@6.08 9 1,400 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 21 700 @ 6
- John Adams Company's record of transactions for the month of April was as follows. Purchases Sales: April 1 (balance on hand) 732 @ $ 6.00 April 3 610 @ $8.68 41,830 @ 6.11 91,708 @ 8.68 8976 @ 6.211
- A company begins operations in April, uses the perpetual method, and records merchandise purchases at net. The company makes two purchases on account. Terms are 1/15, n/45. On April 4, the company purchases merchandise for $3,000, which it pays for on Apr
- The following information is available for the month of April. The company uses the perpetual inventory method. April 1 Inventory balance 120 units @$8.04 each April 10 Purchase 200 units @ $8.20 each April 20 Purchase 410 units @ $8.40 each April 22 Sale
- The following purchases and sales for Ripple Company are for April 2019. There was no inventory on April 1. Purchases Sales Unit Unit Cost Units April 3 6,000 @ $33.00 April 6 1,500 April 10 1,600 @ 34.00 April 12 1,400 April 22 2,000 @ 35.00 April
- A company's inventory records indicate the following data for the month of April: April 1 beginning 350 units at $18 each April 5 purchase 290 units at $20 each April 9 sale 500 units at $55 each Apr
- Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on accou
- The records of Ivanhoe's Boutique report the following data for the month of April. Sales revenue $95,000 Purchases (at cost) $45,000 Sales returns 1,900 Purchases (at sales price) 87,900 Mark-ups 9,
- Alton Company had the following activity in its inventory account during April 20X9. Date Activity Units Unit Cost Total April 1 Beginning inventory 100 $3 $300 April 3 Purchase 40 3.10 124 April 7 Sale 50 April 12 Purchase 50 3.20 160 April 16 Sale 70 Ap
- The following data were extracted from the accounting records of Meniscus Company for the year ended April 30, 2006: Merchandise inventory, May 1, 2005 $121,200 Merchandise inventory, April 30, 2006 142,000 Purchases 985,000 Purchases returns and allowan
- Hull Company's record of transactions concerning part X for the month of April was as follows. Compute the inventory at April 30 on each of the following bases. (1) First-in, first-out (FIFO). (2) La
- Abc corp had the following budgeted data for april 2013, cash balance beginning 30,000, sales revenue April 150,000, sales revenue march 100,000, DM purchases april 80,000, DM purchases, March 60,000.
- At the beginning of the current season on April 1, the records of Ayayal Pro Shop showed Cash $2,600 Inventory $3,500, and Common Stock 56,100. The following transactions occurred during April 2017 A
- Two Wheeler, a bike shop, opened for business on April 1. It uses a periodic inventory system. The following transactions occurred during the first month of business: April 1 Purchased five units from Duhan Co. for $500 total, with terms 3/10, n/30, FOB d
- Krey Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Krey showed Cash of $10,000 and Common Stock of $10,000. Apr. 2 Pu
- The records of Swifty's Boutique report the following data for the month of April. Sales revenue $108,600 Purchases (at cost) $49,700 Sales returns 1,900 Purchases (at sales price) 92,100 Markups 9
- The records of Headland's Boutique report the following data for the month of April. Sales revenue $100,000 Purchases (at cost) $44,600 Sales returns 2,000 Purchases (at sales price) 87,600 Markups 10
- At the beginning of the current season on April 1, the ledger of Kokott Pro Shop showed Cash $4,100; Inventory $4,800; and Common Stock $8,900. These transactions occurred during April 2017. Apr. 5Pur
- Fosbre Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $156,000, and purchases for January through April totaled $468,200. Sales revenue for the same period were $718,8
- Fosbre Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $150,000, and purchases for January through April totaled $500,000. Sales revenue for the same period was $700,00
- Fosbre Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $172,600, and purchases for January through April totaled $475,000. Sales revenue for the same period were $714,1
- Fosbre Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $200,800, and purchases for January through April totaled $458,700. Sales revenue for the same period were $721,0
- Alton Company had the following activity in its inventory account during April 20X9. Date Activity Units Unit Cost Total April 1 Beginning inventory 100 $3 $300 April 3 Purchase 40 $3.10 $124 April 7 Sale 50 April 12 Purchase 50 $3.20 $160 April 16 Sale 7
- On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,730 Work-in-Process Inventory $ 21,340 Finished Goods Inventory $ 8,700 Work-in-process inv
- The records of Stellar's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellatio
- Hull Company's record of transactions concerning part X for the month of April was as follows. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records
- Curtain Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Curtain showed Cash of $9,000 and Common Stock of $9,000. Apr. 2 Purchased merchandise on account from Luebke Supply C
- Avril Company makes collections on sales according to the following schedule: 35% in the month of sale, 61% in the month following sale, 4% in the second month following sale. The following sales are expected: (Table). Cash collections in March should be
- Avril Company makes collections on sales according to the following schedule: 40% in the month of sale, 56% in the month following sale, 4% in the second month following sale. The following sales have been expected: (Table). Budgeted cash collections in M
- Skysong Company uses a periodic inventory system. For April, when the company sold 560 units, Units Unit Cost Total Cost April 1 inventory 240 $27 6,480 April 15 purchase 370 32 11,840 April 23 purch
- A firm has forecasted sales $3,000, in April $4,500 in May and $6,500 in June. All sales are on credit 30% is collected the month of sale and the reminder the following month. What will be balance in account receivable at the beginning of the July? a. $1
- Avril Company makes collections on sales according to the following schedule: 50% in the month of sale, 45% in the month following sale, 5% in the second month following sale. The following sales have been expected: (Table). Budgeted cash collections in M
- At the beginning of the current season on April 1, the ledger of Kokott Pro Shop showed Cash $3,000; Inventory $5,000; and Common Stock $8,000. These transactions occurred during April 2017 Apr. 5 Pur
- On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1,800 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10. Required: Record the transactions on April 1
- Skysong Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 310 $34 $10,540 April 15 purchase 420 41 17,220 April 23 purchase 270 44 11,
- Miters Company purchases $15,000 of raw materials on account, and it occurs $23,900 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April.
- A firm has forecasted sales of $3,000 in April, $4,500 in May, and $12,000 in June. All sales are on credit. 30% is collected at the month of sale and the remainder the following month. What will be the balance in accounts receivable at the end of June?
- Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $15,300 of merchandise on credit from North Company,
- Fosbre Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $175,650, and purchases for January through April totaled $585,500. Sales for the same period were $706,700. Fosb
- A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400 @ $5.20 May 3 200 @ $7.00 4 1,300 @ $5.10 6 1,000 @ $7.00 8 800 @ $5.30 12 900 @ $7.50 14 700 @ $5.40
- The records of Flounder's Boutique report the following data for the month of April. Sales revenue $103,300 ; Purchases (at cost) $52,100 ; Sales returns 2,200 ; Purchases (at sales price) 95,
- The following data have been taken from the budget reports of company, a merchandising company. January Purchases $160,000 Sales $100,000 February Purchases $160,000 Sales $200,000 March Purchases $160,000 Sales $240,000 April Purchases $140,000 Sales $30
- A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 4 1,300 @ $4.10 8 800 @ $4.30 14 700 @ $4.40 22 1,200 @ $4.50 29 500 @ $4.55 Sales May 3 200
- A company budgets the following merchandising purchases: April: $70,000; May $ $90,000; June: $60,000. All purchases are on account and the company pays 25% of purchases in the month of the purchase,
- 1.On 5 April purchased inventory from R. Ward & Co. for $9,900, terms 2/7, n/30. 2.On 6 April paid freight costs to Freight Masters of $440 on inventories purchased from R. Ward & Co. 3. On 7 April pu
- Larkspur Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 $30 $8,100 April 15 purchase 440 36 15,840 April 23 purchase 290 39 11
- Ciolino Co.'s March 31 inventory of raw materials is $140,000. Raw materials purchases in April are $460,000, and factory payroll cost in April is $210,000. Overhead costs incurred in April are: indir
- Ciolino Co.'s March 31 Inventory of raw materials is $130,000. Raw materials purchases in April are $450,000, and factory payroll cost in April is $237,000. Overhead costs incurred in April are: indir
- Avril Company makes collections on sales according to the following schedule: 45% in the month of sale 53% in the month following sale 2% in the second month following sale The following sales have be
- Avril Company makes collections on sales according to the following schedule: 30% in the month of sale 64% in the month following sale 6% in the second month following sale The following sales hav
- Avril Company makes collections on sales according to the following schedule: 45% in the month of sale, 50% in the month following sale, 5% in the second month following sale. The following sales have been are expected: January = $140,000 February = $1
- Avril Company makes collections on sales according to the following schedule: : 30% in the month of sale 64% in the month following sale 6% in the second month following sale The following sales are expected: January : $100,000 February : $110
- Avril Company makes collections on sales according to the following schedule: 20% in the month of sale 70% in the month following sale 7% in the second month following sale The following sales are exp
- Avril Company makes collections on sales according to the following schedule. 30% in the month of sale 60% in the month following sale 8% in the second month following sale All sales are deemed to be collectible The following sales are expected. | | Exp
- Avril Company makes collections on sales according to the following schedule 1. 30% in the month of sale. 2. 64% in the month following sale. 3. 6% in the second month following sale. The following sales are expected: Expected sales January $130,000 Febru
- Avril Company makes collections on sales according to the following schedule: 1. 35% in the month of sale 2. 61% in the month following the sale 3. 4% in the second month following the sale The following sales are expected: Expected Sales January $200,
- Marcelino Co's March 31 inventory of raw materials is $60,000. - Raw materials purchases in April are $500,000 and factory payroll cost in April is $363,000. - Overhead costs incurred in April are i
- At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash of $3,100; Inventory at $4,100; and Common Stock at $7,200. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls
- Capstone Publishers Inc. collects 35% of its sales on account in the month of the sale and 65% in the month following the sale. If sales on account are budgeted to be $204,000 for April and $161,000 for May, what are the budgeted cash receipts from sales
- Marceino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $370,000. Overhead costs incurred in April are: indir
- Jero Productions Inc. collects 65% of its sales on account in the month of the sale and 35% in the month following the sale. If sales on account are budgeted to be $442,000 for April and $513,000 for May, what are the budgeted cash receipts from sales on
- The following purchases and sales for Ripple Company are for April 2010. There was no inventory on April 1. Purchases Units Sales Unit Cost Units 3-Apr 3,200 @ $33.00 6-Apr 1,500 10-Apr 1,600 @ 34.00 12-Apr 1,400 22-Apr 2,000 @ 35.00 25-Apr 2,300 28-Apr 1
- Fenway Company has budgeted the following amounts for sales in 2005: April: $98,000 May: 67,000 June: 108,000 July: 82,000 An analysis of past patterns of receipts shows that 60% of the sales dollars are received in the month of the sale and 40% are
- Sylvia's Designs Co. had the following inventory activity during April: Units Unit cost Beginning inventory 100 $10 Purchase (April 3) 20 12 Sale (April 10) 80 Purchase (April 18) 40 14 Purchase (April 23) 60 15 Sale (April 28) 90 Assuming Sylvia's used a
- On April 10, 2014, fire damaged the office and warehouse of Corvet Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2014: Inventory (January 1, 2014), $80,000; Sales Revenue (Janua
- April Wood Products' accounts receivable increased during the year by $18.0 million. What is the amount of cash April Wood Products received from customers during the reporting period if its sales we
- A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400@ $5.20 May 3 200@ $7.00 4 1,300 @ $5.10 6 1,000 @ 7.00 8 800 @ $5.30 12 900 @ 7.50 14 700 @ $5.40 18 400 @ 7.50 22 1,200 @ $5.50 25 1,400 @ 8.00 29 5OO@ $
- At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $3,070; Inventory 4,070; and Common Stock $7,140. The following transactions occurred during April 2
- Avril company makes collection on sales according to the following schedule: 40% in the month of sale 56% in the month following the sale 4% in the second month following the sale The following sales have been are expected: Expected sales January $150,00
- Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $367,000. Overhead costs incurred in April are: ind
- Marcellono Co's March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indi
- Marcelino Co's March 31 Inventory of raw materials is $85,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $361,000. Overhead costs incurred in April are: indir
- Fosbre Corporation s April 30 inventory was destroyed by fire. January 1 inventory was $196,200, and purchases for January through April totaled $488,200. Sales revenue for the same period were $705,100. Fosbre s normal gross profit percentage is 25% on s
- LoBianco Company's record of transactions for the month of April was as follows. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average cost.
- The following three identical units of Item A are purchased during April: Assume that one unit is sold on April 30 for $118. Determine the gross profit for April and ending inventory on April 30 using
- Beginning Inventory, purchases, and sales data for widgets are as follows: April 3 Inventory 15 units @ $30 April 11 Purchase 12 units @ $27 April 14 Sale 18 units April 21 Purchase 7 units @ $25
- At the beginning of April, the ledger of Rose showed Cash of $9,000 and Common Stock of $9,000. Rose Company completed these transactions in April. Apr. 2 Purchased merchandise on account from Kwon Supply Co. $6,900, terms 1/10, n/30. 4 Sold merchandise o
- Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $5
- In April, a manufacturing company had the following results: Beginning finished goods inventory: $16,000 Ending finished goods inventory: $24,000 Sales: $950,000 Gross margin: $450,000 What was the cost of goods manufactured for April? A) $500,000
- Whitefish Company budgets its cash two months at a time. Budgeted cash disbursements for March and April, respectively, are: for inventory purchases, $90,000 and $82,000; for selling and administrative expenses (includes $5,000 depreciation each month), $
- BuyHere Company had the following inventory transactions in June. Purchases Sales June 1 (balance) 1,600 @ $3.20 June 2 1,200 @ 5.50 3 4,400 @ 3.10 6 3,.2000 @ 5.50 7 2,400 @ 3.30 They use a perp
- Avril Company makes collections on sales according to the following schedule: 45% in the month of sale 51% in the month following sale 4% in the second month following sale The following sales ar
- The records of Crane's Boutique report the following data for the month of April. Sales revenue $108,600 Purchases (at cost) $49,700 Sales returns 1,900 Purchases (at sales price) 92,100 Markups 9,200 Purchase returns (at cost) 1,900 Markup cancellations
Explore our homework questions and answers library
Browse
by subject