Calculate ending inventory and cost of goods sold using specific identification

Calculate ending inventory and cost of goods sold using specific identification. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 0. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places. )Using LIFO, calculate ending inventory and cost of goods sold at August 31. (Do not round your intermediate calculations. Calculations of Costs of Goods Sold, Ending Inventory, and Gross Margin, Specific Identification The specific identification costing assumption tracks inventory items individually so that, when they are sold, the exact cost of the item is used to offset the revenue from the sale. ) 3. Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 500 remote-control airplanes for $120 each. 15: 227 units from beginning inventory 198 units from the February 10 purchase Sept. Question: Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (L06- 3) During the year, Wright Company sells 340 remote-control airplanes for $120 each. ) Number (b) (a) Specific identification $ 1,855 $ 1,260 of units 12 8 (c) FIFO 1,835 1. Round all final answers to the nearest whole dollar. Problem 6-1B (Algo) Part 1 Required: 1. 1d. Calculate ending inventory and cost of goods sold at March 31, 2012, using the specific identification method. Using the specific identification method: Date Units purchased Cost per unit Ending inventory June 1 14 Echo Show’s 360 $ 263 6 Echo Show’s from June July 1 47 Echo Show’s 360 238 15 Echo Show’s from July August 1 50 Echo Show’s 360 228 12 Echo Show’s from August Calculate the cost of ending inventory. Explain how to find the ending inventory and the cost of goods sold (COGS) using the last-in, first-out (LIFO) inventory method. Laker Company reported the following January purchases and sales data for its only product. Nov 11, 2020 · Final answer: The ending inventory is $1,200 and the cost of goods sold is $2,400 using the specific identification method. Using FIFO, calculate ending inventory and cost of goods sold at March 31 . ) 5) Calculate sales revenue and gross profit under each of the four methods. Using the specific identification method, calculate (a) the cost of ending inventory and (b) the cost of goods sold given the following: LU 18-1 (2) Date Units purchased Cost per unit Ending inventory June 1 15 Echo Show's 360 $275 2 Echo Show's from June July 1 45 Echo Show's 360 250 15 Echo Show's from July Using LIFO, calculate ending inventory and cost of goods sold at June 3 0 . Question: . This chapter explains the concepts and formulas of the periodic method, and provides examples and exercises to help you master this important accounting skill. Ending Inventory = $65,000 - $45,000. always increase income. (Round eighted-average cost amounts to 2 decimal places) 6. ) Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Question: Required: 1. This method is typically used for high-value or unique items where it is practical to Identify each sale transaction and the specific units sold, along with their purchase dates and costs, from the given inventory records. Assume that ending inventory is consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 105 units from the October 26 purchase. Using FIFO, calculate ending inventory and cost of goods sold at October 31. The USD 509 cost of goods sold is an expense on the income statement, and the USD 181 ending inventory is a current asset on the balance sheet. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31 . Note that you can also determine the cost of goods sold for the year by recording the cost of each unit sold. Apr 18, 2023 · WRITTEN BY: Eric Gerard Ruiz, CPA. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and Question: 2. Keep track of the number of units in the beginning inventory, their cost per unit, and the total cost. Describe factors considered when selecting and inventory method and the effects of such a selection on the financial statements. Specific identification inventory valuation is often used for larger items such as Requirement 1. 18-1. ) 6) If Pete’s chooses to report inventory using Other Math questions and answers. Jun 30, 2021 · Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2021. оқ B 1 Better Bottles, Inc. 6. Clearly the method used to determine which units are sold and which remain in closing inventory determines the value of the cost of goods sold and the closing inventory. The company has the following inventory purchase transactions for the year Number of Units Date Jan. Given: Date Units Purchased Cost per Unit June 1: 16 Echo Show's 360 : $282 July 1: 42 Echo Show's 360 : $257 August 1: 61 Echo Show's 360 : $247 Ending Inventory Date June 1: 2 Echo Show's from June July 1: 18 Echo Show's from June August 1: 15 Echo Show's from June 1 day ago · Using FIFO, calculate ending inventory and cost of goods sold at June 30. It means that you have sold the equivalent of your average inventory twice during the accounting period. There are advantages to using each of the four inventory costing methods. Show transcribed image text. View the full answer. Blank 1: rising. Date January 1 May 5 November 3 Date Transaction Beginning inventory The company has the following inventory purchase transactions for the year. Calculate the ending inventory. - Cost of goods available for sale must be allocated between cost of goods sold and ending inventory. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale 18–1. Question: Using the specific identification method: a. ) Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31 . Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. As profit depends on the cost of goods sold, the method Weighted Average Units sold at Retail 165 units@ $23. Question: a. ) Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. The ending Inventory The cost of goods sold Specific Identification = $ 3,830 $ 8,450 FIFO = $ 3,800 $ 8,480 LIFO = $ 4,200 $ 8,080 …. Problem 6-1B (Algo) Part 1 Required: 4. Round your answers to the nearest dollar amount. 00 Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale 1. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. See Answer. 9 units NOT sold. (5 * 330) = 1,650 June 29th: 9 units. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The October 4 sale consistsof purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from theOctober 10 purchase, and the See Answer. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale Question: 2. (Round weighted-average unit cost amounts to 4 decimal places. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one When purchase costs are (rising/declining) __________, FIFO will report the lowest cost of goods sold yielding the highest gross profit and net income. For specific identification, ending irventory consists of 180 units from the lanuary 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. The cost of ending inventory can change based on the cost flow assumption the company chooses to use. Cornerstones of Financial Accounting. The cost of goods sold (COGS) and cost of ending inventory are determined by the actual cost assigned to each physical unit of inventory. 1. Your solution’s ready to go! Our expert help has broken down your problem into an easy-to-learn solution you can count on. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the . Assume that ending inventory is consists of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Step 1. Assume that Maycces uses a perpetual Dec 31, 2020 · Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows: 15 points Mar. Press ‘calculate’ That’s all. b. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses Accounting questions and answers. a. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale Nov 18, 2020 · The cost of goods sold, inventory, and gross margin shown in Figure 10. The company has the following inventory purchase Which statement (s) below correctly describe (s) the relationship of cost of goods sold and ending inventory? - Cost of goods sold plus ending inventory will equal the total goods available for sale. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. The company has the following inventory purchase transactions for the year. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 13 were determined from the previously-stated data, particular to specific identification costing. Calculate ending inventory and cost of goods sold at June 30 , using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one Using the specific identification method: Date Units purchased Cost per unit Ending inventory June 1 16 Echo Show’s 360 $ 268 5 Echo Show’s from June. 3 Transaction Required: 1. Click OK to begin. Actual sales by the company include its entire beginning inventory, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 burchase. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from he October 10 purchase, and Calculations of Costs of Goods Sold, Ending Inventory, and Gross Margin, Specific Identification The specific identification costing assumption tracks inventory items individually, so that when they are sold, the exact cost of the item is used to offset the revenue from the sale. Ending Inventory = $20,000. Brianna's Boutique uses a periodic inventory system. There’s just one step to solve Transcribed image text: Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 375 remote-control airplanes for $110 each. Using LIFO,calculate ending inventory and cost of goods sold at August 31. Apply the lower-of-cost-or-market rule. Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 400 remote-control airplanes for $100 each. Here’s how to approach this question. August 1 55 Echo Show’s 360 233 15 Echo Show’s from August. Eddy's Fishing Hole uses a periodic inventory system. The Company uses a perpetual inventory system. Calculate ending inventory and cost of goods sold under the periodic inventory system using FIFO, LIFO, Weighted Average and Specific Identification methods. Complete this questions by entering your answers in the below tabs. 9. 10: 222 units from beginning inventory 39 units from the February 10 purchase 69 units from the August 21 Accounting. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Specific Identification Method: The specific identification method involves individually identifying and tracking the cost of each item in inventory. Date Transaction Number of Units Unit Cost Total Cost Jan. Compute cost of goods sold and ending inventory, using each of the following four inventory methods Begin by entering the number of units sold and number of units in ending inventory Then calculate cost of goods sold and ending inventory using (a) specific Identification, then (b) average cost, then (c) FIFO, and finally (d) LIFO (Round the average cost per unit to the nearest See Answer. Inventory costing methods 1. using the specific identification method. Required: 1. The specific identification costing method attaches cost to an identifiable unit of inventory. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Using FIFO, calculate ending inventory and cost of goods sold at June 30 . Required:Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. Explain how to find the ending inventory and the cost of goods sold (COGS) using the specific identification inventory method. Question: Required 1. Calculate sales revenue and gross profit under each of the four methods. (Round your intermediate and final answers to 2 decimal places. Ending inventory $: b. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Accounting questions and answers. Question: Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The cost of ending inventory is the value of what is leftover in stock and available for sale at the end of a period. (Round the average cost per unit to the nearest cent. Requirement 1. 1c. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31 . LO2 – Explain the impact on financial statements of inventory cost flows and errors. Problem 6-1A (Algo) Part 1 Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows: (22 marks) Apr. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Answer to Question 1: Specific Identification Method: Computation of COGS and ending inventory - Specific Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. 3. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using. Calculate the dollar value of cost of goods sold and ending inventory using specific identification, assuming the sales were specifically identified as follows: Mar. Comparing FIFO and LIFO, which one provides the more Apr 16, 2024 · Ending Inventory = $15,000. Provide calculations for first-in, first-out (FIFO). Question: Using FIFO, calculate ending inventory and cost of goods sold at March 31. Finished Goods eventually turn into (4 words) cost of goods sold expense. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. July 1 39 Echo Show’s 360 243 18 Echo Show’s from July. Brianna's Boutique has the following transactions related to its top-selling Gucei purse for the month of October. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October Jun 28, 2023 · Using the information from EXERCISE 6–1, calculate the cost of goods sold for the January 9 and 24 sales, and ending inventory using the Specific Identification cost flow assumption. Required information Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (L06-3) [The following information applies to the questions displayed below. Ending inventory $4,530 Cost of goods sold $10,650--Explanation--# of units available - # of units sold 45 - 31 = 14 units Ending inventory = # of items NOT sold * Unit Cost June 24th: 10 units. ] Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. (Round intermediate and final answers to 2 decimal places). The specific identification inventory method is one of the available methods used in inventory management. LO3 – Explain and calculate lower of cost and net realizable value inventory 2. Using the specific identification method, calculate (a) the cost of ending inventory and (b) the cost of goods sold given the following: LU18-1 (2)\table [ [Date,Units purchased,Cost per unit,Ending inventory], [June 1,15 Echo Show's 360,$275,2 Echo Show's from June], [July 1,45 Echo Show's Accounting. 11 25 units from beginning inventory 100 units from the February 22 purchase 300 units from the Cody's Fishing Hole uses a periodic inventory system. 10: 219 units from beginning inventory 38 units from the February 10 purchase 68 Requirement 1. Ariana Bicycle Shop uses a periodic inventory system. 4) Using weighted-average cost, calculate ending inventory and cost LO1 – Calculate cost of goods sold and merchandise inventory using specific identification, first-in first-out (FIFO), and weighted average cost flow assumptions — perpetual. Calculate the cost of goods sold. 1 220 units from beginning inventory 330 units from the February 22 purchase Dec. Mar 11, 2024 · This average cost is then used to assign costs to both the cost of goods sold and the ending inventory. Our expert help has broken down your problem into an easy-to-learn solution you can count on. Figure 10. Additionally, you can find the inventory turnover of your business: Inventory Turnover = $40,000 / (($25,000 + $15,000) / 2) = 2. 1 May 5 Nov. Assume that: the specific units sold on January 24 were 23 units from opening inventory and 17 units from the January 21 purchase. Study with Quizlet and memorize flashcards containing terms like Which of the following inventory costing methods uses the cost of the oldest purchases to calculate the cost of goods sold? A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out, Which of the following methods of inventory valuation requires the calculation of a new average cost after each Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. The specific identification inventory method tracks the costs of individual items of inventory until they are sold to customers. (Round weighted-average cost amounts to 2 decimal places. 13 Specific Identification Costing Assumption Cost of Goods Sold, Inventory, and Cost Value. All answers must be entered as a formula. 5. Calculate sales revenue and gross profit under each of the four methods. Mar 31, 2012 · Accounting. Just follow the steps below: Enter the values of beginning inventory, net purchases and costs of goods sold. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning. Your inventory turnover is equal to 2. Date Units purchased Cost per unit. Using the specific identification method: a. Question: Required: Hemming uses a periodic inventory system. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. Roquired: - Calculate endirig inventory and cost of goods sold at October 31. Assume the following costing information for the books sold during the month: August 3: 7 books costing $19 each August 15: 7 books costing $19 each and 4 books costing $21 each Our expert help has broken down your problem into an easy-to-learn solution you can count on. Calculate the cost of good sold 4) Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. Question: 18–1. How to use our calculator . The basic calculation for ending inventory is the beginning inventory plus any purchases minus the cost of goods sold. Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6- During the year, Wright Company sells 400 remote-control airplanes for $100 each. Mar 31, 2015 · 1. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. ] George's Fishing Hole has the fol Accounting. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning Jul 16, 2019 · 36. 4. 5 units NOT sold. 00 190 units@ $23. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. There are 3 steps to solve Calculating Ending Inventory and Cost of Goods Sold is what kind of problem (1 word) allocation. , uses a periodic inventory system and has the following information available: # of Units $ 20 Using FIFO, calculate ending inventory and cost of goods sold at August 31. ) 1e. . Hemming uses a periodic inventory system. ) Here’s the best way to solve it. Total Number of Units Date Unit Cost $78 The company has the following inventory purchase ransactions for the year. Question: Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 15 Xbox′s 360 $ 275 2 Xbox′s from March April 1 45 Xbox′s 360 250 15 Xbox′s from April May 1 60 Xbox′s 360 240 12 Xbox′s from May a. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and Required: 1. Question: 1. Identify the statements below that are correct regarding these advantages. BUY. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and Question: 1. Using FIFO, calculate ending Inventory and cost of goods sold at March 31. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Calculate ending inventory and cost of goods sold at October 31 , using the specific identification method. Explanation: Using the specific identification method, we calculate the ending inventory and cost of goods sold at March 31 by identifying the cost of each item sold and the remaining items in inventory. Learn how to calculate the cost of goods sold and ending inventory using the periodic method, a system that records inventory purchases at the end of an accounting period. 840. 15: 224 units from beginning inventory 196 units from the February 10 purchase Sept. 1 Specific Identification Date Availa …. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the 1. )Using FIFO, calculate ending inventory and cost of goods sold at August 31. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average cost, then (C) FIFO, and finally (d) LIFO. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average cost, then (c) FIFO, and finally (d) LIFO. Actual sales by the company include its entire beginning inventory, 225 units of inventory from the May 5 purchase, and 175 units from the November 3 purchase. Calculate ending inventory and cost of gфods sold at June 30 , using the specific identification method. May 28, 2021 · Specific Identification Inventory Valuation Method: A method of keeping track of all items in an inventory. Required information Problem 6-1 B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO 6 3) [The following information applies to the questions displayed below. ] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. When prices are rising, a LIFO liquidation will :always increase incomesometimes increase income and sometimes decrease incomealways decrease income. Using the specific identification method, calculate (a) the cost of ending inventory and (b) the cost of goods sold given the following: LU 18-1(2) Date June 1 July 1 August 1 Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 Cost per unit $275 250 240 Ending inventory 2 Echo Show's from June 15 Echo Show's from July 12 Echo Show's from August From the following Apr 23, 2024 · Specific identification method accounting is one of the vital inventory valuation Inventory Valuation Inventory Valuation Methods refers to the methodology (LIFO, FIFO, or a weighted average) used to value the company's inventories, which has an impact on the cost of goods sold as well as ending inventory, and thus has a financial impact on the Question: Required information Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below. If math isn’t your strongest suit, you can just use our intuitive calculator to measure the ending inventory. oa pq wm yq pb gg zy ah al ob