Business, 18.03.2021 01:20 PLEASEHELP4528

Lannister Inc. holds 12,000 units of inventory on January 1, 2017. Under FIFO the inventory lot costs are: Inventory Lot Date Units Cost / Unit Total Cost
H 12/13/2016 6,000 $120 $720,000
I 12/22/2016 6,000 $125 $750,000
Under LIFO the same inventory lots costs are:
Inventory Lot Date Units Cost / Unit Total Cost
A 4/22/2012 2,000 $60 $120,000
F 10/15/2014 4,000 $84 $336,000
I 12/22/2016 6,000 $125 $750,000
Under average cost the same 12,000 inventory units have a total cost of $1,320,300.
Lannister uses a periodic inventory system.
During January 2017, Lannister records the following transactions (in chronological order):
Sells 2,000 units of inventory with revenue of $175 per unit.
Purchases 4,000 units of inventory at a cost of $130 per unit.
Sells 5,000 units of inventory with revenue of $180 per unit.
Purchases 3,000 units of inventory at a cost of $132 per unit.
Sells 4,000 units of inventory with revenue of $184 per unit.
What is Lannister’s total sales revenue for January?
How many units of inventory did Lannister have available for sale during the month of January?
How many units did Lannister have in ending inventory on January 31, 2017?
Using FIFO, what was Lannister’s cost of goods available for sale (COGAS) for January?
Using FIFO, what was the value of Lannister’s ending inventory on January 31, 2017?
Using FIFO, what was Lannister’s cost of goods sold (COGS) for January?
Using LIFO, what was Lannister’s cost of goods available for sale (COGAS) for January?
Using LIFO, what was the value of Lannister’s ending inventory on January 31, 2017?
Using LIFO, what was Lannister’s cost of goods sold (COGS) for January?
Using average cost, what was Lannister’s cost of goods available for sale (COGAS) for January?
Based on your answer to j above, what was average cost per unit of inventory available for sale during January? For this question only, enter your answer in dollars and cents (xx. xx) without a $ sign.
Using average cost, what was the value of Lannister’s ending inventory on January 31, 2017?
Using average cost, what was Lannister’s cost of goods sold (COGS) for January?
If a company reports inventory value of $40,000 using LIFO, and its LIFO reserve is $25,000, what value for inventory would it have reported if it had used FIFO instead?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 19:50, Taiyou

The u. s. stock market has returned an average of about 9% per year since 1900. this return works out to a real return (i. e., adjusted for inflation) of approximately 6% per year. if you invest $100,000 and you earn 6% a year on it, how much real purchasing power will you have in 30 years?

Answers: 2

continue

Business, 22.06.2019 20:50, xXwolfieplayzXx

Stormie zanzibar owns a bakery in the fictitious country of olombia. each month the government’s market ministry mails her a large list of the regulated price of goods which include products like bread, muffins and flat bread. the list also dictates the types of goods she can sell at the bakery and what she is to charge. because of the regulations placed on these goods, stormie has increased her production of sweets, pies, cakes, croissants and buns and decreased her supply of breads, muffins and flat bread. she has taken these steps because the sweet goods’ prices are not government controlled. stormie zanzibar lives under what type of economy?

Answers: 3

continue

Business, 23.06.2019 01:00, ayowazzzgood

Motonous corporation has completed its fiscal year and reported the following information. the company had current assets of $153,413, net fixed assets of $ 412,331, and other assets of $7,822. the firm also has current liabilities worth $65,314, long-term debt of $178,334, and common stock of $162,000. how much retained earnings does the firm have?

Answers: 2

continue

Business, 23.06.2019 09:30, robert7248

You are a professor of economics at a university.? you've been offered the position of serving as department? head, which comes with an annual salary that is ? $5 comma 500 higher than your current salary.? however, the position will require you to work 200 additional hours per year. suppose the next best use of your time is spending it with your? family, which has value of ? $10 per hour.

Answers: 2

continue

You know the right answer?

Lannister Inc. holds 12,000 units of inventory on January 1, 2017. Under FIFO the inventory lot cost...