Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases...
Exercise 5-18 Sustainability and perpetual inventory costing LO P1
Tree Seedlings has the following current-year purchases and
sales for its only product.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||||||
| Jan. | 1 | Beginning inventory | 120 | units | @ $2 | = | $ | 240 | ||||||||
| Jan. | 3 | Sales | 94 | units | @ $8 | |||||||||||
| Feb. | 14 | Purchase | 174 | units | @ $3 | = | $ | 522 | ||||||||
| Feb. | 15 | Sales | 140 | units | @ $8 | |||||||||||
| June | 30 | Purchase | 170 | units | @ $4 | = | $ | 680 | ||||||||
| Nov. | 6 | Sales | 134 | units | @ $8 | |||||||||||
| Nov. | 19 | Purchase | 52 | units | @ $5 | = | $ | 260 | ||||||||
| Totals | 516 | units | $ | 1,702 | 368 | units | ||||||||||
Required:
The company uses a perpetual inventory system.
a. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
b. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
c. Compute the gross margin for each
method.
Homework Answers
explanation
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Exercise 5-18 Sustainability and perpetual inventory costing LO
P1
Tree Seedlings has the following current-year purchases...
Exercise 5-18 Sustainability and perpetual inventory costing LO P1
Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. References a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
4 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory...
4 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method. pints Complete this question by entering your answers in the tabs below. eBook Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required:...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO
LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 480 $ 3.90 90 4.1e 242 120 4.2e Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Saved Tableau DA 5-2: Exercise, Perpetual: Inventory costing methods LO P1 ATV Co. began operatio...
Saved Tableau DA 5-2: Exercise, Perpetual: Inventory costing methods LO P1 ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Chủ nhật Thứ hai Thứ ba Thứ tư | Thứ năm, Thứ sáu Thứ bảy Legend No Purchases or Sales Purchases Sales 11 12 13 15 16 18 19 20 21 22 Proy 1 of 1 Next > tableau 1. Compute...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. References a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
4 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method. pints Complete this question by entering your answers in the tabs below. eBook Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO
LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 480 $ 3.90 90 4.1e 242 120 4.2e Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Saved Tableau DA 5-2: Exercise, Perpetual: Inventory costing methods LO P1 ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Chủ nhật Thứ hai Thứ ba Thứ tư | Thứ năm, Thứ sáu Thứ bảy Legend No Purchases or Sales Purchases Sales 11 12 13 15 16 18 19 20 21 22 Proy 1 of 1 Next > tableau 1. Compute...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
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