Homework Answers
| FIFO: | ||
| Goods available for sale= | (100*10 + 200*11 + 300*12 + 400*13) | 12000 |
| Endiing Inventory= | (400*13 + 50*12) | 5800 |
| Cost of Goods Sold= | 6200 | |
| Sales= | 500*20 | 10000 |
| COGS= | 6200 | |
| Gross Profit= | 3800 | |
| LIFO: | ||
| Goods available for sale= | (100*10 + 200*11 + 300*12 + 400*13) | 12000 |
| Endiing Inventory= | (100*10 + 200*11 + 150*12) | 5000 |
| Cost of Goods Sold= | 7000 | |
| Sales= | 500*20 | 10000 |
| COGS= | 7000 | |
| Gross Profit= | 3000 | |
| WEIGHTED AVERAGE: (100*10 + 200*11 + 300*12 + 400*13)/1000 = 12 | ||
| Goods available for sale= | 1000 *12 | 12000 |
| Endiing Inventory= | 450*12 | 5400 |
| Cost of Goods Sold= | 6600 | |
| Sales= | 500*20 | 10000 |
| COGS= | 6600 | |
| Gross Profit= | 3400 | |
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The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 29 28 27 32 37 Total Cost $ 783 896 999 925 $3,603 37 25 133 For the entire year, the company sells 100 units of inventory for $37 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods...
pt1 pt2 pt.3 Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of...
pt1
pt2
pt.3
Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost per unit # of units Cost of Goods Sold unit # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total ES Sales revenue Gross profit...
new connecteducation.com mework Saved Uits sold at Retail Jan. 1 Beginning inventory Units Required at Cost...
new connecteducation.com mework Saved Uits sold at Retail Jan. 1 Beginning inventory Units Required at Cost 590 units $45.00 per unit 400 units 502.00 per unit 800 units $75.00 per unit Sept. 5 Purchase Sept. 10 Sales 500 units $45.00 per unit $75.00 per unit 600 units 1.400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the...
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO...
the whole thing with work please! Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase...
the
whole thing with work please!
Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase 19,000 units for $9.00 each. Aug 15 - Sold 17,000 units for $17.00 each. Aug 17-Purchase 21,000 units for $9.50 each Aug 26 - Sold 20,000 units for $17.50 each. Aug 31 - Inventory on hand - units. Calculate the following as of Aug 31, 2006 using both the periodic and perpetual methods and using Ave Cost, FIFO...
units sold is 290 Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January...
units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
FIFO, LIFO, WAV, and Specific Identification. The top portion includes the units at cost and units...
FIFO, LIFO, WAV, and Specific Identification. The top portion
includes the units at cost and units sold.
Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 57e units $50 per unit 380 units 547 per unit 190 units@ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 1e Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept....
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 29 28 27 32 37 Total Cost $ 783 896 999 925 $3,603 37 25 133 For the entire year, the company sells 100 units of inventory for $37 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods...
pt1
pt2
pt.3
Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost per unit # of units Cost of Goods Sold unit # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total ES Sales revenue Gross profit...
new connecteducation.com mework Saved Uits sold at Retail Jan. 1 Beginning inventory Units Required at Cost 590 units $45.00 per unit 400 units 502.00 per unit 800 units $75.00 per unit Sept. 5 Purchase Sept. 10 Sales 500 units $45.00 per unit $75.00 per unit 600 units 1.400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO...
the
whole thing with work please!
Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase 19,000 units for $9.00 each. Aug 15 - Sold 17,000 units for $17.00 each. Aug 17-Purchase 21,000 units for $9.50 each Aug 26 - Sold 20,000 units for $17.50 each. Aug 31 - Inventory on hand - units. Calculate the following as of Aug 31, 2006 using both the periodic and perpetual methods and using Ave Cost, FIFO...
units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
FIFO, LIFO, WAV, and Specific Identification. The top portion
includes the units at cost and units sold.
Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 57e units $50 per unit 380 units 547 per unit 190 units@ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 1e Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept....
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