Homework Answers
| Ans. | Goods Purchased | Cost of goods sold | Inventory Balance | |||||||
| # of Units | Cost per | Inventory | # of units | Cost per | Cost of | # of Units in | Cost per | Inventory | ||
| Date | Unit | Value | Sold | Unit | Goods sold | Ending inventory | Unit | Balance | ||
| Aug-01 | 10 | $91 | $910 | |||||||
| Aug-03 | 15 | $106 | $1,590 | 10 | $91 | $910 | ||||
| 15 | $106 | $1,590 | ||||||||
| 25 | $100 | $2,500 | ||||||||
| Aug-14 | 20 | $100 | $2,000 | 25 | $100 | $2,500 | ||||
| -20 | $100 | -$2,000 | ||||||||
| 5 | $100 | $500 | ||||||||
| Aug-17 | 20 | $115 | $2,300 | 5 | $100 | $500 | ||||
| 20 | $115 | $2,300 | ||||||||
| 25 | $112 | $2,800 | ||||||||
| Aug-28 | 10 | $119 | $1,190 | 25 | $112 | $2,800 | ||||
| 10 | $119 | $1,190 | ||||||||
| 35 | $114 | $3,990 | ||||||||
| Aug-30 | 23 | $114 | $2,622 | 35 | $114 | $3,990 | ||||
| -23 | $114 | -$2,622 | ||||||||
| 12 | $114 | $1,368 | ||||||||
| Total | Cost of goods sold | $4,622 | Ending inventory | $1,368 | ||||||
| *Weighted average rate is calculated by using the formula of (Total available balance / Total units available). | ||||||||||
| *All purchases are added in inventory balance and a new cost per unit is calculated. | ||||||||||
| *Sales are made on the unit cost of inventory balance on previous date. | ||||||||||
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Moving Weighted Average Method Cost per Unit $91 $106 Date 8/1 8/3 8/14 B/17 8/28) 8/30...
I don't understand where they are getting the 5 bikes, 35 bikes and 12 bikes. I...
I don't understand where they are getting the 5 bikes, 35 bikes
and 12 bikes. I underlined the parts I'm confused about. If they
were to ask you for net income or gross profit from this how would
you calculate it? Thanks!
First-In, First-Out First-in, first-out (FIFO sales occur, the costs of the earlie the costs from them first-out (FIFO) assumes that inventory items are sold in the order acquired. When the costs of the earliest units acquired are charged...
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Part 3 of 3 Required information Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4]...
Part 3 of 3 Required information Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: 1.53 points Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 31 Inventory on hand-4,000 units. Exercise...
Given the following data, calculate cost of goods sold using the FIFO costing method Date Item...
Given the following data, calculate cost of goods sold using the FIFO costing method Date Item Unit 2/25 5/20 8/15 10/17 12/31 Beginning inventory Purchase of inventory Purchase of inventory Purchase of inventory Purchase of inventory Ending inventory 28 units at $12 per unit 14 units at $13 per unit 30 units at $10 per unit 5 units at $12 per unit 8 units at $15 per unit 16 units OA. $740 OB. $788 OC. $1,040 OD, $928
Required Information Exercise 8-14 (Static) Inventory cost flow methods; perpetual system (LO8-1, 8-4] The following Information...
Required Information Exercise 8-14 (Static) Inventory cost flow methods; perpetual system (LO8-1, 8-4] The following Information applies to the questions displayed below.] Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,080 units for $12.80 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,080 units for $11.80 each. 28 Purchased 4,000 units for...
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150...
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150 units $20 per unit Units Sold at Retail Date Jan Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 725 units $80 per unit 190 units $40 per unit 540 units $37 per unit 730 units $80 per unit 1,455 units Totals 1,780 units Required: 1. Compute cost of goods available for sale...
Required information Part 1 of 3 Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4]...
Required information Part 1 of 3 Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: 1.53 points Aug. 1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 31 Inventory on hand-4,000 units....
calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average...
calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, eg. 5.25 and final answers to decimal places, eg. 5,250.) Cost of Goods Sold Units Cost Total Date Apr-01 Purchases Units Cost Total Beginning Inventory 27 $13 $351 Apr-15 Apr-15 59 $15 $885 Apr-20 30 $ Apr 28 50 Apr-23 $800 $16 Question 3 of 3 < A -/15 Apr-20 30 Apr-23 50 $16 $800 65 Apr-28...
Given the following data, calculate the cost of goods sold using the average−cost method. Round average...
Given the following data, calculate the cost of goods sold using the average−cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar. Date Item Unit 1/1 Beginning inventory 70 units at $20 per unit 5/10 Purchase of inventory 10 units at $20 per unit 10/9 Purchase of inventory 10 units at $ 32 per unit 12/31 Ending inventory 38 units
QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost...
QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost of goods available for sale divided by the number of units available for sale. True OFalse QUESTION 14 A company's gross margin reported on the income statement is not affected by the inventory cost flow method it uses. OTrue eFalse QUESTION 15 A company uses a cost flow method (such as LIFO or FIFO) to allocate product costs between cost of goods sold and...
I don't understand where they are getting the 5 bikes, 35 bikes
and 12 bikes. I underlined the parts I'm confused about. If they
were to ask you for net income or gross profit from this how would
you calculate it? Thanks!
First-In, First-Out First-in, first-out (FIFO sales occur, the costs of the earlie the costs from them first-out (FIFO) assumes that inventory items are sold in the order acquired. When the costs of the earliest units acquired are charged...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Part 3 of 3 Required information Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: 1.53 points Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 31 Inventory on hand-4,000 units. Exercise...
Given the following data, calculate cost of goods sold using the FIFO costing method Date Item Unit 2/25 5/20 8/15 10/17 12/31 Beginning inventory Purchase of inventory Purchase of inventory Purchase of inventory Purchase of inventory Ending inventory 28 units at $12 per unit 14 units at $13 per unit 30 units at $10 per unit 5 units at $12 per unit 8 units at $15 per unit 16 units OA. $740 OB. $788 OC. $1,040 OD, $928
Required Information Exercise 8-14 (Static) Inventory cost flow methods; perpetual system (LO8-1, 8-4] The following Information applies to the questions displayed below.] Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,080 units for $12.80 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,080 units for $11.80 each. 28 Purchased 4,000 units for...
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150 units $20 per unit Units Sold at Retail Date Jan Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 725 units $80 per unit 190 units $40 per unit 540 units $37 per unit 730 units $80 per unit 1,455 units Totals 1,780 units Required: 1. Compute cost of goods available for sale...
Required information Part 1 of 3 Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: 1.53 points Aug. 1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 31 Inventory on hand-4,000 units....
calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, eg. 5.25 and final answers to decimal places, eg. 5,250.) Cost of Goods Sold Units Cost Total Date Apr-01 Purchases Units Cost Total Beginning Inventory 27 $13 $351 Apr-15 Apr-15 59 $15 $885 Apr-20 30 $ Apr 28 50 Apr-23 $800 $16 Question 3 of 3 < A -/15 Apr-20 30 Apr-23 50 $16 $800 65 Apr-28...
QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost of goods available for sale divided by the number of units available for sale. True OFalse QUESTION 14 A company's gross margin reported on the income statement is not affected by the inventory cost flow method it uses. OTrue eFalse QUESTION 15 A company uses a cost flow method (such as LIFO or FIFO) to allocate product costs between cost of goods sold and...
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