Homework Answers
Total units sold = 160+250+150 = 560 units
Ending units = (175+150+200+160)-560 = 125 units
Cost of goods sold = 175*15+150*16+200*17+35*18 = $9,055
Ending inventory = 125*$18 = $2,250
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Part 1 - A company reported the current month purchase and sales data for its only...
Part 2 - A company reported the current month purchase and sales data for its only...
Part 2 - A company reported the current month purchase and sales data for its only product and uses the per etual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using LIFO. Units Acquired at Cost Units Sold at Retail 175 units @ $15.00 150 units @ $16.00 Date Activities Beginning April 1 Inventory Purchase Sales Purchase Sales Purchase Sales 160 units @ $30.00 200 units @ $17.00 250 units @ $30.00 160 units...
emming Company reported the following January purchases and sales data for its only product. Date Activities...
emming Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail an. 1 Beginning inventory 300 units @ $15.00 - $4,500 an. 10 Sales 240 units @ $40.00 $8,800 lar. 14 Purchase 410 units @ $16.00 = 6,560 ar. 15 Sales 290 units @ $40.00 - 11.800 II. 30 Purchase 500 units @ $17.00 = 8,500 440 units @ $40.00 - 17.800 ct. 5 Sales 2.700 t....
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 210 units @ $16.00 5 Purchase 250 units @ $18.00 10 Sales 170 units @ $26.00 15 Purchase 130 units @ $19.00 24 Sales 120 units @ $27.00 a.$2,260 b.$3,180 c.$1,860 d.$3,580 e.$2,100
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO Units Sold at Retail Units Acquired at Cost 300 units@$15 295 units@$17 Activities Date May 1 Beginning Inventory Purchase 215 units $25 Sales 10 175 units $18 Purchase 15 165 units $26 Sales 24
Laker Company reported the following January purchases and sales data for its only product. Units sold...
Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $8.00 = 880 125 units @ $18.00 230 units@ $7.50 = 505 units 1,725 $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending...
perch company reported the following purchases and sales for its only product. Perch uses a perpetual...
perch company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using both LIFO and FIFO Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 May 5 Purchase 220 units @ $12.00 May 10 Sales 140 units @ $20.00 May 15 Purchase 100 units @ $13.00 May 24 Saled 150 units @ $21.00
Laker Company reported the following January purchases and sales data for its only product. Date Activities...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The...
QUESTION 8 Salmone Company reported the following purchases and sales of its only product. Salmone uses...
QUESTION 8 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 Units Acquired at Cost 150 units a $10.00 220 units @ $12.00 Activities Beginning Inventory Purchase Sales Purchase Sales 10 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 $2,980 O $2,460 $2,850 $2,590 O $5,440
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities...
Hemming Co. reported 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 260 units @ $12.40 = $ 3,224 Jan. 10 Sales 215 units @ $42.40 Mar. 14 Purchase 420 units @ $17.40 = 7,308 Mar. 15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 = 10,304 Oct. 5 Sales 425 units @ $42.40 Oct. 26 Purchase 160 units @...
Laker Company reported the following January purchases and sales data for its only product. Date Activities...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units @ $ 12.50 = $ 2,500 Jan. 10 Sales 160 units @ $ 21.50 Jan. 20 Purchase 130 units @ $ 11.50 = 1,495 Jan. 25 Sales 140 units @ $ 21.50 Jan. 30 Purchase 300 units @ $ 11.00 = 3,300 Totals 630 units $ 7,295 300 units The...
Part 2 - A company reported the current month purchase and sales data for its only product and uses the per etual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using LIFO. Units Acquired at Cost Units Sold at Retail 175 units @ $15.00 150 units @ $16.00 Date Activities Beginning April 1 Inventory Purchase Sales Purchase Sales Purchase Sales 160 units @ $30.00 200 units @ $17.00 250 units @ $30.00 160 units...
emming Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail an. 1 Beginning inventory 300 units @ $15.00 - $4,500 an. 10 Sales 240 units @ $40.00 $8,800 lar. 14 Purchase 410 units @ $16.00 = 6,560 ar. 15 Sales 290 units @ $40.00 - 11.800 II. 30 Purchase 500 units @ $17.00 = 8,500 440 units @ $40.00 - 17.800 ct. 5 Sales 2.700 t....
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO Units Sold at Retail Units Acquired at Cost 300 units@$15 295 units@$17 Activities Date May 1 Beginning Inventory Purchase 215 units $25 Sales 10 175 units $18 Purchase 15 165 units $26 Sales 24
Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $8.00 = 880 125 units @ $18.00 230 units@ $7.50 = 505 units 1,725 $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending...
QUESTION 8 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 Units Acquired at Cost 150 units a $10.00 220 units @ $12.00 Activities Beginning Inventory Purchase Sales Purchase Sales 10 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 $2,980 O $2,460 $2,850 $2,590 O $5,440
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