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Answer) 1.56
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Beginning Inventory First Purchase Second Purchase Total Available Ending Inventory 125 100 250 475 225 10.00...
Beginning Inventory First Purchase Second Purchase Total Available Ending Inventory $ 10.00 $ 1.250.00 $ 1200...
Beginning Inventory First Purchase Second Purchase Total Available Ending Inventory $ 10.00 $ 1.250.00 $ 1200 $ 1,200.00 S 15.00 $3,750.00 55) Calculate the inventory turnover ratio using the LIFO method. A) 1.56 B) 2.03 C) 1.51 D) 1.22
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
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...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 190 units at $49 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 265-unit purchase at $54 per unit; the second was a 360-unit purchase at $56 per unit. During the period, it sold 475 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming...
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....
Beginning inventory First purchase Second purchase Third purchase 11 units at $51 18 units at $53 26 units at $2...
Beginning inventory First purchase Second purchase Third purchase 11 units at $51 18 units at $53 26 units at $24 13 units at $62 rest dollar The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to according to the average cost method? Do not found intermediate calculations Assets Exam Calculator Beginning inventory, purchases, and...
Use the following information to answer the questions below. Beginning Inventory Purchase-May. Purchase-July 100 units @...
Use the following information to answer the questions below. Beginning Inventory Purchase-May. Purchase-July 100 units @ $4.00 200 units @ $3.00 100 units @ $6.00 - A periodic inventory system is used; ending inventory is 150 units. 13. What is ending inventory under the average-cost method?! [A] $150 [B] $1,000 [C] $250 14. What is cost of goods sold under LIFO? [A] $550 [B] $1,050 [C] $750 15. What is ending inventory under FIFO? [A] $550 [B] $750 [C] $850
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending...
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the inventory turnover ratio? (Round your answer to two decimal places.) Multiple Choice o 4.20 times o 2.00 times o 3.89 times o o 4.04 times 4.04 times AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October...
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....
April 1 Inventory April 15 purchase April 23 purchase 350 250 350 400 1,000 34 3...
April 1 Inventory April 15 purchase April 23 purchase 350 250 350 400 1,000 34 3 6 $7,000 11,900 14,400 LE $33,300 (a) Your answer is correct. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.7 Weighted average cost per unit Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT (b) x Your answer is incorrect. Try again. Compute the April 30 inventory and the...
Beginning Inventory First Purchase Second Purchase Total Available Ending Inventory $ 10.00 $ 1.250.00 $ 1200 $ 1,200.00 S 15.00 $3,750.00 55) Calculate the inventory turnover ratio using the LIFO method. A) 1.56 B) 2.03 C) 1.51 D) 1.22
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
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...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 190 units at $49 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 265-unit purchase at $54 per unit; the second was a 360-unit purchase at $56 per unit. During the period, it sold 475 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming...
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....
Beginning inventory First purchase Second purchase Third purchase 11 units at $51 18 units at $53 26 units at $24 13 units at $62 rest dollar The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to according to the average cost method? Do not found intermediate calculations Assets Exam Calculator Beginning inventory, purchases, and...
Use the following information to answer the questions below. Beginning Inventory Purchase-May. Purchase-July 100 units @ $4.00 200 units @ $3.00 100 units @ $6.00 - A periodic inventory system is used; ending inventory is 150 units. 13. What is ending inventory under the average-cost method?! [A] $150 [B] $1,000 [C] $250 14. What is cost of goods sold under LIFO? [A] $550 [B] $1,050 [C] $750 15. What is ending inventory under FIFO? [A] $550 [B] $750 [C] $850
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the inventory turnover ratio? (Round your answer to two decimal places.) Multiple Choice o 4.20 times o 2.00 times o 3.89 times o o 4.04 times 4.04 times AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October...
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....
April 1 Inventory April 15 purchase April 23 purchase 350 250 350 400 1,000 34 3 6 $7,000 11,900 14,400 LE $33,300 (a) Your answer is correct. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.7 Weighted average cost per unit Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT (b) x Your answer is incorrect. Try again. Compute the April 30 inventory and the...
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