Homework Answers
For anyone in the future, the answer to the first question is completely wrong. At least it was for me when taking the quiz. The answer to the first question is $1,465. I don't know about the other answer since I didn't bother to have a look at them
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Table 6-2 0 January 1 inventory balance 100 units at $10 per unit March 2 purchase...
explain how to get the answer January 1 inventory balance 15 units at $350 per unit...
explain how to get the answer
January 1 inventory balance 15 units at $350 per unit January 4 purchase 50 units at $375 per unit January 15 sale 40 units at $550 per unit February 8 purchase 80 units at $405 per unit February 15 sale 70 units at $550 per unit 7) Refer to the table above. What is the cost of goods sold for the two months assuming that Sam's uses the perpetual FIFO inventory method? A) $42,225...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May, 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending inventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units 5401 Cost...
March 1: Purchase 100 units, $50 each March 5: Purchase 400 units, $55 each March 9:...
March 1: Purchase 100 units, $50 each
March 5: Purchase 400 units, $55 each
March 9: Sales 420 units, $85 each
March 18: Purchase 120 units, $60 each
March 25: Purchase 200 units, $62 each
March 29: Sales 160 units, $95 each
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 Wednesday Sunday Monday Tuesday stay aday Saturday Legend No Purchases...
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....
Cost/selling price Units 3. June $1.00 $1.10 $1.50 $1.20 $1.30 $1.50 1 Inventory 6 Purchase Sale...
Cost/selling price Units 3. June $1.00 $1.10 $1.50 $1.20 $1.30 $1.50 1 Inventory 6 Purchase Sale 50 units 50 units 70 units 150 units 100 units 210 units 10 13 Purchase Purchase Sale 20 30 Required: Using perpetual inventory system, compute ending inventory balance, cost of goods sold and gross margin under FIFO. (25 % ) Units Cost/sellins.price 1 Beginning inventory 4 Purchase June $30 33 60 300 800 8 Sale 12 Purchase 16 Sale 20 Sale 400 1,000 700...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for sale during the year were 3,900 units at a total cost of $43,200. in May 1,800 units were purchased at a total cost of $19,800. The only other purchase transaction occurred during October. The ending inventory was 1,650units. A. Calculate the number of units purchased in October and the cost per unit purchased in October. B. Calculate the cost of goods sold and the...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Purchases Date Units Unit Cost Sales Units July 1 9 $68 July 6 6 July 11...
Purchases
Date
Units
Unit Cost
Sales Units
July 1
9
$68
July 6
6
July 11
5
$76
July 14
5
July 21
7
$83
July 27
6
Determine the ending inventory under a perpetual inventory system
using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 2 decimal
places, e.g. 15.25 and ending inventory values to 0 decimal places,
e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
The ending inventory under a perpetual inventory system...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for sale during the year were 3,900 units at a total cost of $43,200. In May 1,800 units were purchased at a total cost of $19,800. The only other purchase transaction occurred during October. Ending inventory was 1,650 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October Purchased in October Number of units 900 Cost...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
explain how to get the answer
January 1 inventory balance 15 units at $350 per unit January 4 purchase 50 units at $375 per unit January 15 sale 40 units at $550 per unit February 8 purchase 80 units at $405 per unit February 15 sale 70 units at $550 per unit 7) Refer to the table above. What is the cost of goods sold for the two months assuming that Sam's uses the perpetual FIFO inventory method? A) $42,225...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May, 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending inventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units 5401 Cost...
March 1: Purchase 100 units, $50 each
March 5: Purchase 400 units, $55 each
March 9: Sales 420 units, $85 each
March 18: Purchase 120 units, $60 each
March 25: Purchase 200 units, $62 each
March 29: Sales 160 units, $95 each
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 Wednesday Sunday Monday Tuesday stay aday Saturday Legend No Purchases...
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....
Cost/selling price Units 3. June $1.00 $1.10 $1.50 $1.20 $1.30 $1.50 1 Inventory 6 Purchase Sale 50 units 50 units 70 units 150 units 100 units 210 units 10 13 Purchase Purchase Sale 20 30 Required: Using perpetual inventory system, compute ending inventory balance, cost of goods sold and gross margin under FIFO. (25 % ) Units Cost/sellins.price 1 Beginning inventory 4 Purchase June $30 33 60 300 800 8 Sale 12 Purchase 16 Sale 20 Sale 400 1,000 700...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Purchases
Date
Units
Unit Cost
Sales Units
July 1
9
$68
July 6
6
July 11
5
$76
July 14
5
July 21
7
$83
July 27
6
Determine the ending inventory under a perpetual inventory system
using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 2 decimal
places, e.g. 15.25 and ending inventory values to 0 decimal places,
e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
The ending inventory under a perpetual inventory system...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for sale during the year were 3,900 units at a total cost of $43,200. In May 1,800 units were purchased at a total cost of $19,800. The only other purchase transaction occurred during October. Ending inventory was 1,650 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October Purchased in October Number of units 900 Cost...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
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