(Please show work)
Use the following data of Draker Company:
Unit |
Total |
||
Units |
Cost |
Cost |
|
Beginning inventory |
14 |
$120 |
$1,680 |
Purchase on July 3 |
41 |
130 |
5,330 |
Sales |
50 |
? |
? |
Draker's cost of goods sold using the LIFO method would be:
$6,410
Under the LIFO method, units acquired last are sold first. |
Sales of 50 units will comprise of 41 units from July 3 purchases and 9 units (50-41) from Beginning inventory |
Cost of goods sold using the LIFO method = (41*130)+(9*120)= $6410 |
(Please show work) Use the following data of Draker Company: Unit Total Units Cost Cost Beginning...
(Please show work) Use the following data of Draker Company: Unit Total Units Cost Cost Beginning inventory 16 $120 $1,920 Purchase on July 3 37 125 4,625 Sales 45 ? ? Draker's ending inventory using the FIFO method would be: $1,000
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The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 200 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Unit Total Beginning Inventory 50 $10.00 $500...
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Can you Show the work please? Karen Company reports the following for the month of June. Unit Units Total Cost Date Explanation Cost $4 $2,160 June 1 Inventory 540 12 Purchase 840 5,040 6 23 Purchase 8,320 1,040 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 910 units occurred on June 15 for a selling price of $8 and a sale...
The accounting records of Amp Electronics show the following data. Beginning inventory 4,000 units at $5 Purchases 7,000 units at $7 Sales 9,400 units at $10 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. (Round unit cost to three decimal places.) Show work.
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