-
1) The below Inventory and sales transactions took place during the month of March 2014. Purchase 110@ $4.25 3/01 3/02 3/07 Purchase 220 @ $5.20 Sold 200 @ $20.00 3/15 Purchased 320@ 3.25 3/20 Sold 325 $20.00 Wgt Avg Fifo Ending inventory (show calculations) Cost of Goods Sold (show calculations) 2) Put the above results in the below table assuming expenses are $3,500 and tax rate is 30 percent Net Income Wgt Avg Fifo Ufo Sales COGS GROSS PROFIT EXPENSES...
-
ABBA uses the perpetual inventory system. The following
transactions took place in January 2015. (30 marks,5 marks each
)
Units Selling Price/ Date Unit Cost
Jan.
1
unit Units
Selling Price/ Date Unit Cost
Opening Inventory
2,000
$0.50
5 Sale
#1
1,200
5.00
6 Purchase
#1 1,000 2.00
10 Purchase
#2 500
1.00
16 Sale
#2
2,000 6.00
21 Purchase #3
1,000
2.50
Assume all sales are made on account。
Required: 1. Assume ABBA uses the FIFO inventory cost flow
assumption a. Record the...
-
Beginning Inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 50 units $66 10 Sale 37 units 15 Purchase 22 units $69 20 Sale 17 units Sale 11 units Purchase 36 units $73 The business maintains a perpetual inventory system, costing by the first-in, Erst out method Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in Exhibit a....
-
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
-
1. January 30th Purchase (cash) 130 units @ $124
2. March 12th Purchase (cash) 220 units @$128
3. June 3rd Sale (cash) 350 units @$320 Paid $24,000 of
operating expenses.
4. Paid cash for income tax at the rate of 40 percent of income
before tax.
Compute the cost of goods sold, ending inventory, gross profit,
income tax expense and net profit assuming: FIFO cost flow LIFO
cost flow Weighted-average cost flow. Using the following
layout.
FIFO
Ending
Inventory
Goods
Available...
-
LO7-17-2,74,7-5 Recording Inventory Transactions, Computing Ending Inventory and Cost of Sales, and Determining the Effects of LC&NRV Rule on the Inventory Turnover Ratio (P7-8) Chaiz Inc. specializes in importing furniture for commercial use. Chaiz reported the following information (all transactions are on account) for the quarter ending September 30, 2018: AP7-4 Date Transaction Units Amount per Unit July 1 July 13 July 29 August 3 August 16 September 21 Inventory 224 $36.0 Purchase 152 35.5 Sale 242 49.5 Purchase 112...
-
Required information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. IN Units Acquired at Cost 185 units@ $11.00 – $2,035 Units sold at Retail 145 units @ $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units $10.00 - 1,000 125 units @ $20.00 270 unitse $ 9.50 - 555 units 2,565 $5,600...
-
Alternative Inventory Methods
Garrett Company has the following transactions during the months
of April and May:
Date
Transaction
Units
Cost/Unit
April 1
Balance
300
17
Purchase
200
$5.10
25
Sale
150
28
Purchase
100
5.70
May 5
Purchase
250
5.10
18
Sale
300
22
Sale
50
The cost of the inventory on April 1 is $5, $4, and $2 per unit,
respectively, under the FIFO, average, and LIFO cost flow
assumptions.
Required:
1. Compute the inventories at the end of...
-
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) $ 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) _ Al Use the following for 9 and 10 Units Cost per...
-
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Cost/Unit April 1 Balance 17 Purchase 25 Sale Units 500 200 $5.40 28 May 5 18 22 5.70 5.40 Purchase Purchase Sale Sale 300 The cost of the inventory on April 1 Is 55, 54, and 52 per unit, respectively, under the FIFO, average and fine m ELLE he cost of the inventory on April 1 is $5, $4, and $2 per...
1) The below Inventory and sales transactions took place during the month of March 2014. Purchase 110@ $4.25 3/01 3/02 3/07 Purchase 220 @ $5.20 Sold 200 @ $20.00 3/15 Purchased 320@ 3.25 3/20 Sold 325 $20.00 Wgt Avg Fifo Ending inventory (show calculations) Cost of Goods Sold (show calculations) 2) Put the above results in the below table assuming expenses are $3,500 and tax rate is 30 percent Net Income Wgt Avg Fifo Ufo Sales COGS GROSS PROFIT EXPENSES...
Beginning Inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 50 units $66 10 Sale 37 units 15 Purchase 22 units $69 20 Sale 17 units Sale 11 units Purchase 36 units $73 The business maintains a perpetual inventory system, costing by the first-in, Erst out method Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in Exhibit a....
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
LO7-17-2,74,7-5 Recording Inventory Transactions, Computing Ending Inventory and Cost of Sales, and Determining the Effects of LC&NRV Rule on the Inventory Turnover Ratio (P7-8) Chaiz Inc. specializes in importing furniture for commercial use. Chaiz reported the following information (all transactions are on account) for the quarter ending September 30, 2018: AP7-4 Date Transaction Units Amount per Unit July 1 July 13 July 29 August 3 August 16 September 21 Inventory 224 $36.0 Purchase 152 35.5 Sale 242 49.5 Purchase 112...
Required information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. IN Units Acquired at Cost 185 units@ $11.00 – $2,035 Units sold at Retail 145 units @ $20.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 100 units $10.00 - 1,000 125 units @ $20.00 270 unitse $ 9.50 - 555 units 2,565 $5,600...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) $ 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) _ Al Use the following for 9 and 10 Units Cost per...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Cost/Unit April 1 Balance 17 Purchase 25 Sale Units 500 200 $5.40 28 May 5 18 22 5.70 5.40 Purchase Purchase Sale Sale 300 The cost of the inventory on April 1 Is 55, 54, and 52 per unit, respectively, under the FIFO, average and fine m ELLE he cost of the inventory on April 1 is $5, $4, and $2 per...