Homework Answers
First purchase cost ; $3600
Second purchase cost : 4200
Total : $7800
A. FIFO
Cost of goods sold : $3600
Ending inventory : $4200
B. LIFO
Cost of goods sold : $4200
Ending inventory : $3600
C.Weighted average method
Cost of goods sold and ending inventory : ($4200+$3600)/2 = $3900
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SOLUTIONS TO EXERCISES - SERIES B - CHAPTER 5 WORKING PAPERS LO 5-1 Exercise 5-2B Allocating...
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO...
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO 5-6 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $43 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 260-unit purchase at $48 per unit; the second was a 390-unit purchase at $50 per unit. During the period, it sold 490 chairs. Required Determine the...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 chairs. Required Determine the...
LO 5-6 Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple...
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2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required:...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1
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Exercise 5-18 Sustainability and perpetual inventory costing LO P1
Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. References a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin...
Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 480 units 140 units 240 units 100 units $11 = $13 - $15 = $16 - $5,280 1.820 3,600 1,600 During the year, The Shirt...
Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin...
Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 200 units 280 units 90 units @ @ @ @ $ 8 = $ 10 = $ 13 = $ 15 = $3,200...
Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin...
Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 90 units 250 units 60 units @ @ @ @ $ 4 = $1,600 $5 = 450 $ 7 = 1,750 $ 9...
1 Required Information Use the following information for the Exercises below. The following information applies to...
1 Required Information Use the following information for the Exercises below. The following information applies to the questions displayed below] 12 points Hemming Co. reported the following current-year purchases and sales for its only product eBook Activities Units Acquired at Cost 265 units $12.60 Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 18 Sales Mar.14 Purchase - $ 3,339 225 units $42.60 430 units $17.60 7,568 Hint Mar.15 Sales 37e units $42.60 July 38 Purchase Oct. 5 Sales...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 chairs. Required Determine the...
LO 5-6 Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases Suggs Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 400 units at $50 per unit. During the year, Suggs made two batch purchases of coffee makers. The first was a 500-unit purchase at $55 per unit; the second was a 600-unit purchase at $58 per unit. During the period, Suggs sold 1,200 coffee makers. 196 Chapter...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. References a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 480 units 140 units 240 units 100 units $11 = $13 - $15 = $16 - $5,280 1.820 3,600 1,600 During the year, The Shirt...
Required information Exercise 5-5 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 200 units 280 units 90 units @ @ @ @ $ 8 = $ 10 = $ 13 = $ 15 = $3,200...
Required information Exercise 5-20 Effect of inventory cost flow on ending inventory balance and gross margin LO 5-6 The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 400 units 90 units 250 units 60 units @ @ @ @ $ 4 = $1,600 $5 = 450 $ 7 = 1,750 $ 9...
1 Required Information Use the following information for the Exercises below. The following information applies to the questions displayed below] 12 points Hemming Co. reported the following current-year purchases and sales for its only product eBook Activities Units Acquired at Cost 265 units $12.60 Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 18 Sales Mar.14 Purchase - $ 3,339 225 units $42.60 430 units $17.60 7,568 Hint Mar.15 Sales 37e units $42.60 July 38 Purchase Oct. 5 Sales...
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