For last year,
sales = $250000
Net income = $250000 x 22% = $55000
for current year,
sales = $250000 x 110% = $275000
Net income = $55000 x 102% = $56100
therefore,
return on sales ratio = net income/sales
= $56100/$275000
= 20.40%
Return on Sales Bomont Co's sales rose 10 over prior year sales of $250,000: however net...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 $13 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 17 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost method. Hint: For weighted-average cost,...
Inventory Costing Methods–Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $8 Purchases: February 11 1,500 May 18 1,400 10 October 23 1,100 14 March 1 Sales: 1,400 July 1 1,400 October 29 1,200 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first- out, and (c) weighted-average cost method. Round the...
Inventory Costing Methods-Perpetual Method Merritt Company uses the perpetual inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 170 unit@ $32 per unit 12 Purchased 120 unit@ $37 per unit 16 sold 190 unit@ 24 Purchased 180 unit@ $38 per unit Calculate the cost of goods sold for the May 16 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest...
Calculate the value of ending inventory and cost of goods sold
using the periodic method and a) first-in, first-out, b) last-in,
first-out, and c) weighted-average cost method:
Inventory Costing Methods—Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of...
CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 14 Partially correct Mark 2.00 out of 6,00 P Flag question Inventory Costing Methods-Periodic Method The following data are for the Graham Corporation, which sells just one product: Units Unit Cost Beginning Inventory. January 1 1,200 $18 19 21 23 Purchases: February 11 ,500 1,400 October 23 ,100 ,400 1,400 October 29 ,000 May 18 Sales: March 1 July 1 Calculate the value of ending inventory and cost of goods sold for the...
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Inventory Costing Methods . Periodic Method Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $335. Transactions for this item during April were as follows: April 9 Purchased 40 units $355 per unit 14 Sold 80 units @ $560 per unit 23 Purchased 20 units @ $360 per unit 29 Sold 40 units Required a. Calculate...
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Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
Sons Parts CORTELMATKU ODU S question Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012, Chen had: 1,000 units of product A with a unit cost of $50 per unit. A summary of purchases and sales during 2012 follows: Feb 2 Apr.6 July 10 Aug 9 Oct.23 Dec 30 Unit Units Units Cost Purchased Sold 400 $52 1,800 1,600 56 59 1.200 Required a. Assume that Chen uses the first in, first-out method....