Swifty Company is a multiproduct firm. Presented below is
information concerning one of its products, the Hawkeye.
Date |
Transaction |
Quantity |
Price/Cost |
|||
1/1 | Beginning inventory | 1,300 | $14 | |||
2/4 | Purchase | 2,300 | 21 | |||
2/20 | Sale | 2,800 | 34 | |||
4/2 | Purchase | 3,300 | 26 | |||
11/4 | Sale | 2,500 | 38 |
Calculate average-cost per unit.
Average-cost per unit |
$ |
Compute cost of goods sold, assuming Swifty uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places)
Cost of goods sold | ||||
(a) | Periodic system, FIFO cost flow |
$ |
||
(b) | Perpetual system, FIFO cost flow |
$ |
||
(c) | Periodic system, LIFO cost flow |
$ |
||
(d) | Perpetual system, LIFO cost flow |
$ |
||
(e) | Periodic system, weighted-average cost flow |
$ |
||
(f) | Perpetual system, moving-average cost flow |
$ |
Perpetual System
FIFO | Cost of Goods Available for Sale | Cost of Goods Sold | Ending Inventory | |||||||
Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | ||
Jan-01 | Beginning Inventory | 1300 | $ 14.00 | $ 18,200.00 | 1300 | $ 14.00 | $ 18,200.00 | |||
Feb-04 | Purchase | 2300 | $ 21.00 | $ 48,300.00 | 1300 | $ 14.00 | $ 18,200.00 | |||
2300 | $ 21.00 | $ 48,300.00 | ||||||||
Feb-20 | Sales | 1300 | $ 14.00 | $ 18,200.00 | ||||||
1500 | $ 21.00 | $ 31,500.00 | 800 | $ 21.00 | $ 16,800.00 | |||||
Apr-02 | Purchase | 3300 | $ 26.00 | $ 85,800.00 | 800 | $ 21.00 | $ 16,800.00 | |||
3300 | $ 26.00 | $ 85,800.00 | ||||||||
Nov-04 | Sales | 800 | $ 21.00 | $ 16,800.00 | ||||||
1700 | $ 26.00 | $ 44,200.00 | 1600 | $ 26.00 | $ 41,600.00 | |||||
COGS | $ 110,700.00 | Ending Inventory | $ 41,600.00 |
LIFO | Cost of Goods Available for Sale | Cost of Goods Sold | Ending Inventory | |||||||
Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | ||
Jan-01 | Beginning Inventory | 1300 | $ 14.00 | $ 18,200.00 | 1300 | $ 14.00 | $ 18,200.00 | |||
Feb-04 | Purchase | 2300 | $ 21.00 | $ 48,300.00 | 1300 | $ 14.00 | $ 18,200.00 | |||
2300 | $ 21.00 | $ 48,300.00 | ||||||||
Feb-20 | Sales | 2300 | $ 21.00 | $ 48,300.00 | ||||||
500 | $ 14.00 | $ 7,000.00 | 800 | $ 14.00 | $ 11,200.00 | |||||
Apr-02 | Purchase | 3300 | $ 26.00 | $ 85,800.00 | 800 | $ 14.00 | $ 11,200.00 | |||
3300 | $ 26.00 | $ 85,800.00 | ||||||||
Nov-04 | Sales | 2500 | $ 26.00 | $ 65,000.00 | 800 | $ 14.00 | $ 11,200.00 | |||
800 | $ 26.00 | $ 20,800.00 | ||||||||
COGS | $ 120,300.00 | Ending Inventory | $ 20,800.00 |
Avg | Cost of Goods Available for Sale | Cost of Goods Sold | Ending Inventory | |||||||
Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | ||
Jan-01 | Beginning Inventory | 1300 | $ 14.00 | $ 18,200.00 | 1300 | $ 14.00 | $ 18,200 | |||
Feb-04 | Purchase | 2300 | $ 21.00 | $ 48,300.00 | 1300 | $ 14.00 | $ 18,200 | |||
2300 | $ 21.00 | $ 48,300 | ||||||||
Average | 3600 | $ 18.47 | $ 66,500 | |||||||
Feb-20 | Sales | 2800 | $ 18.47 | $ 51,722 | 800 | $ 18.47 | $ 14,778 | |||
Apr-02 | Purchase | 3300 | $ 26.00 | $ 85,800.00 | 800 | $ 18.47 | $ 14,778 | |||
3300 | $ 26.00 | $ 85,800 | ||||||||
Average | 4100 | $ 24.53 | $ 100,578 | |||||||
Nov-04 | Sales | 2500 | $ 24.53 | $ 61,328 | 1600 | $ 24.53 | $ 39,250 | |||
COGS | $ 113,050 | Ending Inventory | $ 39,250 |
Cost of Goods Available for Sale | ||||
Quantity | Unit Cost | Amount | ||
Jan-01 | Beginning Inventory | 1300 | $ 14.00 | $ 18,200.00 |
Feb-04 | Purchase | 2300 | $ 21.00 | $ 48,300.00 |
Apr-02 | Purchase | 3300 | $ 26.00 | $ 85,800.00 |
6900 | $ 22.07 | $ 152,300.00 |
Average Cost per unit = $22.07
Periodic System
FIFO | Cost of Goods Sold | |||
Quantity | Unit Cost | Amount | ||
Jan-01 | Beginning Inventory | 1300 | $ 14.00 | $ 18,200.00 |
Feb-04 | Purchase | 2300 | $ 21.00 | $ 48,300.00 |
Apr-02 | Purchase | 1700 | $ 26.00 | $ 44,200.00 |
5300 | $ 110,700.00 |
LIFO | Cost of Goods Sold | |||
Quantity | Unit Cost | Amount | ||
Apr-02 | Purchase | 3300 | $ 26.00 | $ 85,800.00 |
Feb-04 | Purchase | 2000 | $ 21.00 | $ 42,000.00 |
5300 | $ 127,800.00 |
Weighted Average
Cost of Goods sold = 5300 x $22.07 = $116971
Swifty Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Blossom Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye Quantity Price Cost 3.300 Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 114 Sale 4800 5.300 51 ✓ Your answer is correct Calculate average-cost per unit Round answer to decimal places 2.7613) Average cost per unit $ 20:3178 e Textbook and Media Compute cost of goods sold, assuming Blossom uses: Round average cost per unit to decimal places, es 2.7631...
Vaughn Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,500 $17 2/4 Purchase 3,500 25 2/20 Sale 4,000 41 4/2 Purchase 4,500 32 11/4 Sale 3,700 46 Compute cost of goods sold, assuming Vaughn uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow...
Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 3,400 $19 2/4 Purchase 4,400 28 2/20 Sale 4,900 47 4/2 Purchase 5,400 36 11/4 Sale 4,600 51 Compute cost of goods sold, assuming Splish uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow...
Bramble Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Quantity Price/Cost 2,400 $16 3,400 3,900 4,400 3,600 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 23.96 LINK TO TEXT Compute cost of goods sold, assuming Bramble uses: (Round average cost per unit to 4 decimal places, e.a. 2.7631 and final answers to...
Concord Company is a multiproduct firm. Presented below is
information concerning one of its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,500
$14
2/4
Purchase
2,500
21
2/20
Sale
3,000
35
4/2
Purchase
3,500
27
11/4
Sale
2,700
39
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
$
LINK TO TEXT
Compute cost of goods sold, assuming Concord uses:
(Round average cost per unit to 4 decimal places, e.g.
2.7631...
Kingbird Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 3,100 $18 2/4 Purchase 4,100 27 2/20 Sale 4,600 45 4/2 Purchase 5,100 35 11/4 Sale 4,300 50 Correct answer iconYour answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ eTextbook and Media Partially correct answer iconYour answer is partially correct. Compute cost of goods sold,...
Problem 8-06 Concord Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Quantity Price/Cost 1,500 $14 2,500 3,000 3,500 2,700 Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 22.4 LINK TO TEXT Your answer is incorrect. Try again. Compute cost of goods sold, assuming Concord uses: (Round average cost...
Skysong Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,600 $14 2/4 Purchase 2,600 22 2/20 Sale 3,100 36 4/2 Purchase 3,600 28 11/4 Sale 2,800 40 Round answers to the 4th decimal and give explanations please on how to get each one Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO...
Sandhill Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Quantity Price/Cost 1,400 2,400 2,900 3,400 2,600 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit Compute cost of goods sold, assuming Sandhill uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to o decimal places, e.g....
Please help me with this.
Thank You!
Blossom Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Transaction Quantity Price/Cost Date $18 1/1 Beginning inventory 3,300 2/4 Purchase 4,300 28 2/20 Sale 4,800 46 4/2 Purchase 5,300 35 11/4 Sale 4,500 51 (a) Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, eg. 2.7613) Average-cost per unit 28.3178 eTextbook and Media (b) Compute cost of goods sold, assuming...