Homework Answers
| Answer : | ||||||||
| Date | # Unit | Cost/Unit | Total COGS | # Unit | Cost/Unit | Total Inventory | ||
| 02/01/20 | ||||||||
| Beginning Inventory | 2873 | 96.35 | 276,813.55 | |||||
| 1709 | 102.17 | 174,608.53 | ||||||
| 4582 | 451,422.08 | |||||||
| 02/05/20 | ||||||||
| Sold | 2500 | 96.35 | $ 240,875.00 | -2500 | 96.35 | (240,875.00) | ||
| 2500 units | $ - | - | ||||||
| 02/12/20 | ||||||||
| Purchase | 3000 | 102.58 | 307,740.00 | |||||
| 3000 units @ $102.58 | ||||||||
| 02/22/20 | ||||||||
| Sold | 373 | 96.35 | $ 35,938.55 | -373 | 96.35 | (35,938.55) | ||
| 4750 units | 1709 | 102.17 | $ 174,608.53 | -1709 | 102.17 | (174,608.53) | ||
| 2668 | 102.58 | $ 273,683.44 | -2668 | 102.58 | (273,683.44) | |||
| 02/26/20 | ||||||||
| Purchased | 2000 | 102.65 | 205,300.00 | |||||
| 2000 Units @ $102.65 | ||||||||
| 02/22/20 | ||||||||
| Sold | 332 | 102.58 | $ 34,056.56 | -332 | 102.58 | (34,056.56) | ||
| 1950 units | 1618 | 102.65 | $ 166,087.70 | -1618 | 102.65 | (166,087.70) | ||
| $ - | 0 | 0 | - | |||||
| $ 925,249.78 | 382 | 39,212.30 | ||||||
| Units | Inventory Item | Original Cost | Replacement | Unit X LCM | |
| 84 | Bicycle- Off Road | 135.96 | 130.25 | 10,941.00 | |
| 61 | Scooters | 67.48 | 68.07 | 4,116.28 | |
| 55 | Roller blades | 37.45 | 39.71 | 2059.75 | |
| 39 | Wagons | 44.68 | 55.54 | 1742.52 | |
| 18,859.55 | |||||
| Note: The lower-of-cost-or-market (LCM) method is an inventory | |||||
| costing method that values inventory at the lower of its historical cost or | |||||
| its current market (replacement) cost. | |||||
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Chapter 6 - Part II SOLUTIONS Winter 2020 . Calculate the ending inventory and cost of...
1. Calculate the ending inventory and cost of goods sold for January using the FIFO and...
1. Calculate the ending inventory and cost of goods sold for January using the FIFO and perpetual method: #units Costunit TotalCOGS #units Costunit Total inventory Date 01/01/20 Beginning inventory 01/20/20 Sold 20 units 15 40 100.00 105.00 1,500.00 4,200.00 5,700.00 55 - 01/25/20 Purchased 30 units @ $107.50 01/31/20 Sold 32 units Inventory COGS 2. Calculate the ending inventory and cost of goods sold for January using the LIFO and perpetual method: #units Costunit Total COGS #units Costunit Total inventory...
Ending inventory Perpetual Inventory system First-in First Out (FIFO) N Date COGS Ending Inventory To determine...
Ending inventory Perpetual Inventory system First-in First Out (FIFO) N Date COGS Ending Inventory To determine Ending Inventory Units Sold: 200, 50 Units Units Sold: 100 Units S $ 3.400 Type 1-Jan Inventory 5-Jan Purchases 8-Jan Sales 10-Jan Purchases 18-Jan Sales 18-Jan Sales 18-Jan Sales 22-Jan Purchases 30-Jan Sales Units Cost/Unit 250 $ 100 S -200 $ 17 900 $ -50 $ -100 $ -650 $ 19 1200 $ -250 $ 19 -750 $ 20 450 850 1.800 12.350 $...
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory...
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 3.50 April 10 10 4.00 May 15 12 4.50 July 22 15 4.75 August 19 18 5.50 September 30 20 5.70 November 10 32 5.90 December 15 16 6.30 Cost of ending inventory $ Cost of goods sold $
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 51 units. (Round your intermediate calculations and final answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 3.20 April 10 10 3.70 May 15 12 4.20 July 22 15 4.45 August 19 18 5.20 September 30 20 5.40 November 10 32 5.60 December 15 16 6.00 Cost of ending inventory $ Cost...
Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost...
Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of goods sold for the month of November of Beamer Company using the data below. Nov. $80 each 1 Purchased 4 Sold 11 Purchased 12 Sold 22 Purchased 23 Sold 600 units 200 units 350 units 275 units 175 units 155 units $82 each $84 each 1. Calculate the inventory valuation at the end of November 2. Calculate the cost of goods sold for...
Taking exam, please help! calculate ending inventory and cogs using the following inventory costing methods. THANKYOU...
Taking exam, please help! calculate ending inventory
and cogs using the following inventory costing methods.
THANKYOU
10.00 points Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 31 March 28 Purchase August 22 Purchase October 14 Purchase 41 62 67 $81 87 91 97 2,511 3,567 5,642 6,499 Goods Available for Sale 201 $18,219 The company sold 67 units on May 1 and 62 units on...
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4,6-5) [The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Units Unit Cost $ 245 Total Cost $ 4,900 20 15 10 265 Date March 1 March 5 March 9 March 17...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [The following information applies to the questions displayed below.] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Transactions Units Unit Cost Total Cost Date $ 4,200 Beginning inventory Sale ($320 each) 1 20 $210 March 5 15 March Purchase 2,300 March...
1. Calculate the ending inventory and cost of goods sold for January using the FIFO and perpetual method: #units Costunit TotalCOGS #units Costunit Total inventory Date 01/01/20 Beginning inventory 01/20/20 Sold 20 units 15 40 100.00 105.00 1,500.00 4,200.00 5,700.00 55 - 01/25/20 Purchased 30 units @ $107.50 01/31/20 Sold 32 units Inventory COGS 2. Calculate the ending inventory and cost of goods sold for January using the LIFO and perpetual method: #units Costunit Total COGS #units Costunit Total inventory...
Ending inventory Perpetual Inventory system First-in First Out (FIFO) N Date COGS Ending Inventory To determine Ending Inventory Units Sold: 200, 50 Units Units Sold: 100 Units S $ 3.400 Type 1-Jan Inventory 5-Jan Purchases 8-Jan Sales 10-Jan Purchases 18-Jan Sales 18-Jan Sales 18-Jan Sales 22-Jan Purchases 30-Jan Sales Units Cost/Unit 250 $ 100 S -200 $ 17 900 $ -50 $ -100 $ -650 $ 19 1200 $ -250 $ 19 -750 $ 20 450 850 1.800 12.350 $...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of goods sold for the month of November of Beamer Company using the data below. Nov. $80 each 1 Purchased 4 Sold 11 Purchased 12 Sold 22 Purchased 23 Sold 600 units 200 units 350 units 275 units 175 units 155 units $82 each $84 each 1. Calculate the inventory valuation at the end of November 2. Calculate the cost of goods sold for...
Taking exam, please help! calculate ending inventory
and cogs using the following inventory costing methods.
THANKYOU
10.00 points Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 31 March 28 Purchase August 22 Purchase October 14 Purchase 41 62 67 $81 87 91 97 2,511 3,567 5,642 6,499 Goods Available for Sale 201 $18,219 The company sold 67 units on May 1 and 62 units on...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4,6-5) [The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Units Unit Cost $ 245 Total Cost $ 4,900 20 15 10 265 Date March 1 March 5 March 9 March 17...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [The following information applies to the questions displayed below.] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Transactions Units Unit Cost Total Cost Date $ 4,200 Beginning inventory Sale ($320 each) 1 20 $210 March 5 15 March Purchase 2,300 March...
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