Homework Answers
Sales Revenue = 8 * $22.00 + 14 * $22.00
Sales Revenue = $484
Answer to Requirement 1:
Cost of Goods Sold = $243
Cost of Ending Merchandise Inventory = $98
Gross Profit = Sales Revenue - Cost of Goods Sold
Gross Profit = $484 - $243
Gross Profit = $241
Answer to Requirement 2:
Cost of Goods Sold = $268
Cost of Ending Merchandise Inventory = $73
Gross Profit = Sales Revenue - Cost of Goods Sold
Gross Profit = $484 - $268
Gross Profit = $216
Answer to Requirement 3:
LIFO resulted in a higher cost of goods sold.
Answer to Requirement 4:
FIFO resulted in a higher cost of merchandise inventory.
Answer to Requirement 5:
FIFO resulted in a higher gross profit.
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Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, Lino weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transac for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units @ $ 23 each 513 29 Sale 13 units @ $...
Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of...
Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of putterrs and other golf clubs. The sales pce of cach putrer is $119. Company records indicate the following for a particular o E6-19 Ce pr Golf Unlimited's putters: Ass foll Unit Cost Quantity Item Date $ 53 24 Balance Nov. 1 20 Sale 6 70 30 Purchase 8 30 Sale 17 2 Sale 30 goods E6-16 Measuring and journalizing merchandise inventory and cost of...
ning Objective 7 Appendix 6A E 6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit u...
ning Objective 7 Appendix 6A E 6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system FIFO, LIFO, and weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: 2. COGS $513 534 603 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase...
Learning Objective 7 Appendix 6A E6A-26 Comparing ending merchandise inventory, cost of goods gross profit using...
Learning Objective 7 Appendix 6A E6A-26 Comparing ending merchandise inventory, cost of goods gross profit using the periodic inventory system-FIFO, LIFO, and weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: 2. COGS $513 534 603 603 90 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using
the LIFO inventory costing method.
Requirement 3. Compute cost of goods sold and gross profit using
the weighted-average inventory costing method. (Round weighted
average cost per unit to the nearest cent and all other amounts to
the nearest dollar.)
Requirement 4. Which method results in the largest gross profit,
and why?
0 More...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Assume that Gameland store bought and sold a line of dolls during December as follows: gameland...
Assume that Gameland store bought and sold a line of dolls during December as follows: gameland uses the perpetual inventory system. Dec. 1 Beginning merchandise inventory 14 units @ $11each 8 Sale 8 units @ $19 each 14 Purchase 16 units @ $13 each 21 Sale 14 units @ $19 each Requirments: 1 Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold,...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
e of dolls during December as follows: i Requirements ost of of end saction chre 1. Compute the cost of goods s...
e of dolls during December as follows: i Requirements ost of of end saction chre 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory?...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, Lino weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transac for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units @ $ 23 each 513 29 Sale 13 units @ $...
Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of putterrs and other golf clubs. The sales pce of cach putrer is $119. Company records indicate the following for a particular o E6-19 Ce pr Golf Unlimited's putters: Ass foll Unit Cost Quantity Item Date $ 53 24 Balance Nov. 1 20 Sale 6 70 30 Purchase 8 30 Sale 17 2 Sale 30 goods E6-16 Measuring and journalizing merchandise inventory and cost of...
ning Objective 7 Appendix 6A E 6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system FIFO, LIFO, and weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: 2. COGS $513 534 603 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase...
Learning Objective 7 Appendix 6A E6A-26 Comparing ending merchandise inventory, cost of goods gross profit using the periodic inventory system-FIFO, LIFO, and weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: 2. COGS $513 534 603 603 90 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using
the LIFO inventory costing method.
Requirement 3. Compute cost of goods sold and gross profit using
the weighted-average inventory costing method. (Round weighted
average cost per unit to the nearest cent and all other amounts to
the nearest dollar.)
Requirement 4. Which method results in the largest gross profit,
and why?
0 More...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
e of dolls during December as follows: i Requirements ost of of end saction chre 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory?...
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