- determine the cost of goods sold under
FIFO
- determine the cost of goods sold under LIFO
- calculate average unit cost
- determine cost of goods sold under average cost
Homework Answers
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- determine the cost of goods sold under
FIFO
- determine the cost of goods sold...
Sheffield Corp. began the year with 8 units of marine floats at a cost of $8...
Sheffield Corp. began the year with 8 units of marine floats at a cost of $8 each. During the year, it made the following purchases: May 5, 30 unit at $17; July 16, 16 units at $20; and December 7, 21 units at $23. Assume there are 25 units on hand at the end of the period. Sheffield uses the periodic approach. A. Determine cost of goods sold under FIFO B. Determine cost of goods sold under LIFO C. Calculate...
Nash's Trading Post, LLC began the year with 12 units of marine floats at a cost...
Nash's Trading Post, LLC began the year with 12 units of marine
floats at a cost of $11 each. During the year, it made the
following purchases: May 5, 27 unit at $17; July 16, 18 units at
$21; and December 7, 23 units at $25. Assume there are 30 units on
hand at the end of the period. Nash uses the periodic approach.
Determine the cost of goods sold under FIFO.
FIFO
Cost of good sold
$
Determine the...
Bramble Corp. began the year with 10 units of marine floats at a cost of $12...
Bramble Corp. began the year with 10 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 unit at $16; July 16, 19 units at $20; and December 7, 24 units at $23. Assume there are 35 units on hand at the end of the period. Bramble uses the periodic approach. A. Determine cost of goods sold under FIFO B. Determine cost of goods sold under LIFO C. Calculate...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weig...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
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 FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO...
Calculate the cost of ending inventory and the cost of goods sold
under the (a) FIFO b) LIFO, and (c) weighted average cost methods.
(Do not round your intermediate calculations. Round "Weighted
Average Cost" to 2 decimal places.)
Spotter Corporation reporteu le IUIUWING TUI JUIC E Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending Total Cost $268.80 488.00 511.20 Required: 1. Calculate the cost of ending inventory and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
Nash's Trading Post, LLC began the year with 12 units of marine
floats at a cost of $11 each. During the year, it made the
following purchases: May 5, 27 unit at $17; July 16, 18 units at
$21; and December 7, 23 units at $25. Assume there are 30 units on
hand at the end of the period. Nash uses the periodic approach.
Determine the cost of goods sold under FIFO.
FIFO
Cost of good sold
$
Determine the...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Calculate the cost of ending inventory and the cost of goods sold
under the (a) FIFO b) LIFO, and (c) weighted average cost methods.
(Do not round your intermediate calculations. Round "Weighted
Average Cost" to 2 decimal places.)
Spotter Corporation reporteu le IUIUWING TUI JUIC E Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending Total Cost $268.80 488.00 511.20 Required: 1. Calculate the cost of ending inventory and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
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