Homework Answers
Question 15:
Net Sales of Farmen Company = $ 600,000
Cost of Goods Sold = $ 450,000
Gross profit of Farmen Company = Sales - Cost of Goods Sold
= $ 600,000 - $ 450,000
= $ 150,000
Question 16:
Such goods should be included in the inventory record of the- BUYER of goods
Question 17:
Answers:
1. Inventory turnover
2. Specific identification method
3. Net realizable value
4. Weighted average inventory method
5. Retail inventory method
6. Day's sales in inventory
7. FIFO method
8. Interim Statements
9. Gross Profit method
10. LIFO method
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QUESTION 15 Farmen Company had net sales of $600,000 and cost of goods sold of...
25. Match each of the following terms a through j with the appropriate definition (a) Specific...
25. Match each of the following terms a through j with the appropriate definition (a) Specific identification method (b) Days' sales in inventory (c) Conservatism principle (d) Inventory turnover (e) Retail inventory method (1) Interim statements (g) Net realizable value (h) LIFO method (1) Weighted average inventory method () FIFO method (1) The accounting principle that aims to select the less optimistic estimate when two or more estimates are about equally likely. _(2) The expected sales price of an item...
1.(10 Points) Match each of the following terms a through j with the appropriate definition A....
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
34) A company has net sales of $638,100 and cost of goods sold of $465,813. What...
34) A company has net sales of $638,100 and cost of goods sold of $465,813. What is the company's gross profit percentage? (Round final percentage amount to 1 decimal place.) A) 3.7% B) .4%. C) 73%. D) 27%. 35) The inventory costing method (specific identification, FIFO, LIFO, or weighted average) selected by a company will affect amounts on: A) only the income statement. B) both the balance sheet and the income statement. C) neither the balance sheet nor the income...
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...
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...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
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 @ $...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
25. Match each of the following terms a through j with the appropriate definition (a) Specific identification method (b) Days' sales in inventory (c) Conservatism principle (d) Inventory turnover (e) Retail inventory method (1) Interim statements (g) Net realizable value (h) LIFO method (1) Weighted average inventory method () FIFO method (1) The accounting principle that aims to select the less optimistic estimate when two or more estimates are about equally likely. _(2) The expected sales price of an item...
1.(10 Points) Match each of the following terms a through j with the appropriate definition A. Specific identification method B. Days' sales in inventory C. Conservatism constraint D. Inventory turnover E. Retail inventory method F. Interim statements G. Net realizable value H. LIFO method I. Weighted average inventory methocd J. FIFO method The accounting constraint that aims to select the less optimistic estimate when two or more estimates are about equally likely. ー1 . 2. The expected sales price of...
34) A company has net sales of $638,100 and cost of goods sold of $465,813. What is the company's gross profit percentage? (Round final percentage amount to 1 decimal place.) A) 3.7% B) .4%. C) 73%. D) 27%. 35) The inventory costing method (specific identification, FIFO, LIFO, or weighted average) selected by a company will affect amounts on: A) only the income statement. B) both the balance sheet and the income statement. C) neither the balance sheet nor the income...
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...
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...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
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 @ $...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
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