Homework Answers
Correct Answer:
|
LIFO |
|
|
Cost of Goods Sold |
$ 55,800 |
|
Ending Inventory |
$ 15,600 |
|
Cost of Goods Sold |
$ 55,800 |
|
Gross profit |
$ 40,200.00 |
Working:
|
Cost of Goods Available for sale |
||||
|
Units |
Cost per unit |
value |
||
|
Beginning Inventory |
300 |
$ 30.00 |
$ 9,000.00 |
|
|
Purchases |
800 |
$ 33.00 |
$ 26,400.00 |
|
|
Purchases |
1000 |
$ 36.00 |
$ 36,000.00 |
|
|
Total |
2100 |
$ 71,400.00 |
||
|
LIFO |
||||||
|
A |
Total Units Available for sale |
2100 |
$ 71,400.00 |
|||
|
Units Sold |
1600 |
|||||
|
Ending Inventory Units |
500 |
|||||
|
Valuation |
||||||
|
Cost of Goods Sold |
1000 |
$ 36.00 |
36,000.00 |
|||
|
600 |
$ 33.00 |
19,800.00 |
||||
|
B |
Cost of Goods Sold |
1600 |
units |
$ 55,800.00 |
||
|
A-B |
Ending Inventory |
500 |
units |
$ 15,600.00 |
||
|
LIFO |
|
|
Sales Revenue |
$ 96,000.00 |
|
Cost of goods sold |
$ 55,800.00 |
|
Gross Margin |
$ 40,200.00 |
End of answer.
Please give a thumbs-up, it will be highly appreciated.
Thanks.
Add Answer to:
Units Cost/selling price June $30 33 1 Beginning inventory 4 Purchase 8 Sale 12 Purchase 16...
Cost/selling price Units 3. June $1.00 $1.10 $1.50 $1.20 $1.30 $1.50 1 Inventory 6 Purchase Sale...
Cost/selling price Units 3. June $1.00 $1.10 $1.50 $1.20 $1.30 $1.50 1 Inventory 6 Purchase Sale 50 units 50 units 70 units 150 units 100 units 210 units 10 13 Purchase Purchase Sale 20 30 Required: Using perpetual inventory system, compute ending inventory balance, cost of goods sold and gross margin under FIFO. (25 % ) Units Cost/sellins.price 1 Beginning inventory 4 Purchase June $30 33 60 300 800 8 Sale 12 Purchase 16 Sale 20 Sale 400 1,000 700...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase 128 Oct. 11 Sale 104 Oct. 17 Purchase 108 Oct. 22 Sale 64 Oct. 25 Purchase 75 Oct. 29 Sale 103 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST $ The ending inventory The cost of goods sold $ Gross profit
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inv...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 200 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Unit Total Beginning Inventory 50 $10.00 $500...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
You are provided with the following information for Splish Brothers Inc. for the month ended June 30, 2020. Splish Brothers uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 45 $4
You are provided with the following information for Splish Brothers Inc. for the month ended June 30, 2020. Splish Brothers uses the periodic method for inventory.DateDescriptionQuantityUnit Cost or Selling PriceJune1Beginning inventory45$42June4Purchase13546June10Sale11573June11Sale return1373June18Purchase5448June18Purchase return948June25Sale6878June28Purchase2552(a1)Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)Weighted-average cost per unit$(a2)Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0...
Dec. 1 Beginning merchandise inventory 12 units @ $8 each 8 Sale 8 units @ $21...
Dec. 1 Beginning merchandise inventory 12 units @ $8 each 8 Sale 8 units @ $21 each 14 Purchase 16 units @ $14 each 21 Sale 15 units @ $21 each 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...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
The following are the transactions for the month of July. Unit Selling Price 46 July 1...
The following are the transactions for the month of July. Unit Selling Price 46 July 1 July 13 July 25 July 31 11 Units Unit Cost $10 230 (100) 176 Beginning Inventory Purchase Sold Ending Inventory $14 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole...
Cost/selling price Units 3. June $1.00 $1.10 $1.50 $1.20 $1.30 $1.50 1 Inventory 6 Purchase Sale 50 units 50 units 70 units 150 units 100 units 210 units 10 13 Purchase Purchase Sale 20 30 Required: Using perpetual inventory system, compute ending inventory balance, cost of goods sold and gross margin under FIFO. (25 % ) Units Cost/sellins.price 1 Beginning inventory 4 Purchase June $30 33 60 300 800 8 Sale 12 Purchase 16 Sale 20 Sale 400 1,000 700...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase 128 Oct. 11 Sale 104 Oct. 17 Purchase 108 Oct. 22 Sale 64 Oct. 25 Purchase 75 Oct. 29 Sale 103 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST $ The ending inventory The cost of goods sold $ Gross profit
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
The following are the transactions for the month of July. Unit Selling Price 46 July 1 July 13 July 25 July 31 11 Units Unit Cost $10 230 (100) 176 Beginning Inventory Purchase Sold Ending Inventory $14 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole...
Most questions answered within 3 hours.
-
Copyright protection legislation provides protection for
original works
Select one:
a. until the author is 70...
asked 1 minute ago -
The boards of 2 major telecommunications companies
recently agreed to a $16 billion merger that would...
asked 10 seconds ago -
What types of evidence are used to reconstruct the history of
ocean chemistry, including changes in...
asked 15 minutes ago -
It is hypothesized that when homing pigeons are disoriented in a
certain manner, they will exhibit...
asked 9 minutes ago -
Describe the steps in Project Planning and Scheduling
WBS
Network Diagram
Developing the Schedule
Preparing the...
asked 10 minutes ago -
Assume you are now 21 years old and
will start working as soon as you graduate...
asked 24 minutes ago -
In c++
What does operator overloading allow us to do
?
Why must the << and...
asked 24 minutes ago -
First, a constant force will NOT cause an object to accelerate
faster and faster; it will...
asked 28 minutes ago -
A 4.75 kg crate is suspended from the end of a short vertical
rope of negligible...
asked 38 minutes ago -
develop an automated invoice generator that helps a shop owner
to design their invoice. Problem 1...
asked 46 minutes ago -
2. Binomial Distribution Suppose I have an unfair coin, it lands
on heads 75% of the...
asked 1 hour ago -
negotiators with absolutely no alternative to a negotiated
agreement sometimes.
a. become hostile and end the...
asked 59 minutes ago