Homework Answers
Answer: Ending inventory = $3700
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(1 points) A record of transactions for the month of May was as follows: Purchases Sales...
Sales May 1 Purchases (balance) 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 May 3 200 1,000 500 1 A tary balance in sold...
Sales May 1 Purchases (balance) 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 May 3 200 1,000 500 1 A tary balance in sold for the Assuming that a periodic inventory system and p ut the cost of Goo month of May using the Average Cost method (Round to 2 decimal places
assuming that a perpetual inventory system is used compute the cost of good sold for the...
assuming that a perpetual inventory system is used compute the
cost of good sold for the month of may using LIFO
points) A record of transactions for the month of May was as follows: Sales May 1 Purchases (balance) 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 May 3 200 1,000 500
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Question 10 A record of transactions for the month of May was as follows: Purchases Sales...
Question 10 A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.40 May 3 240 @ $7.00 4 1,350 @ $5.30 6 1,000 @ 7.00 8 800 @ $5.50 12 900 @ 7.50 14 700 @ $5.60 18 500 @ 7.50 22 1,290 @ $5.70 25 1,300 @ 8.00 29 600 @ $5.75 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory...
A record of transactions for the month of May was as follows: Purchases Sales May 1...
A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 430 @ $5.40 May 3 215 @ $7.00 4 1,300 @ $5.30 6 1,030 @ 7.00 8 880 @ $5.50 12 980 @ 7.50 14 780 @ $5.60 18 430 @ 7.50 22 1,260 @ $5.70 25 1,430 @ 8.00 29 600 @ $5.75 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory $
Larson Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Larson Company’s record of transactions for the month of April
was as follows. Purchases Sales April 1
Show your calculations.
A. Calculate Ending Inventory and Cost of Goods Sold using the
periodic average cost method.
B. Calculate Ending Inventory and Cost of Goods Sold using the
periodic LIFO method.
C. Calculate Ending Inventory and Cost of Goods Sold using the
periodic FIFO method.
D. What is Gross Profit using the periodic FIFO method?
Purchases Sales April 1 (balance on hand)...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2)...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Purchases - Units and Unit Costs Sales - Total Units October 1 Balance 100 @ 5.00...
Purchases - Units and Unit Costs Sales - Total Units October 1 Balance 100 @ 5.00 October 300 400 300 @ @ 5.10 5.30 200 @ 5.35 600 @ 5.60 200 @ 5.80 Instructions (a)Determine the inventory at October 30 on each of the following bases and Cost of Goods Sold. Assume that periodic (without withdrawal) inventory records are kept in dollars, Carry unit costs to the nearest cent. (1) FIFO (2)LIFO (3)Average (b) If the perpetual inventory record is...
Sales May 1 Purchases (balance) 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 May 3 200 1,000 500 1 A tary balance in sold for the Assuming that a periodic inventory system and p ut the cost of Goo month of May using the Average Cost method (Round to 2 decimal places
assuming that a perpetual inventory system is used compute the
cost of good sold for the month of may using LIFO
points) A record of transactions for the month of May was as follows: Sales May 1 Purchases (balance) 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 May 3 200 1,000 500
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Larson Company’s record of transactions for the month of April
was as follows. Purchases Sales April 1
Show your calculations.
A. Calculate Ending Inventory and Cost of Goods Sold using the
periodic average cost method.
B. Calculate Ending Inventory and Cost of Goods Sold using the
periodic LIFO method.
C. Calculate Ending Inventory and Cost of Goods Sold using the
periodic FIFO method.
D. What is Gross Profit using the periodic FIFO method?
Purchases Sales April 1 (balance on hand)...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2)...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Purchases - Units and Unit Costs Sales - Total Units October 1 Balance 100 @ 5.00 October 300 400 300 @ @ 5.10 5.30 200 @ 5.35 600 @ 5.60 200 @ 5.80 Instructions (a)Determine the inventory at October 30 on each of the following bases and Cost of Goods Sold. Assume that periodic (without withdrawal) inventory records are kept in dollars, Carry unit costs to the nearest cent. (1) FIFO (2)LIFO (3)Average (b) If the perpetual inventory record is...
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