Homework Answers
| 1 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| Specific Identification | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | 125 | $ 6.00 | $ 750 | 15 | $ 6.00 | $ 90 | |
| Jan-20 | 60 | $ 5.00 | $ 300 | 55 | $ 5.00 | $ 275 | 5 | $ 5.00 | $ 25 | |
| Jan-30 | 180 | $ 4.50 | $ 810 | - | $ 4.50 | $ - | 180 | $ 4.50 | $ 810 | |
| Total | 380 | $ 1,950 | 180 | $ 1,025 | 200 | $ 925 | ||||
| 2 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| Weighted - Average | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | |||||||
| Jan-10 | 100 | $ 6.00 | $ 600 | 40 | $ 6.00 | $ 240 | ||||
| Jan-20 | 60 | $ 5.00 | $ 300 | 40 | $ 6.00 | $ 240 | ||||
| 60 | $ 5.00 | $ 300 | ||||||||
| 100 | $ 5.40 | 540 | ||||||||
| Jan-25 | 80 | $ 5.40 | $ 432 | 20 | $ 5.40 | $ 108 | ||||
| Jan-30 | 180 | $ 4.50 | $ 810 | 20 | $ 5.40 | $ 108 | ||||
| 180 | $ 4.50 | $ 810 | ||||||||
| Total | 240 | $ 1,110 | 180 | $ 1,032 | 200 | $ 4.59 | $ 918 | |||
| 3 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| FIFO | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | |||||||
| Jan-10 | 100 | $ 6.00 | $ 600 | 40 | $ 6.00 | $ 240 | ||||
| Jan-20 | 60 | $ 5.00 | $ 300 | 40 | $ 6.00 | $ 240 | ||||
| 60 | $ 5.00 | $ 300 | ||||||||
| Jan-25 | 40 | $ 6.00 | $ 240 | 20 | $ 5.00 | $ 100 | ||||
| 40 | $ 5.00 | $ 200 | ||||||||
| Jan-30 | 180 | $ 4.50 | $ 810 | 20 | $ 5.00 | $ 100 | ||||
| 180 | $ 4.50 | $ 810 | ||||||||
| Total | 240 | $ 1,110 | 180 | $ 1,040 | 200 | $ 910 | ||||
| 4 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| LIFO | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | |||||||
| Jan-10 | 100 | $ 6.00 | $ 600 | 40 | $ 6.00 | $ 240 | ||||
| Jan-20 | 60 | $ 5.00 | $ 300 | 40 | $ 6.00 | $ 240 | ||||
| 60 | $ 5.00 | $ 300 | ||||||||
| Jan-25 | 60 | $ 5.00 | $ 300 | 20 | $ 6.00 | $ 120 | ||||
| 20 | $ 6.00 | $ 120 | ||||||||
| Jan-30 | 180 | $ 4.50 | $ 810 | 20 | $ 6.00 | $ 120 | ||||
| 180 | $ 4.50 | $ 810 | ||||||||
| Total | 240 | $ 1,110 | 180 | $ 1,020 | 200 | $ 930 | ||||
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4. Determine the costs assigned to ending inventory and to cost of goods SUIU USM LIPU....
4 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory...
4 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method. pints Complete this question by entering your answers in the tabs below. eBook Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold...
1. Complete the table to determine the cost assigned to ending inventory and cost of goods...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO....
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
h apter 05 Pre But Problems Hemming uses a perpetual inven X C 1: Laker Company Reported The X OX Sign out 6 sources - Google Docs W newconnect.mheducation.com/flow/connect.html Chapter 05 Pre-Built Problems Help Save & Exit...
Use the following information for the Exercises below. [The following information applies to the questions displayed...
Use the following information for the Exercises below. [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product Units sold at Retail Unite Mequired at Coat 140 units $6.00 - $ 840 100 units $15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 unita $5.00 300 80 units $15 $4.50 180 units 380 unita The Company...
Find cost goods sold & ending inventory for FIFO, LIFO, Average Cost DATE ACTIVITY es and...
Find cost goods sold & ending inventory for FIFO, LIFO, Average
Cost
DATE ACTIVITY es and sale s Aibor Red is one of its most popular les of Arbor Red for the month of January, Redwyne Jan. 01 Beginning Inventory UNS ACOUIREDCOSTUNITS SOLD RETAIL UNITS ACOL 56.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 55.00 100 $15.00 Instructions: 180 @ $4.50 80 @ $15.00
Required information [The following information applies to the questions displayed below.) Laker Company reported the following...
Required information [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 140 units @ $6.00 = $ 840 Units sold at Retail 100 units @ $ 15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units @ $5.00 = 300 80 units @ $ 15 180 units @ $4.50 =...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
o bous up or sale, they cleaned and WOULUI 3980. Determine the cost of inventory. C2...
o bous up or sale, they cleaned and WOULUI 3980. Determine the cost of inventory. C2 Company reported the following January purchases and sales data for its only product Date Exercise 6-3 Perpetual: Inventory costing methods Units Acquired at Cost Units Sold at Retail 140 units @ $6.00 = $ 840 100 units @ $15 Jan. 1 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning inventory ............ Sales. Purchase Sales..... Purchase Totals.. 60 units @ $5.00 = 300...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales se units @ $15 Jan. 30 Purchase 180...
Required Information Use the following information for the Exercises below. [The following information applies to the...
Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 140 units @ $6.00 $ 840 100 units @ $ 15 60 units @ $5.00 = 300 80 units @...
4 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method. pints Complete this question by entering your answers in the tabs below. eBook Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
h apter 05 Pre But Problems Hemming uses a perpetual inven X C 1: Laker Company Reported The X OX Sign out 6 sources - Google Docs W newconnect.mheducation.com/flow/connect.html Chapter 05 Pre-Built Problems Help Save & Exit...
Use the following information for the Exercises below. [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product Units sold at Retail Unite Mequired at Coat 140 units $6.00 - $ 840 100 units $15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 unita $5.00 300 80 units $15 $4.50 180 units 380 unita The Company...
Find cost goods sold & ending inventory for FIFO, LIFO, Average
Cost
DATE ACTIVITY es and sale s Aibor Red is one of its most popular les of Arbor Red for the month of January, Redwyne Jan. 01 Beginning Inventory UNS ACOUIREDCOSTUNITS SOLD RETAIL UNITS ACOL 56.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 55.00 100 $15.00 Instructions: 180 @ $4.50 80 @ $15.00
Required information [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 140 units @ $6.00 = $ 840 Units sold at Retail 100 units @ $ 15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 60 units @ $5.00 = 300 80 units @ $ 15 180 units @ $4.50 =...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
o bous up or sale, they cleaned and WOULUI 3980. Determine the cost of inventory. C2 Company reported the following January purchases and sales data for its only product Date Exercise 6-3 Perpetual: Inventory costing methods Units Acquired at Cost Units Sold at Retail 140 units @ $6.00 = $ 840 100 units @ $15 Jan. 1 Jan. 10 Jan. 20 Jan. 25 Jan. 30 Activities Beginning inventory ............ Sales. Purchase Sales..... Purchase Totals.. 60 units @ $5.00 = 300...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales se units @ $15 Jan. 30 Purchase 180...
Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 140 units @ $6.00 $ 840 100 units @ $ 15 60 units @ $5.00 = 300 80 units @...
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