Homework Answers
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correct answer is option : the average cost method
Under average cost method it require to count the inventory at least once in a year.
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Which of the following inventory costing procedures requires a physical count of merchandise a minimum of...
The gross profit method of determining ending inventory cost Group of answer choices can be used...
The gross profit method of determining ending inventory cost Group of answer choices can be used without taking a physical count of merchandise. requires that a firm keep inventory and purchases data at retail value as well as at cost teguires that the inventory be classified into groups of items of about the same rate of mark on provides accurate information about the number of units in inventory.
A retailer completed a physical count of ending merchandise inventory. When counting inventory, employees did not...
A retailer completed a physical count of ending merchandise inventory. When counting inventory, employees did not include $3,000 of incoming goods shipped by a supplier on December 31 under FOB shipping point. These goods had been recorded in Merchandise Inventory, but they were not included in the physical count because they were in transit. This means shrinkage was incorrectly overstated by $3,000. Indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement,...
On the basis of the following data, estimate the cost of the merchandise inventory at June...
On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: Cost Retail June 1 Merchandise Inventory $ 170,000 $ 266,000 June 1-30 Purchases (net) 2,357,740 3,811,000 June 1-30 Sales 3,540,000 Estimated cost of merchandise sold Less estimated gross profit Merchandise available for sale Merchandise inventory, June 1 Merchandise inventory, June 30, at estimated cost Merchandise inventory, June 30, at retail Purchases in June (net) Ratio of cost to retail...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
Right Now Electronic Center began Dec with 90 units of merchandise inventory that cost $74 each....
Right Now Electronic Center began Dec with 90 units of merchandise inventory that cost $74 each. During Dec, the store made the following purchases: Dec 3: 20 units @ $76 each Dec 12: 30 units @ $78 each Dec 18: 60 units @ $94 each Right Now uses the periodic inventory system, and the physical count at Dec 31 indicates that 80 units of inventory are on hand. 1a. Determine the ending merchandise inventory and cost of goods sold amounts...
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...
Assume that a company started July with 60 units of merchandise inventory that cost S68 each....
Assume that a company started July with 60 units of merchandise inventory that cost S68 each. During Jly, the company made the following purchases: (Click the icon to view the purchases.) The company uses a periodic inventory system. Assume that a physical inventory count on July 31 indicates that 90 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table (A) Calculate the cost of...
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the...
Begin
by computing the cost of goods sold and cost of ending merchandise
inventory using the FIFO inventory costing method. Enter the
transactions in chronological order, calculating new inventory on
hand balances after each transaction. Once all of the transactions
have been entered into the perpetual record, calculate the
quantity and total cost of merchandise inventory purchased, sold,
and on hand at the end of the period. (Enter the oldest inventory layers
first.)
A Requirements X 1. 2. Compute cost...
Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan...
Retail Method; Gross Profit Method
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:
1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method.
2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method.
2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of merchandise...
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...
The gross profit method of determining ending inventory cost Group of answer choices can be used without taking a physical count of merchandise. requires that a firm keep inventory and purchases data at retail value as well as at cost teguires that the inventory be classified into groups of items of about the same rate of mark on provides accurate information about the number of units in inventory.
A retailer completed a physical count of ending merchandise inventory. When counting inventory, employees did not include $3,000 of incoming goods shipped by a supplier on December 31 under FOB shipping point. These goods had been recorded in Merchandise Inventory, but they were not included in the physical count because they were in transit. This means shrinkage was incorrectly overstated by $3,000. Indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement,...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise 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...
Assume that a company started July with 60 units of merchandise inventory that cost S68 each. During Jly, the company made the following purchases: (Click the icon to view the purchases.) The company uses a periodic inventory system. Assume that a physical inventory count on July 31 indicates that 90 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table (A) Calculate the cost of...
Begin
by computing the cost of goods sold and cost of ending merchandise
inventory using the FIFO inventory costing method. Enter the
transactions in chronological order, calculating new inventory on
hand balances after each transaction. Once all of the transactions
have been entered into the perpetual record, calculate the
quantity and total cost of merchandise inventory purchased, sold,
and on hand at the end of the period. (Enter the oldest inventory layers
first.)
A Requirements X 1. 2. Compute cost...
Retail Method; Gross Profit Method
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:
1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method.
2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method.
2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of merchandise...
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