Homework Answers
| Total units available for sale | 51 | =29+22 |
| Less: Sales units | 22 | |
| Ending inventory in units | 29 | |
| Ending inventory balance | 134 | =(22*4.2)+(29-22)*6 |
| Option C $134 is correct |
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March 1 Beginning inventory = 29 units $6.00 March 3 Purchased 22 units 4.20 Sold 22...
March 1 Beginning inventory = 30 units @ $5.20 March 3 Purchased 14 units @ 3.90 March 9 Sold 26 units @ 8.50 What is t...
March 1 Beginning inventory = 30 units @ $5.20 March 3 Purchased 14 units @ 3.90 March 9 Sold 26 units @ 8.50 What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $135.
x X Inventory Record + Week 5:O Week 5: Oui C Inventory Records C Inventory Records...
x X Inventory Record + Week 5:O Week 5: Oui C Inventory Records C Inventory Records X Week 5: Homeworx C Accounting quest X х x @ onnect.mheducation.com/flow/connect.html See Help Save & Ex The following information pertains to Julia & Company March 1 Beginning inventory - 34 units @ $5.30 March 3 Purchased 15 units 3.70 March 9 sold 26 units 8.30 What is the cost of goods sold for Julia & Company assuming it uses UFO? (Do not round...
Number Unit Transaction of Units Date Cost Mar. 1 Beginning inventory 1,030 $7.17 Mar.10 Purchase 520...
Number Unit Transaction of Units Date Cost Mar. 1 Beginning inventory 1,030 $7.17 Mar.10 Purchase 520 7.67 Mar. 16 Purchase 388 8.27 Mar.23 Purchase 500 8.97 Marvin sold 1,810 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $1,319 $9,275 $5,544 $7,385
Beginning inventory Purchase on September 12 Purchased on September 23 16 units @ $3.00 28 units...
Beginning inventory Purchase on September 12 Purchased on September 23 16 units @ $3.00 28 units @ $3.70 10 units @ $4.30 For the month of September, the company sold 29 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted average unit cost to 4 decimals if necessary. Round your answer to the nearest dollar amount.) Multiple Choice $125. $105 $78. $87.
The following data are available for one of the products sold by Dahlia Company, which uses...
The following data are available for one of the products sold by Dahlia Company, which uses a perpetual inventory system: Mar. 1 Beginning inventory, 500 units at $4.00 each 7 Purchased 2,000 units at $5.00 each 12 Sold 2,300 units 17 Purchased 1,800 units at $6.00 each 27 Sold 1,900 units 1. Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming FIFO is used. 2. Calculate cost of goods sold for...
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending...
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the inventory turnover ratio? (Round your answer to two decimal places.) Multiple Choice o 4.20 times o 2.00 times o 3.89 times o o 4.04 times 4.04 times AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October...
Which cost flow assumption generally results in the highest reported amount of net income in periods...
Which cost flow assumption generally results in the highest reported amount of net income in periods of rising inventory costs? Multiple Choice LIFO. FIFO. Weighted-average. Income will be the same under each assumption. Which cost flow assumption must be used for financial reporting if it is also used for tax reporting? Multiple Choice LIFO. FIFO. Weighted-average. Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a period-end adjusting entry. Purchase discounts are not recorded. Inventory...
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12...
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12 2.70 Dunbar sold 630 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O O O O
Carrington Inc. reported the following information for the month of August: Inventory, August 1 55 units...
Carrington Inc. reported the following information for the month of August: Inventory, August 1 55 units @ $26 Purchase: August 7 49 units $27 66 units @ $29 August 18 August 27 41 units $31 During August, Carrington sold 134 units. The company uses a periodic inventory system. Required: What is the value of ending Inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 134 units sold,...
Consider the following Inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September...
Consider the following Inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September 23 15 units @ $3.80 26 units @ $3.40 units @ $4.20 7 For the month of September, the company sold 34 units. What is cost of goods sold under the welghted average cost method? (D necessary. Round your answer to the nearest dollar amount.) Multiple Choice O $143. O O $115. о O $102.
March 1 Beginning inventory = 30 units @ $5.20 March 3 Purchased 14 units @ 3.90 March 9 Sold 26 units @ 8.50 What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $135.
x X Inventory Record + Week 5:O Week 5: Oui C Inventory Records C Inventory Records X Week 5: Homeworx C Accounting quest X х x @ onnect.mheducation.com/flow/connect.html See Help Save & Ex The following information pertains to Julia & Company March 1 Beginning inventory - 34 units @ $5.30 March 3 Purchased 15 units 3.70 March 9 sold 26 units 8.30 What is the cost of goods sold for Julia & Company assuming it uses UFO? (Do not round...
Number Unit Transaction of Units Date Cost Mar. 1 Beginning inventory 1,030 $7.17 Mar.10 Purchase 520 7.67 Mar. 16 Purchase 388 8.27 Mar.23 Purchase 500 8.97 Marvin sold 1,810 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $1,319 $9,275 $5,544 $7,385
Beginning inventory Purchase on September 12 Purchased on September 23 16 units @ $3.00 28 units @ $3.70 10 units @ $4.30 For the month of September, the company sold 29 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted average unit cost to 4 decimals if necessary. Round your answer to the nearest dollar amount.) Multiple Choice $125. $105 $78. $87.
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the inventory turnover ratio? (Round your answer to two decimal places.) Multiple Choice o 4.20 times o 2.00 times o 3.89 times o o 4.04 times 4.04 times AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October...
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12 2.70 Dunbar sold 630 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O O O O
Carrington Inc. reported the following information for the month of August: Inventory, August 1 55 units @ $26 Purchase: August 7 49 units $27 66 units @ $29 August 18 August 27 41 units $31 During August, Carrington sold 134 units. The company uses a periodic inventory system. Required: What is the value of ending Inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 134 units sold,...
Consider the following Inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September 23 15 units @ $3.80 26 units @ $3.40 units @ $4.20 7 For the month of September, the company sold 34 units. What is cost of goods sold under the welghted average cost method? (D necessary. Round your answer to the nearest dollar amount.) Multiple Choice O $143. O O $115. о O $102.
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