Homework Answers
| Under first-in, first-out method, units purchased first are assumed to be sold first. |
| Ending inventory under first-in, first-out method will comprise of latest purchases. |
| Total units purchased | 1050 | =500+550 |
| Less: Units sold | 650 | |
| Units in ending inventory | 400 | |
| Units in ending inventory | 400 | |
| X Cost per unit of February 28 purchases | 33 | |
| Cost of ending inventory AED | 13200 | =400*33 |
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4. A company purchased 500 units for AED 30 each on January 31. It purchased 550...
A company purchased 500 units for $30 each on January 31. It purchased 550 units for...
A company purchased 500 units for $30 each on January 31. It purchased 550 units for $33 each on February 28. It sold a total of 650 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the weighted-average inventory costing method? (Assume that the company uses a perpetual inventory system.) A) $13,200 B) $12,629 C) $12,000 D) $11,378
3. A company made net sales revenue of AED 500,000, and cost of goods sold totaled...
3. A company made net sales revenue of AED 500,000, and cost of goods sold totaled AED 300,000. Calculate its gross profit percentage to the nearest ong decimal. % 4. A company purchased 500 units for AED 30 each on January 31. It purchased 550 units for AED 33 each on February 28. It sold a total of 650 units for AED 45 each from March 1 through December 31. What is the cost of ending inventory on December 31...
A company purchased 300 units for $30 each on January 31. It purchased 330 units for...
A company purchased 300 units for $30 each on January 31. It purchased 330 units for $33 each on February 28 it sold a total of 440 units for $40 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system) O A $5,700 OB. 5080 OC. 56,270 OD. $4.720
- En Sores revenue Of AED 500,000, and cost of goods sold totaled AED 300,000. Calculate...
- En Sores revenue Of AED 500,000, and cost of goods sold totaled AED 300,000. Calculate its gross profit percentage to the nearest ong decimal. 4. A company purchased 500 units for AED 30 each on January 31. It purchased 550 units for AED 33 each on February 28. It sold a total of 650 units for AED 45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses...
2. A company purchased 110 units for $30 each on January 31. It purchased 170 units...
2. A company purchased 110 units for $30 each on January 31. It purchased 170 units for $35 each on February 28. It sold 170 units for $80 each from March 1 through December 31. If the company uses FIFO inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system)
company purchased 400 units for $20 each on January 31. It purchased 480 units for $24...
company purchased 400 units for $20 each on January 31. It purchased 480 units for $24 each on February 28. It sold a total of 560 units for $45 each from March 1 rough December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume at the company uses a perpetual inventory system.) OA. $3,360 OB. $7,680 ОС. $3.040 OD. $6,400
15) A company purchased 90 units for $20 each on January 31. It purchased 180 units...
15) A company purchased 90 units for $20 each on January 31. It purchased 180 units for $25 each on February 28. It sold 180 units for $60 each from March 1 through December 31. If the company uses the first-in, first-out inventory (FIFO) costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) A) $1,800 B) $4,050 C) $4,500...
A company purchased 100 units for $40 each on January 31. It purchased 160 units for...
A company purchased 100 units for $40 each on January 31. It purchased 160 units for $50 each on February 28. It sold 225 units for $65 each from March 1 through December 31. If the company uses the last - in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) O A. $8,000 OB. $10,600 OC....
A company purchased 130 units for $30 each on January 31. It purchased 190 units for...
A company purchased 130 units for $30 each on January 31. It purchased 190 units for $35 each on February 28. It sold 190 units for $70 each from March 1 through December 31. If the company uses the weighted - average inventory costing method, caloulate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system. Round any intermediate calculations two decimal places, and your...
Tk Test A company purchased 300 units for $40 each on January 31. It purchased 125...
Tk Test A company purchased 300 units for $40 each on January 31. It purchased 125 units for $50 each on February 28. It sold 175 units for $65 each from March 1 through December 31. If the company uses the last - in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) A. $6,250 OB. $18,250...
3. A company made net sales revenue of AED 500,000, and cost of goods sold totaled AED 300,000. Calculate its gross profit percentage to the nearest ong decimal. % 4. A company purchased 500 units for AED 30 each on January 31. It purchased 550 units for AED 33 each on February 28. It sold a total of 650 units for AED 45 each from March 1 through December 31. What is the cost of ending inventory on December 31...
A company purchased 300 units for $30 each on January 31. It purchased 330 units for $33 each on February 28 it sold a total of 440 units for $40 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system) O A $5,700 OB. 5080 OC. 56,270 OD. $4.720
- En Sores revenue Of AED 500,000, and cost of goods sold totaled AED 300,000. Calculate its gross profit percentage to the nearest ong decimal. 4. A company purchased 500 units for AED 30 each on January 31. It purchased 550 units for AED 33 each on February 28. It sold a total of 650 units for AED 45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses...
2. A company purchased 110 units for $30 each on January 31. It purchased 170 units for $35 each on February 28. It sold 170 units for $80 each from March 1 through December 31. If the company uses FIFO inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system)
company purchased 400 units for $20 each on January 31. It purchased 480 units for $24 each on February 28. It sold a total of 560 units for $45 each from March 1 rough December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume at the company uses a perpetual inventory system.) OA. $3,360 OB. $7,680 ОС. $3.040 OD. $6,400
15) A company purchased 90 units for $20 each on January 31. It purchased 180 units for $25 each on February 28. It sold 180 units for $60 each from March 1 through December 31. If the company uses the first-in, first-out inventory (FIFO) costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) A) $1,800 B) $4,050 C) $4,500...
A company purchased 100 units for $40 each on January 31. It purchased 160 units for $50 each on February 28. It sold 225 units for $65 each from March 1 through December 31. If the company uses the last - in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) O A. $8,000 OB. $10,600 OC....
A company purchased 130 units for $30 each on January 31. It purchased 190 units for $35 each on February 28. It sold 190 units for $70 each from March 1 through December 31. If the company uses the weighted - average inventory costing method, caloulate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system. Round any intermediate calculations two decimal places, and your...
Tk Test A company purchased 300 units for $40 each on January 31. It purchased 125 units for $50 each on February 28. It sold 175 units for $65 each from March 1 through December 31. If the company uses the last - in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) A. $6,250 OB. $18,250...
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