Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal...
Type or paste question here Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Total Cost $8,220.00 17,010 Date Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Unit Units Cost 1,370 $6 2,430 7 (2,540 ) 4,0708 1,400 (5,230) 32,560 12,600 - Your answer is partially correct. Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and...
Martinez Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost Total Cost June 1 Beginning inventory 1,500 $6 $9,000.00 12 Purchases 2,480 7 17,360 15 Sale (2,610 ) 16 Purchases 4,560 8 36,480 23 Purchases 1,380 9 12,420 27 Sales (5,830 ) (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers...
Bramble Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 148 tents. This consists of 51 tents at a cost of $206 each and 97 tents at a cost of $223 each. During April, the company had the following purchases and sales of tents: Sales Purchases Units Unit Cost Date Apr. 3 Units 75 Unit Price $414 202 $271 249 414 287 290 198 414 Determine the cost of goods sold...
Sandhill Co. uses a perpetual inventory system reports the following for the month of June. Unit Cost Date Explanation Units Total Cost $5 $575 June 1 Inventory 115 12 Purchases 345 2,070 6 Purchases 23 190 1,330 7 30 200 Inventory LLIE! Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) $ June 1 $ June 12 $ June 15 $ June 23 $ June 27 eTextbook and Media Calculate...
. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year (20 marks): Purchases Sales Units Unit Cost Units Selling Price/Unit Apr 1 Beginning inventory 90 $ 16 25 Purchase 300 18 May 4 Purchase 130 20 16 Sale 240 $32 Jun 4 Purchase 100 24 Instructions (a) Using the FIFO cost formula, calculate the cost of goods sold for...
Bramble Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Date Explanation Units Cost May 1 Inventory 33 $9 May 15 Purchase 25 10 May 18 Sale (45) May 24 Purchase 42 11 Total 55 Total Cost $297 250 462 $1,009 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations...
Kaleta Company uses the perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 400 6 2,400 23 Purchase 300 7 2,100 30 Inventory 100 Assume a sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 units on June 27 for $9. Calculate the cost of the ending inventory and the cost of...
Marigold Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses the perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $52 $1,560 6 Purchases 15 41 615 9 Sales (35 ) 14 Purchases 20 37 740 20 Sales (25 ) 28 Purchases 20 33 660 Determine the cost of goods sold and cost of ending inventory using average cost. (Round answers to 2 decimal places,...
4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year (20 marks): Purchases Sales Units Unit Cost Units Selling Price/Unit Apr 1 Beginning inventory 90 $ 16 25 Purchase 300 18 May 4 Purchase 130 20 16 Sale 240 $32 Jun 4 Purchase 100 24 Instructions (a) Using the FIFO cost formula, calculate the cost of goods sold for...