Homework Answers
The correct answer is $652.
Supporting calculations:
| Date | Quantity (a) | Unit Cost (b) | Amount (a*b) | |
| July. 1 | Beginning inventory | 5 | $49 | $245 |
| July. 4 | Purchase | 10 | $57 | $570 |
| Totals before July 7 | 15 | $815 | ||
| Average cost per unit ($815/15 units = $54.33 per unit | ||||
| Cost of goods sold for the July is $652 (12 units * $54.33 per unit). |
Add Answer to:
Explanation, please.
Question 16 0/5 pts Dali's Timepieces had the following inventory data: Date Quantity Unit...
Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit...
Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit Cost $53 $55 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 10 12 $57 Assuming LIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $228 OB. $221 C. $216 OD. $212 Syrio's Snowboards has the...
1. Picasso's Paints had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory...
1. Picasso's Paints had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $50 July 4 Purchase 10 $53 July 7 Sale 12 July 11 Purchase 9 $59 July 14 Sale 8 Assuming FIFO, what is the cost of goods sold for the July 7 sale? A.$624 B.$621 C.$600 D.$630 2. Illusion, Inc. had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $55 July 4 Purchase 10 $56 July 7 Sale...
Renoir Associates had the following inventory data: Quantity Unit Cost $51 Dale July 1 July 4...
Renoir Associates had the following inventory data: Quantity Unit Cost $51 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 559 Assuming FIFO, what is the cost of goods sold for the July 14 salo? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar O A 5463 OB. $448 OC. $465 OD. $472
1.The following information related to inventory for Snickers Corporation. Date Description Quantity Price...
1.The following information related to inventory for Snickers Corporation. Date Description Quantity Price January 1 Beginning Inventory 100 $5 March 18 Purchase 120 $7 July 16 Sale 180 $10 August 19 Purchase 90 $9 December 12 Sale 105 $12 Snickers Corporation perpetually updates its inventory. For the December 12 sale, at what amount would Snickers Corporation report as cost of goods sold using weighted average cost flow assumptions (rounded to the nearest dollar)? Multiple Choice $1,060 $1,140 $1,096 $851. Incorrect...
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity 51 Cost per Unit...
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity 51 Cost per Unit Market Value per Unit (Net Realizable Value) Item CK3J $27 $32 16 TX24 105 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year...
Given the following inventory activity, what is ending inventory using the perpetual average costing method? (Round...
Given the following inventory activity, what is ending inventory using the perpetual average costing method? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) Quantity Date Beginning Balance September 17 September 24 September 29 Unit Cost $3.00 $2.50 Purchase Sale Purchases $6.00 O A. 90 units @ $3.00 and 25 units @ $2.50 and 30 units @ $6.00 OB. 145 units @ $3.48 O c. 115 units @ $2.82 and 30 units @...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
Use the following information to answer Exercises E6-16 through E6-18. Golf Unlimited carries an inventory of...
Use the following information to answer Exercises E6-16 through E6-18. Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of cach putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Quantity Date Nov. 1 Unit Cost $53 Item Balance Sale Purchase Sale Sale 30 70 30 Learning Objective 2 1. COGS 53,232 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.00 5/5 Purchase 200 $11.50 5/10 Sales 300 $25 5/15 Purchase 200 $12.50 5/20 Sales 250 $28 5/25 Purchase 150 $14.00 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $10.50 5/5 Purchase 200 $12.50 5/10 Sales 300 $25 5/15 Purchase 200 $12.50 5/20 Sales 250 $28 5/25 Purchase 150 $13 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit Cost $53 $55 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 10 12 $57 Assuming LIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $228 OB. $221 C. $216 OD. $212 Syrio's Snowboards has the...
Renoir Associates had the following inventory data: Quantity Unit Cost $51 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 559 Assuming FIFO, what is the cost of goods sold for the July 14 salo? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar O A 5463 OB. $448 OC. $465 OD. $472
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity 51 Cost per Unit Market Value per Unit (Net Realizable Value) Item CK3J $27 $32 16 TX24 105 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year...
Given the following inventory activity, what is ending inventory using the perpetual average costing method? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) Quantity Date Beginning Balance September 17 September 24 September 29 Unit Cost $3.00 $2.50 Purchase Sale Purchases $6.00 O A. 90 units @ $3.00 and 25 units @ $2.50 and 30 units @ $6.00 OB. 145 units @ $3.48 O c. 115 units @ $2.82 and 30 units @...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
Use the following information to answer Exercises E6-16 through E6-18. Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of cach putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Quantity Date Nov. 1 Unit Cost $53 Item Balance Sale Purchase Sale Sale 30 70 30 Learning Objective 2 1. COGS 53,232 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual...
Most questions answered within 3 hours.
-
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 36 minutes ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 2 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 2 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 2 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 2 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 2 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 2 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 2 hours ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 2 hours ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 3 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 3 hours ago