Homework Answers
Total units sold = 22 + 16 + 26 + 14 = 78
Cost of goods sold = (20 * 23) + (25 * 20) + (18 * 26) + (15 *
24)
= $460 + $500 + $468 + $360
= $1,788.
Cost of goods sold = $1,788.
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Quarter Opening Inventory Units Held/Purchased 17 Unit Cost ($) 28 24 Total Cost ($) 476 480...
Units Price per Unit Total Residential Pumps Inventory at Feb. 28: 400 $ 300 $ 120,000...
Units Price per Unit Total Residential Pumps Inventory at Feb. 28: 400 $ 300 $ 120,000 Purchases: March 10 1,000 $ 450 $ 450,000 March 20 800 $ 475 $ 380,000 March 30 600 $ 500 $ 300,000 Sales: March 15 1,000 $ 540 $ 540,000 March 25 800 $ 570 $ 456,000 Inventory at March 31: 1,000 Commercial Pumps Inventory at Feb. 28: 1,200 $ 800 $ 960,000 Purchases: March 3 1,200 $ 900 $ 1,080,000 March 12 600...
Data given Units Unit Cost 1-Jan Beginning inventory 4,190 $20 12-Feb Purchase 4,630 $25 2-Mar Sale...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
beginning inventory and purchases Sales Date Units Unit Cost Total Date Units Beg. Inv. 6250 3...
beginning inventory and purchases Sales Date Units Unit Cost Total Date Units Beg. Inv. 6250 3 18750 15-Mar 5000 3.12 15600 3-Feb 5250 10-May 8750 3.3 28875 4-May 4250 12-Aug 6250 3.48 21750 16-Sep 8000 20-Nov 3750 3.72 13950 9-Oct 7250 TOTAL 30000 TOTAL 25000 Beg. Inv 6250 Purchses 23750 (total - beg. Inv) Goods Ava. 30000 Sales 25000 Ending inv. 5000 (purchase-sales) Ending inv. Under specific identification Didn't provide sale so omit this part Ending inv. Under FIFO Sales...
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost...
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 12 Purchases 2,310 23 Purchases 1,358 30 Inventory 240 $ 580 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round to 3 decimal places, e.g. 5.275. Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold Click...
ZYX Pte Ltd had a beginning inventory of 600 units (unit cost $24) for a product...
ZYX Pte Ltd had a beginning inventory of 600 units (unit cost $24) for a product for the month of May. Information relating to the purchases and sales for the month were as follows: Purchases Units Cost ($) May 3 400 30 May 10 200 34 May 19 600 40 Sales Units Sales Price ($) May 8 600 60 May 13 500 80 Required: **ONLY NEED TO ANSWER PART B Determine the cost of goods sold and cost of ending...
31) Inventory records for Dunbar Incorporated revealed the following Number of Units Transaction Unit Cost 500...
31) Inventory records for Dunbar Incorporated revealed the following Number of Units Transaction Unit Cost 500 Beginning inventory Purchas Apr. 20 400 Dunbar sold 700 units of inventory during the month. Ending inventory assuming FIFO would be: A) 5500. B) $480. C) $490. D) $470. 32) At the end of the year, Mark Inc. estimates future bad debts to be $6,500. The Allowance for Uncollectible Accounts has a credit balance of $2.500 before any year-end adjustment. What adjustment should Mark...
Q1-3 thanks! the actual inventory hand-held portable computers E Are not necessary under the cost to...
Q1-3 thanks!
the actual inventory hand-held portable computers E Are not necessary under the cost to benefit constraint 12. During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net profit is A Specific identification method B. Average cost method C Weighted-average method D. FIFO method E. LIFO method Calculations: 01:05 Park Company reported the following March purchases and sales data for its only product. Us Aceda Can Soldat Retail 150 units @ $7.00...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 7...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 770 units at $28 July 20 550 units at $26 Dec. 2 220 units at $31 2,200 units were sold. Kingbird, Inc. uses a periodic inventory system. ▼ (a) Your answer is correct. Determine the cost of goods available for sale. The...
Some of the information found on a detail inventory card for Shamrock Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Un...
Some of the information found on a detail inventory card for Shamrock Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $4.38 1,300 7 800 500 10 700 4.67 1,200 13 600 600 18 1,100 4.82 400 1,300 20 1,100 200 23 1,400 4.96 1,600 26 900 700 28 1,700 5.11 2,400 31 1,400 1,000 Calculate average-cost per unit. (Round answer...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During January, Clickaway.com purchased and sold goods as follows: Jan. 8 Purchase 36 units @ $21 14 Sale 30 units @ $42 22 Purchase 24 units @ $23 27 Sale 36 units @ $42 Under the FIFO inventory costing method and the perpetual inventory system, how much is Clickaway.com's cost of goods sold for the sale on January 14? O A. $1,260 O B. $996...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 12 Purchases 2,310 23 Purchases 1,358 30 Inventory 240 $ 580 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round to 3 decimal places, e.g. 5.275. Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold Click...
31) Inventory records for Dunbar Incorporated revealed the following Number of Units Transaction Unit Cost 500 Beginning inventory Purchas Apr. 20 400 Dunbar sold 700 units of inventory during the month. Ending inventory assuming FIFO would be: A) 5500. B) $480. C) $490. D) $470. 32) At the end of the year, Mark Inc. estimates future bad debts to be $6,500. The Allowance for Uncollectible Accounts has a credit balance of $2.500 before any year-end adjustment. What adjustment should Mark...
Q1-3 thanks!
the actual inventory hand-held portable computers E Are not necessary under the cost to benefit constraint 12. During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net profit is A Specific identification method B. Average cost method C Weighted-average method D. FIFO method E. LIFO method Calculations: 01:05 Park Company reported the following March purchases and sales data for its only product. Us Aceda Can Soldat Retail 150 units @ $7.00...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 770 units at $28 July 20 550 units at $26 Dec. 2 220 units at $31 2,200 units were sold. Kingbird, Inc. uses a periodic inventory system. ▼ (a) Your answer is correct. Determine the cost of goods available for sale. The...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During January, Clickaway.com purchased and sold goods as follows: Jan. 8 Purchase 36 units @ $21 14 Sale 30 units @ $42 22 Purchase 24 units @ $23 27 Sale 36 units @ $42 Under the FIFO inventory costing method and the perpetual inventory system, how much is Clickaway.com's cost of goods sold for the sale on January 14? O A. $1,260 O B. $996...
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