Homework Answers
rate positively .. let me know if you need any clarification..
| Ans a) | Goods available for sales= | 16400 | |
| 2900+13500 | |||
| Ans b) | Cost of goods sold = | 12300 | |
| 2900+13500-4100 | |||
| Ans c) | Inventory = | 4100 |
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Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,500. At the end of the year, inventory on hand amounted to $4,100 Required a. Calculate the cost of goods available for sale during the year. Goods available for sale b. Calculate the cost of goods sold for the year. Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had...
Bill Rose owns Rose Sporting Goods. At the beginning of the
year, Rose Sporting Goods had $2,700 in inventory. During the year,
Rose Sporting Goods purchased inventory that cost $13,300. At the
end of the year, inventory on hand amounted to $3,900.
Required
a. Calculate the cost of goods available for sale during
the year.
b. Calculate the cost of goods sold for the
year.
c. Calculate the amount of inventory Rose
Sporting Goods would report on its year-end balance...
Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose...
Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $6,000. At the end of the year, inventory on hand amounted to $28,500. Required Calculate the following: a. Cost of goods available for sale during the year. b. Cost of goods sold for the year. c. Amount...
Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Periodic system...
Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Periodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods hed $3,200 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13.800. At the end of the year, inventory on hand smounted to $4.400. Required a. Calculate the cost of goods sveilable for sale during the year. Goods available for sale b. Calculate...
Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4) Altira Corporation provides the following...
Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,900 units; cost $6.20 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.50 each. 25 Sold 10.600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: Using calculations...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand—2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 31 Inventory on hand—3,900 units. Required: a. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods...
Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,700 units; cost $6.00 each.
8
Purchased 13,500 units for $6.20 each.
14
Sold 10,800 units for $12.70 each.
18
Purchased 8,100 units for $6.30 each.
25
Sold 9,800 units for $11.70 each.
28
Purchased 4,700 units for $5.80 each.
31
Inventory on hand—8,400 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Required information (The following information applies to the questions displayed below.) Altira Corporation provides the following...
Required information (The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: 1. Using...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-10,500 units: cost $8.40 each 8 Purchased 29,000 units for $7.40 each. 14 Sold 20, 500 units for $13.90 each. 18 Purchased 15, 500 units for $6.90 each 25 Sold 19, 500 units for $12.90 each. 31 Inventory on hand-15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018,...
Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,900 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,500. At the end of the year, inventory on hand amounted to $4,100 Required a. Calculate the cost of goods available for sale during the year. Goods available for sale b. Calculate the cost of goods sold for the year. Cost of goods sold c. Calculate the amount of inventory Rose...
Bill Rose owns Rose Sporting Goods. At the beginning of the
year, Rose Sporting Goods had $2,700 in inventory. During the year,
Rose Sporting Goods purchased inventory that cost $13,300. At the
end of the year, inventory on hand amounted to $3,900.
Required
a. Calculate the cost of goods available for sale during
the year.
b. Calculate the cost of goods sold for the
year.
c. Calculate the amount of inventory Rose
Sporting Goods would report on its year-end balance...
Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $6,000. At the end of the year, inventory on hand amounted to $28,500. Required Calculate the following: a. Cost of goods available for sale during the year. b. Cost of goods sold for the year. c. Amount...
Exercise 4-20A (Algo) Effect of Inventory transactions on the Income statement and balance sheet: Periodic system (Appendix) LO 4-9 Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods hed $3,200 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13.800. At the end of the year, inventory on hand smounted to $4.400. Required a. Calculate the cost of goods sveilable for sale during the year. Goods available for sale b. Calculate...
Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (LO8-1, 8-4) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,900 units; cost $6.20 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.50 each. 25 Sold 10.600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: Using calculations...
Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,700 units; cost $6.00 each.
8
Purchased 13,500 units for $6.20 each.
14
Sold 10,800 units for $12.70 each.
18
Purchased 8,100 units for $6.30 each.
25
Sold 9,800 units for $11.70 each.
28
Purchased 4,700 units for $5.80 each.
31
Inventory on hand—8,400 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Required information (The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8, 800 units. Required: 1. Using...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-10,500 units: cost $8.40 each 8 Purchased 29,000 units for $7.40 each. 14 Sold 20, 500 units for $13.90 each. 18 Purchased 15, 500 units for $6.90 each 25 Sold 19, 500 units for $12.90 each. 31 Inventory on hand-15,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018,...
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