Homework Answers
| LIFO | ||||||
| Cost of goods sold | 1390 | |||||
| ending inventory in units | 20 | |||||
| Value of ending inventory | 200 | |||||
| Weighted average | ||||||
| (990+600)/150 | ||||||
| 10.6 | ||||||
| average cost per unit | 10.6 | |||||
| cost of goods sold | 1378 | |||||
| ending inventory in units | 20 | |||||
| Value of ending inventory | 212 | |||||
| Q9) | ||||||
| DR COGS | $100 ; | CR | inventory | 100 | ||
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Below is the same data presented in Question 3. Date # of Units Beginning 9 60...
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan....
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 $11 Jan. 10th 130 Assuming your company uses FIFO (First in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory in units? What is the dollar value of ending inventory? $ Below is the same data presented in Question...
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan....
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 Jan. 10th 130 Assuming your company uses the weighted average to value Cost of Goods Sold: What is the average cost per unit on Jan. 10th (round to the nearest cent)? $ What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory...
Date Jan. 2nd Jan. 5th Jan. 10th # of Units Beginning Inv. 60 Purchase 90 Sell...
Date Jan. 2nd Jan. 5th Jan. 10th # of Units Beginning Inv. 60 Purchase 90 Sell Inventory 130 Unit Cost $10 $11 Assuming your company uses LIFO (Last in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ not include decimals) What is ending inventory in units ? What is the value of ending inventory? $
Question 9 0.5 pts On June 30th, Staples purchases 5 HP computers for $500. On December...
Question 9 0.5 pts On June 30th, Staples purchases 5 HP computers for $500. On December 31st they still have one of the HP Computers and believe market value is $400. What is the journal entry they should record on December 31st? O DR COGS $400; CR Inventory $400 O DR Inventory $100; CR COGS $100 O DR COGS $100; CR Inventory $100 O DR COGS $500; CR Inventory $500 O No journal entry required Question 10 0.5 pts An...
The following chart provides purchases and sales of inventory. Below is the Inventory activity for your...
The following chart provides purchases and sales of inventory. Below is the Inventory activity for your company # of Units Unit Cost Date Total Cost Jan. 2nd Beginning Inv. 60 $10 Jan. 5th Purchase 90 $11 Jan. 10th Sell Inventory 130 How many units are available for sale on Jan. 10th? What is the Cost of Goods Available for Sale? $ (do not include decimals or a dollar sign)
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units...
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
Laker Company reported the following January purchases and sales data for its only product. Date Activities...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The...
Date Required information [The following information applies to the questions displayed below.) Hemming Co. reported the...
Date Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 - $ 2,576 Jan. 10 Sales 160 units e $41.20 Mar.14 Purchase 350 units $16.20 - 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 units $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 $11 Jan. 10th 130 Assuming your company uses FIFO (First in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory in units? What is the dollar value of ending inventory? $ Below is the same data presented in Question...
Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 Jan. 10th 130 Assuming your company uses the weighted average to value Cost of Goods Sold: What is the average cost per unit on Jan. 10th (round to the nearest cent)? $ What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory...
Date Jan. 2nd Jan. 5th Jan. 10th # of Units Beginning Inv. 60 Purchase 90 Sell Inventory 130 Unit Cost $10 $11 Assuming your company uses LIFO (Last in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ not include decimals) What is ending inventory in units ? What is the value of ending inventory? $
Question 9 0.5 pts On June 30th, Staples purchases 5 HP computers for $500. On December 31st they still have one of the HP Computers and believe market value is $400. What is the journal entry they should record on December 31st? O DR COGS $400; CR Inventory $400 O DR Inventory $100; CR COGS $100 O DR COGS $100; CR Inventory $100 O DR COGS $500; CR Inventory $500 O No journal entry required Question 10 0.5 pts An...
The following chart provides purchases and sales of inventory. Below is the Inventory activity for your company # of Units Unit Cost Date Total Cost Jan. 2nd Beginning Inv. 60 $10 Jan. 5th Purchase 90 $11 Jan. 10th Sell Inventory 130 How many units are available for sale on Jan. 10th? What is the Cost of Goods Available for Sale? $ (do not include decimals or a dollar sign)
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
Date Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 - $ 2,576 Jan. 10 Sales 160 units e $41.20 Mar.14 Purchase 350 units $16.20 - 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 units $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
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