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Test 2 Help The inventory records for Radford Co. reflected the following: oo 1 Beginning inventory May 1 First purchase May 7 Second purchase May 17 Third purchase. May 23 Sales May 31 ,100 units $3.80 1,200 units $4.00 1.400 units $4.10 .000 units $4.20 3,600 units . $5.70 1 Part 2 of 3 points What is the amount of cost of goods sold assuming the LIFO cost flow method? 3144 1 0 $15,120 t 0 $14740 0 0 <...
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Saved The following information applies to the questions displayed below. Darlington Company entered into the following business events during its first month of operations. The company uses the perpetual inventory system. 1) The company purchased $12.500 of merchandise on account under terms 3/10, n/30. 2) The company returned $2,000 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period, 4) All of the merchandise purchased was sold for $19,000 cash. 7.03 What...
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The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purchase @ May 17 Third purchase @ May 23 300 units e $2.20 400 units e $2.40 600 units @ $2.50 200 units @ $2.60 Sales @ May 31 1, 200 units @ $4.10 Determine the amount of ending inventory assuming the FIFO cost flow method. Multiple Choice $770 $780 Determine the amount of ending inventory assuming the FIFO cost...
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est 2 0 Help Save & Exit Submit The following information applies to the questions displayed below.) Darlington Company entered into the following business events during its first month of operations. The company uses the perpetual inventory system. Part 1 of 2 1) The company purchased $12,700 of merchandise on account under terms 4/10,n/30. 2) The company returned $2,200 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of...
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A company just starting business made the following four inventory purchases in June: Number of units purchased Date Total cost June 1 150 units 370 June 10 160 units 600 June 15 160 units 700 June 28 140 units 770 $2440 A physical count of merchandise inventory on June 30 reveals that there are 280 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is $858 $1724 $1120 $1339 OOOO At May...
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Practice Test 1) Using the information given below for a company that uses a perpetual inventory system, calculate the ending inventory using weighted average. Units 100 40 Unit Cost S10 2 Beginning inventory Uan. 5 purchased Jan. 10 sold Jan. 15 purchased Jan. 25 sold 60 SO Cost of goods sold Units Unit cost Total Units Balance Unit cost Total Answer: Purchases Date Units Unit cost Total 1/1 1/5 11/10 1/15 1/25 2) Calculate the ending inventory using LIFO for...
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The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: • The March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; The March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Date Activities Units Acqulied at Cost Units Sold at Retail 100 units a $50.00 per unit...
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Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
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The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: The March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; The March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Date Activities Units Acquired at Cost Units Sold at Retail 100 units a $50.00 per unit 400...
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 60 units$50.20 per unit 205 units$55.20 per unit Activities Units Sold at Retail Date 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. 220 units@$85.20 per unit Mar. 65 units$60.20 per unit 110 units $62.20 per unit Mar. 18 Purchase Mar. 25 Purchase 90 units $95.20 per unit Mar. 29 Sales 440 units 310 units Totals 3. Compute...
Test 2 Help The inventory records for Radford Co. reflected the following: oo 1 Beginning inventory May 1 First purchase May 7 Second purchase May 17 Third purchase. May 23 Sales May 31 ,100 units $3.80 1,200 units $4.00 1.400 units $4.10 .000 units $4.20 3,600 units . $5.70 1 Part 2 of 3 points What is the amount of cost of goods sold assuming the LIFO cost flow method? 3144 1 0 $15,120 t 0 $14740 0 0 <...
Saved The following information applies to the questions displayed below. Darlington Company entered into the following business events during its first month of operations. The company uses the perpetual inventory system. 1) The company purchased $12.500 of merchandise on account under terms 3/10, n/30. 2) The company returned $2,000 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period, 4) All of the merchandise purchased was sold for $19,000 cash. 7.03 What...
The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purchase @ May 17 Third purchase @ May 23 300 units e $2.20 400 units e $2.40 600 units @ $2.50 200 units @ $2.60 Sales @ May 31 1, 200 units @ $4.10 Determine the amount of ending inventory assuming the FIFO cost flow method. Multiple Choice $770 $780 Determine the amount of ending inventory assuming the FIFO cost...
est 2 0 Help Save & Exit Submit The following information applies to the questions displayed below.) Darlington Company entered into the following business events during its first month of operations. The company uses the perpetual inventory system. Part 1 of 2 1) The company purchased $12,700 of merchandise on account under terms 4/10,n/30. 2) The company returned $2,200 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of...
A company just starting business made the following four inventory purchases in June: Number of units purchased Date Total cost June 1 150 units 370 June 10 160 units 600 June 15 160 units 700 June 28 140 units 770 $2440 A physical count of merchandise inventory on June 30 reveals that there are 280 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is $858 $1724 $1120 $1339 OOOO At May...
Practice Test 1) Using the information given below for a company that uses a perpetual inventory system, calculate the ending inventory using weighted average. Units 100 40 Unit Cost S10 2 Beginning inventory Uan. 5 purchased Jan. 10 sold Jan. 15 purchased Jan. 25 sold 60 SO Cost of goods sold Units Unit cost Total Units Balance Unit cost Total Answer: Purchases Date Units Unit cost Total 1/1 1/5 11/10 1/15 1/25 2) Calculate the ending inventory using LIFO for...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: • The March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; The March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Date Activities Units Acqulied at Cost Units Sold at Retail 100 units a $50.00 per unit...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: The March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; The March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Date Activities Units Acquired at Cost Units Sold at Retail 100 units a $50.00 per unit 400...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 60 units$50.20 per unit 205 units$55.20 per unit Activities Units Sold at Retail Date 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. 220 units@$85.20 per unit Mar. 65 units$60.20 per unit 110 units $62.20 per unit Mar. 18 Purchase Mar. 25 Purchase 90 units $95.20 per unit Mar. 29 Sales 440 units 310 units Totals 3. Compute...