Right Now Electronic Center began Dec with 90 units of merchandise inventory that cost $74 each....
Right Now Electronic Center began Dec with 90 units of merchandise inventory that cost $74 each. During Dec, the store made the following purchases:
Dec 3: 20 units @ $76 each
Dec 12: 30 units @ $78 each
Dec 18: 60 units @ $94 each
Right Now uses the periodic inventory system, and the physical count at Dec 31 indicates that 80 units of inventory are on hand.
1a. Determine the ending merchandise inventory and cost of goods sold amounts for the Dec financial statements using FIFO, LIFO, and weighted average inventory costing methods.
1b. Sales revenue for Dec totaled $25000. Compute Jepson's gross profit for July using each method.
1c. Which method will result in the lowest income taxes for
RightNow? Why and what is the company's gross profit under that
method?
1d. Which method will result in the highest income taxes for
RightNow? Why and what is the company's gross profit under that
method?
Homework Answers
this is very hard to read. i can barely read the numbers you put and if i am reading it correctly idk how you got some of the numbers.
Add Answer to:
Right Now Electronic Center began Dec with 90 units of
merchandise inventory that cost $74 each....
25th Century Electronic Center began December with 70 units of merchandise inventory that cost $74 each....
25th Century Electronic Center began December with 70 units of merchandise inventory that cost $74 each. During December, the store made the following purchases: E: (Click the icon to view the purchases.) 25th Century uses the periodic inventory system, and the physical count at December 31 indicates that 80 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO,...
Up-to-Date Election Center began December with 90 units of merchandise inventory that cost $80 each During...
Up-to-Date Election Center began December with 90 units of merchandise inventory that cost $80 each During Decemberthere made the wing purchases RB Click the con low the purchases Uplo Dates the periodic inventory system and the physical count at December indicates that units of merchandise for en hand Read the requirements Requirement. Deforme the ending merchandise ventory and cost of goods amounts for the December financial statements using the FIFO, UFO, and weighted average verlorycoing methods O Weighted average Ending...
Dec. 1 Beginning merchandise inventory 12 units @ $8 each 8 Sale 8 units @ $21...
Dec. 1 Beginning merchandise inventory 12 units @ $8 each 8 Sale 8 units @ $21 each 14 Purchase 16 units @ $14 each 21 Sale 15 units @ $21 each 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher...
Dec. 1 Beginning merchandise inventory 13 units @ $11 each 8 Sale 9 units @ $24...
Dec. 1 Beginning merchandise inventory 13 units @ $11 each 8 Sale 9 units @ $24 each 14 Purchase 17 units @ $15 each 21 Sale 14 units @ $24 each Assume that Upper J Upper L ToysJ L Toys store bought and sold a line of dolls during DecemberDecember as follows: LOADING... (Click the icon to view the transactions.) Upper J Upper L ToysJ L Toys uses the perpetual inventory system.Read the requirements. LOADING... Requirement 1. Compute the cost...
P6A-37B (book/static) Question Help Right Now Electronic Center began October with 100 units of merchandise inventory...
P6A-37B (book/static) Question Help Right Now Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: E: (Click the icon to view the purchases.) Right Now uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial...
Dec. 1 Beginning merchandise inventory 13 units @ $9 each 8 Sale 8 units @ $22...
Dec. 1 Beginning merchandise inventory 13 units @ $9 each 8 Sale 8 units @ $22 each 14 Purchase 16 units @ $14 each 21 Sale 14 units @ $22 each Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating...
For planet began May with with merchandise inventory of 65 crates of of vitamins that cost...
For
planet began May with with merchandise inventory of 65 crates of of
vitamins that cost a total of of $3,835. During the month, fit
planet purchased and sold merchandise on account as follows:
ms 50f 6 (3 complete) ▼ uring the month, Fit Planet purchased and sold merchandise on account as follows: determine the company's cost of goods sold, ending merchandise inventory, and gross profit. on ha Xhe olde Requirements ota Prepare a perpetual inventory record, using the FIFO...
Athletic world began January with merchandise inventory of 70 crates of vitamins that cost a total...
Athletic world began January with merchandise inventory of 70
crates of vitamins that cost a total of $4,550. During the month,
Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
Fit Gym began October with merchandise inventory of 78 crates of vitamins that cost a total...
Fit Gym began October with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows: EEB (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
25th Century Electronic Center began December with 70 units of merchandise inventory that cost $74 each. During December, the store made the following purchases: E: (Click the icon to view the purchases.) 25th Century uses the periodic inventory system, and the physical count at December 31 indicates that 80 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO,...
Up-to-Date Election Center began December with 90 units of merchandise inventory that cost $80 each During Decemberthere made the wing purchases RB Click the con low the purchases Uplo Dates the periodic inventory system and the physical count at December indicates that units of merchandise for en hand Read the requirements Requirement. Deforme the ending merchandise ventory and cost of goods amounts for the December financial statements using the FIFO, UFO, and weighted average verlorycoing methods O Weighted average Ending...
P6A-37B (book/static) Question Help Right Now Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: E: (Click the icon to view the purchases.) Right Now uses the periodic inventory system, and the physical count at October 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial...
For
planet began May with with merchandise inventory of 65 crates of of
vitamins that cost a total of of $3,835. During the month, fit
planet purchased and sold merchandise on account as follows:
ms 50f 6 (3 complete) ▼ uring the month, Fit Planet purchased and sold merchandise on account as follows: determine the company's cost of goods sold, ending merchandise inventory, and gross profit. on ha Xhe olde Requirements ota Prepare a perpetual inventory record, using the FIFO...
Athletic world began January with merchandise inventory of 70
crates of vitamins that cost a total of $4,550. During the month,
Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
Fit Gym began October with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows: EEB (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
Most questions answered within 3 hours.
-
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 10 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 14 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 13 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 19 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 18 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 42 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 44 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 46 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 42 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 45 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 55 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 1 hour ago