Multiple-Choice Exercise 6-8 Morgan Inc. has the following units and costs for the month of April:...
Multiple-Choice Exercise 6-8
Morgan Inc. has the following units and costs for the month of April:
| Units Purchased at Cost | Units Sold at Retail | |
| Beginning inventory, April 1 | 1,200 units at $25 | |
| Purchase 1, April 9 | 1,500 units at $28 | |
| Sale 1, April 12 | 2,400 units at $45 | |
| Purchase 2, April 22 | 1,000 units at $30 |
If Morgan uses a perpetual inventory system, what is the cost of ending inventory under average cost at April 30? (Note: Use four decimal places for per-unit calculations and round to the nearest dollar.)
Homework Answers
rate positively..
| Units Purchased at Cost | Units Sold at Retail | |||
| Beginning inventory, April 1 | 1,200 units at $25 | |||
| Purchase 1, April 9 | 1,500 units at $28 | |||
| Sale 1, April 12 | 2,400 units at $45 | |||
| Purchase 2, April 22 | 1,000 units at $30 | |||
| Qty | rate | Amt | ||
| Beginning inventory | 1200 | 25 | 30000 | |
| Purchase 1, April 9 | 1500 | 28 | 42000 | |
| 2700 | 72000 | |||
| Average cost = 72000/2700 | 26.6667 | |||
| Therefore value of ending inventory = | ||||
| =(1200+1500-2400)*26.6667+1000*30 | 38000 | |||
| Ans = | 38000 | |||
Add Answer to:
Multiple-Choice Exercise 6-8
Morgan Inc. has the following units and costs for the month of
April:...
Multiple-Choice Exercise 6-6 Morgan Inc. has the following units and costs for the month of April:...
Multiple-Choice Exercise 6-6 Morgan Inc. has the following units and costs for the month of April: Units Purchased at Cost Units Sold at Retail Beginning inventory, April 1 1,200 units at $25 Purchase 1, April 9 1,500 units at $28 Sale 1, April 12 2,400 units at $45 Purchase 2, April 22 1,000 units at $30 If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a.$69,500 b.$63,600 c.$38,400
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April...
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 350 units at $18 each 290 units at $20 each 500 units at $55 each 250 units at $22 each 200 units at $55 each 240 units at $25 each Compute inventory and cost of goods sold in a perpetual system using the methods of FIFO, LIFO,...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units $10-$1,500 9 Purchase 1 200 units $12 = $2,400 14 Sale 1 300 units $25 22 Purchase 2 250 units @ $14 - $3,500 29 Sale 2 212 units $25 Assume that Filimonov uses a perpetual inventory system. Required:...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units $12 - $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units $14 - $3,500 29 Sale 2 212 units $25 Assume that Filimonov uses a perpetual...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 150 units $10 - $1,500 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units $14 = $3,500 29 Sale 2 212 units @ $25 Assume that Filimonov uses a...
Cornerstone Exercise 6-30 (Algorithmic) Inventory Costing Methods: Periodic FIFO (Appendix 6B) Bordeaux Company has the following...
Cornerstone Exercise 6-30 (Algorithmic) Inventory Costing Methods: Periodic FIFO (Appendix 6B) Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail Beginning Inventory June 1 9 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Purchase 1 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $18 = $4,500 29 Sale 2 225 units @ $25...
Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April:
CostSalesApril 1Beginning inventory75 units$45,0003Purchase50 units31,2505Sale30 units$33,00011Purchase25 units16,25015Sale55 units68,75022Sale40 units48,00028Purchase50 units33,750Soft Touch uses the perpetual inventory system.a. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using:i. FIFO
Garrett Company has the following transactions during the months of April and May: Date Transaction Units...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of...
Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of May 2017 May 1 12 Balance 410 units @ $22 Purchase 570 units @ $25 May 10 20 Sale 300 units @ $39 Sale 510 units @ $39 Compute the cost of ending inventory using the moving-average method. (Round average cost per unit to 3 decimal places, Ending inventory $ LINK TO TEXT Brief Exercise 6A-3 The following is a record of Teal Company's...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answert...
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 350 units at $18 each 290 units at $20 each 500 units at $55 each 250 units at $22 each 200 units at $55 each 240 units at $25 each Compute inventory and cost of goods sold in a perpetual system using the methods of FIFO, LIFO,...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units $10-$1,500 9 Purchase 1 200 units $12 = $2,400 14 Sale 1 300 units $25 22 Purchase 2 250 units @ $14 - $3,500 29 Sale 2 212 units $25 Assume that Filimonov uses a perpetual inventory system. Required:...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units $12 - $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units $14 - $3,500 29 Sale 2 212 units $25 Assume that Filimonov uses a perpetual...
Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 150 units $10 - $1,500 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units $14 = $3,500 29 Sale 2 212 units @ $25 Assume that Filimonov uses a...
Cornerstone Exercise 6-30 (Algorithmic) Inventory Costing Methods: Periodic FIFO (Appendix 6B) Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail Beginning Inventory June 1 9 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Purchase 1 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $18 = $4,500 29 Sale 2 225 units @ $25...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of May 2017 May 1 12 Balance 410 units @ $22 Purchase 570 units @ $25 May 10 20 Sale 300 units @ $39 Sale 510 units @ $39 Compute the cost of ending inventory using the moving-average method. (Round average cost per unit to 3 decimal places, Ending inventory $ LINK TO TEXT Brief Exercise 6A-3 The following is a record of Teal Company's...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answert...
Most questions answered within 3 hours.
-
A chemist had a bottle of HCl (aq) of unknown concentration. She
performed a titration experiment...
asked 25 minutes ago -
According to the network system security, please explain:
1- What is canary and how it does...
asked 1 hour ago -
Study the provided BagInterface and the methods implemented in
the ResizableArrayBag
For the following methods that...
asked 1 hour ago -
Enter your answer in the provided box. To what fraction of its
original volume, Vfinal/Vinitial, must...
asked 2 hours ago -
Can you figure out if any R functions used to subset a time
series 1 or...
asked 2 hours ago -
Which of the following is correct?
A. APC + MPS = 1
B. APS + MPS...
asked 2 hours ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 4 hours ago -
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 3 hours ago -
Now that this course has taken you on a journey of introduction
to the world of...
asked 4 hours ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 6 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 6 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 8 hours ago