Homework Answers
Calculation of Dollar value of Ending Inventory & Cost of goods sold
Method I: FIFO
Ending Inventory= $10,080
Cost of Goods sold= $ 73,977
| Date | Opening balance | Purchases | Cost of goods sold | Closing balance |
| Beginning | 325 units X $ 81=$26325 | Nil | Nil | 325 units X $ 81=$26325 |
| 10-Mar | 325 units X $ 81=$26325 | 223 units X $84=$18732 | Nil | 325 units X $ 81=$26325 & 223 units X $84=$18732 |
| 20-Mar | 325 units X $ 81=$26325 & 223 units X $84=$18732 | Nil | 325 units X $ 81=$26325 & 46 units X $ 84=$3864 | 177 units X$ 84=$14868 |
| 13-May | 177 units X$ 84=$14868 | 249 units X$80=$19920 | 177 units X$ 84=$14868 & 249 units X$80=$19920 | |
| 05-Aug | 177 units X$ 84=$14868 & 249 units X$80=$19920 | 265 units X$72=$19080 | 177 units X$ 84=$14868 & 249 units X$80=$19920 & 265 units X$72=$19080 | |
| 10-Sep | 177 units X$ 84=$14868 & 249 units X$80=$19920 & 265 units X$72=$19080 | Nil | 177 units X$ 84=$14868 & 249 units X$80=$19920 & 125 units X$72=$9000 | 140 unitsX$72=$10,080 |
| Total | $73,977 | $10,080 |
Method II: Moving Weighted Average
Ending Inventory= $ 10,850
Cost of Goods sold= $ 73,207
| Date | Opening Balance | Purchased | Sold | Closing Balance | Total Inventory | Total units | Average cost per unit |
| Beginning | 325 units X $ 81=$26325 | Nil | Nil | 325 units X $ 81=$26325 | $26,325 | 325 units | $26325/325 =$81 |
| 10-Mar | 325 units X $ 81=$26325 | 223 units X $84=$18732 | Nil | 548 Units X $82.22=$ 45,057 | $45,057 | 548 units | 45057/548=$82.22 |
| 20-Mar | 548 Units X $82.22=$ 45,057 | Nil | 371 units X $82.22=$30504 | 177 units X $82.22=$14,553 | $14,553 | 177 units | $14553/177=$82.22 |
| 13-May | 177 units X $82.22=$14,553 | 249 units X$80=$19920 | Nil | 426 units X $80.92=$34,473 | $34,473 | 426 units | $34473/426=$80.92 |
| 05-Aug | 426 units X $80.92=$34,473 | 265 units X$72=$19080 | Nil | 691 unitsX $77.50=$53,553 | $53,553 | 691 units | $53553/691=$77.50 |
| 10-Sep | 691 unitsX $77.50=$53,553 | 551 units X $77.50=$42703 | 140 units X $ 77.50=$10850 | $10,850 | 140 units | $10850/140 =$77.50 |
Please feel free to reach or comment back if you need further clarity or something is missing
Add Answer to:
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31,...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31,...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 325 units @$ 81/unit 223 units @$ 84/unit 371 units @ $168/unit 249 units @$ 80/unit 265 units @$ 72/unit 551 units @ $168/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31,...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 271 units @ $ 81/unit 204 units @ $ 85/unit 379 units @ $ 174/unit 288 units @ $ 77/unit 237 units @ $ 67/unit 469 units @ $ 174/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending...
Ontario Skateboard Company has the following Inventory and purchases during the fiscal year ended December 31,...
Ontario Skateboard Company has the following Inventory and purchases during the fiscal year ended December 31, 2020. 00.- Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 277 units @ $ 90/unit 227 units e$ 92/unit 349 units @ $166/unit 291 units @ $ 86/unit 270 units @ $ 79/unit 556 units @ $166/unit 20 points Skipped Ontario Skateboard Company employs a perpetual Inventory system. Required: 1. Calculate the dollar value of...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31,...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 286 units es 85/unit 216 units es 89/unit 375 units e $179/unit 305 units @s 82/unit 10 purchased March 20 Bold 13 purchased S purchased May August September 10 260 units @s 73/unit sold 556 units @ $179/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold...
Problem 6-7A Gross profit comparisons and cost flow assumptions—perpetual LO2, 3 Ontario Skateboard Company has the...
Problem 6-7A Gross profit comparisons and cost flow assumptions—perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 310 units @ $ 87/unit March 10 purchased 229 units @ $ 90/unit March 20 sold 401 units @ $ 173/unit May 13 purchased 299 units @ $ 83/unit August 5 purchased 286 units @ $ 76/unit September 10 sold 520 units @ $ 173/unit Ontario Skateboard Company employs a...
WEIGHTED AVERAGE METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31,...
WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00$ 15,000.00 500$ 11.50 5,750.00 600 14.50$ 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 300$18.00$ 5,400.00 700$ 18.50 S12,950.00 400 20.00 8,000.00...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
FIFO METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2...
FIFO METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00 $ 15,000.00 500 $11.50 5,750.00 600 $14.50 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 $5,400.00 700 18.50 12,950.00 400 20.00S8,000,00 $87,000.00 300...
The following data are available for Sellco for the fiscal year ended on January 31, 2017:...
The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales 820 units Beginning inventory 270 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 400 units @ $ 6 220 units @ $ 8 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) Cost of Goods...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 325 units @$ 81/unit 223 units @$ 84/unit 371 units @ $168/unit 249 units @$ 80/unit 265 units @$ 72/unit 551 units @ $168/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 271 units @ $ 81/unit 204 units @ $ 85/unit 379 units @ $ 174/unit 288 units @ $ 77/unit 237 units @ $ 67/unit 469 units @ $ 174/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending...
Ontario Skateboard Company has the following Inventory and purchases during the fiscal year ended December 31, 2020. 00.- Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 277 units @ $ 90/unit 227 units e$ 92/unit 349 units @ $166/unit 291 units @ $ 86/unit 270 units @ $ 79/unit 556 units @ $166/unit 20 points Skipped Ontario Skateboard Company employs a perpetual Inventory system. Required: 1. Calculate the dollar value of...
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory March 286 units es 85/unit 216 units es 89/unit 375 units e $179/unit 305 units @s 82/unit 10 purchased March 20 Bold 13 purchased S purchased May August September 10 260 units @s 73/unit sold 556 units @ $179/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold...
WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00$ 15,000.00 500$ 11.50 5,750.00 600 14.50$ 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 300$18.00$ 5,400.00 700$ 18.50 S12,950.00 400 20.00 8,000.00...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
FIFO METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00 $ 15,000.00 500 $11.50 5,750.00 600 $14.50 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 $5,400.00 700 18.50 12,950.00 400 20.00S8,000,00 $87,000.00 300...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Most questions answered within 3 hours.
-
##8. A program contains the following function definition:
##def cube(num):
##return num * num * num...
asked 4 minutes ago -
find the value z of a standard Normal variable that satisfies
each of the given conditions....
asked 28 minutes ago -
"banana".find('z')
Out[22]: -1
why is this -1
python 3.7
asked 8 minutes ago -
Ilegal Consideration Marna Balin was involved in two automobile
accidents in which she suffered severe injures.She...
asked 17 minutes ago -
Walk through the operation of QuickSort when n = 7 and the input
array is A...
asked 12 minutes ago -
Answer with True or False. Argue the answers
7) The circulation of field B on any...
asked 20 minutes ago -
Chase Co. uses the perpetual inventory method. The inventory
records for Chase reflected the following
Jan...
asked 19 minutes ago -
what are is the correct compression for these two ipv6 ips.. i
keep getting them wrong...
asked 24 minutes ago -
How does the amount of silica gel used change separation?
asked 25 minutes ago -
A barium hydroxide solution is prepared by dissolving 1.91 g1.91
g of Ba(OH)2Ba(OH)2 in water to...
asked 44 minutes ago -
barium oxide with water Express your answer as a chemical
equation. Identify all of the phases...
asked 47 minutes ago -
In the laboratory a "coffee cup"
calorimeter, or constant pressure calorimeter, is
frequently used to determine...
asked 46 minutes ago