Homework Answers
Answer for Q-10:
Value of ending item Inventory -
Aug 10 stock = $5*100 units = $500
Aug 20 stock = $10*300 units = $3,000
Aug 30 stock = $15*100 units = $1,500
Total = $5,000__Ans.
Thus, answer would be (c)$5,000
Answer for Q-11:
Total purchases = (200 units * $5) + (500 units * $10) + (800 units * $15)
= $1,000+$5,000+$12,000
= $18,000
And, Value of closing stock as per Q-10 above = $5,000
=> Cost of good sold = Purchases - Value of closing stock
= $18,000 - $5,000
=$13,000 __Ans.
Add Answer to:
The ABC's purchased inventory on a particular item as follows: August 10: 200 units at $5.00...
QUESTION 16 1. Information for Questions 16 and 17: The Cougar Clothing Store (CCS) purchased inventory...
QUESTION 16 1. Information for Questions 16 and 17: The Cougar Clothing Store (CCS) purchased inventory on a particular item as follows: August 10: 200 units at $5.00 August 20: 500 units at $10.00 August 30: 800 units at $15.00 CCS had no beginning inventory for the item and has 500 units on hand as of August 31. Assume that the specific identification method is used and that the ending item inventory consists of 100 units from the August 10...
Sheridan Company has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 8...
Sheridan Company has the following inventory data: Nov. 1 Inventory 25 units @ $5.00 each 8 Purchase 101 units @ $5.40 each 17 Purchase 50 units @ $5.30 each 25 Purchase 76 units @ $5.50 each A physical count of merchandise inventory on November 30 reveals that there are 84 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 25 units from each of the three purchases and 9 units from the...
Nadal Athletic has the following transactions related to its inventory for the month of August 2021:...
Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Date Transactions Units Cost per Unit Total Cost August 1 Beginning inventory 7 $ 130 $ 910 August 4 Sale ($150 each) 5 August 11 Purchase 9 120 1,080 August 13 Sale ($160 each) 7 August 20 Purchase 12 110 1,320 August 26 Sale ($170 each) 10 August 29 Purchase 12 100 1,200 $ 4,510 Required: Calculate ending inventory and cost of goods sold...
2) ) Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory...
2)
)
Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 59 units @ $25 9 Sale 47 units 13 Purchase 42 units @ $28 28 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 31 Beginning inventory, purchases, and...
Ross Inc.’s inventory records show the following data relative to an item sold. Date Units Unit...
Ross Inc.’s inventory records show the following data relative to an item sold. Date Units Unit cost May 1 Inventory 1,100 $20.50 May 3 Purchases 10,000 20.80 May 7 Sales 5,000 May 20 Purchases 8,000 21.00 May 22 Sales 8,500 May 30 Purchases 3,000 21.50 Assuming that Ross maintains a periodic inventory system with a monthly physical count, compute ending inventory on May 31 under Specific identification Weighted average cost FIFO The actual ending units remaining at May 31 are...
Che Date Units Unit Cost $790 October 1 Total Cost $ 4,740 Transactions Beginning inventory Sale...
Che Date Units Unit Cost $790 October 1 Total Cost $ 4,740 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 809 October 4 October 10 October 13 October 20 October 28 October 30 4,000 810 3,240 820 6,560 $18,540 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and...
the beginning inventory beginning inventory and the purchases of item ABC during the year w ary...
the
beginning inventory
beginning inventory and the purchases of item ABC during the year w ary 1 inventory 10units at $100-$1000 h 25 Purchase20 units at $125 2,500 30 Purchase15 units at $150- 2,250 er 8 Purchase 20 units at $200 4,000 65 9,750 are 25 units of items ABC in the physical inventory at December ). Determine the inventory cost. First Out method ed average method
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 54 units @ $20 9 Sale 37 units 13 Purchase 50 units @ $23 28 Sale 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
QUESTION 16 1. Information for Questions 16 and 17: The Cougar Clothing Store (CCS) purchased inventory on a particular item as follows: August 10: 200 units at $5.00 August 20: 500 units at $10.00 August 30: 800 units at $15.00 CCS had no beginning inventory for the item and has 500 units on hand as of August 31. Assume that the specific identification method is used and that the ending item inventory consists of 100 units from the August 10...
2)
)
Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 59 units @ $25 9 Sale 47 units 13 Purchase 42 units @ $28 28 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 31 Beginning inventory, purchases, and...
Che Date Units Unit Cost $790 October 1 Total Cost $ 4,740 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 809 October 4 October 10 October 13 October 20 October 28 October 30 4,000 810 3,240 820 6,560 $18,540 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and...
the
beginning inventory
beginning inventory and the purchases of item ABC during the year w ary 1 inventory 10units at $100-$1000 h 25 Purchase20 units at $125 2,500 30 Purchase15 units at $150- 2,250 er 8 Purchase 20 units at $200 4,000 65 9,750 are 25 units of items ABC in the physical inventory at December ). Determine the inventory cost. First Out method ed average method
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Most questions answered within 3 hours.
-
A 0.0510 M solution of an organic acid has an
[H+] of 7.50×10-4M .
What is...
asked 1 minute ago -
The completed Lewis structure of CO2 contains a total
of 0,1,2,3,4,5,6,7,8 covalent bonds
and 0,1,2,3,4,5,6,7,8 lone pairs.
NOTE:...
asked 4 minutes ago -
what is the profit-maximizing output condition that a
monopolistically competitive firm must satisfy? a) price charged...
asked 5 minutes ago -
Consider the set of ordered pairs shown below. Assuming that the
regression equation is y=3.513+0.429x and...
asked 26 minutes ago -
1. (A) Write two
structural (constitutional)
isomers of C4H8F2?
Please show all of
the
asked 29 minutes ago -
Objective: Practice converting a Boolean logic
expression into it’s truth table and to show the implementation...
asked 26 minutes ago -
1) Name the three holes located in the greater wing of the
sphenoid bone in order...
asked 29 minutes ago -
For the following reaction set-up, which type of hydrocarbon
product would form? 1,4-hexadiene + two Cl2...
asked 32 minutes ago -
Consider the following method that is intended to determine if
the double values d1 and d2...
asked 44 minutes ago -
could someone please post clear drawings of the three structures
in the equilibrium mixture of D-glucose...
asked 51 minutes ago -
Using the Properties of Order show that 5n5 +
4n4 + 6n3 + 2n2+ n +...
asked 54 minutes ago -
What is experiential learning and how is it helpful for teaching
leadership, and interpreting group dynamics?...
asked 54 minutes ago