Homework Answers
| Total Sales | 192,033 | |
| Cost of goods sold | 69,000 | |
| Correct Gross profit (loss) | 123,033 | =192033-69000 |
| Correct answer is option 2 ( i.e. False ). |
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If a company sells 62,200 units, the sales total is $192,033, and the Cost of goods...
A manufacturer produced 13,500 total units. The cost of goods manufactured is $84,000 and the cost...
A manufacturer produced 13,500 total units. The cost of goods manufactured is $84,000 and the cost of goods sold is $69,000. The unit product cost is $5.11. O O True False
A company had sales of $352,000 and cost of goods sold of $201,000. Its gross profit...
A company had sales of $352,000 and cost of goods sold of $201,000. Its gross profit equals $151,000. True or False
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000 units were $865,000. Th...
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000 units were $865,000. The following purchases were made: Quarter Units Unit Cost Total Cost 60,000 50,000 50,000 70,000 $2.40 $2.50 $2.60 $2.75 $144,000 $125,000 $130,000 $192,500 Calculate the following: FIFO -Ending Inventory COGS Gross Profit LIFO - Ending Inventory COGS Gross Profit Avg Cost-Ending Inventory COGS Gross Profit 1. What is Gross Profit if the company uses FIFO? 2. What is Ending Inventory...
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the...
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
A company had a gross profit of $322,000 based on sales of $411,000. Its cost of...
A company had a gross profit of $322,000 based on sales of $411,000. Its cost of goods sold equals $733,000. True or False
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO...
During the year, TRC Corporation has the following inventory transactions. For the entire year, the company sells 400 units of inventory for $50 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to...
Questions: 1. Ending Inventory? 2. Total cost available for sale? 3. Total number of units available...
Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000...
A manufacturer produced 13,500 total units. The cost of goods manufactured is $84,000 and the cost of goods sold is $69,000. The unit product cost is $5.11. O O True False
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000 units were $865,000. The following purchases were made: Quarter Units Unit Cost Total Cost 60,000 50,000 50,000 70,000 $2.40 $2.50 $2.60 $2.75 $144,000 $125,000 $130,000 $192,500 Calculate the following: FIFO -Ending Inventory COGS Gross Profit LIFO - Ending Inventory COGS Gross Profit Avg Cost-Ending Inventory COGS Gross Profit 1. What is Gross Profit if the company uses FIFO? 2. What is Ending Inventory...
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000...
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