Homework Answers
Ending inventory:
End units = 4100 units (2400+3950-2200+2650-2700)
Last in, first out = (1700*62 + 2400*50) = $225400
Weighted average = $64.1*4100 = $262810
Weighted average = (Total cost of opening Inventory+ Total cost of purchase) / Total unit
==> (2400*50 + 3950*62 + 2650*80)/9000
==> 576900/9000
==> $64.1 per unit.
First in , first out = (1450*62 + 2650*80) = $301900
Specific identification= (1470*80 + 2630*62) = $280660
Cost of goods sold:
Total sold units = 4900 units (2200+2700)
Last in,first out = $351500 (2250*62 + 2650*80)
Or, (576900-225400) = 351500
Weighted average = $314090 (4900 units * $64.1)
Or, (576900-262810)= 314090
First in, first out = $275000 ( 2500*62 + 2400*50)
Or, (576900-301900) = 275000
Specific identification= 576900-280660 = $296240
| Amount of goods available for sale | Ending inventory | Cost of good sold | ||
|---|---|---|---|---|
| a | Last in last out | 576900 | 225400 | 351500 |
| b | Weighted average | 576900 | 262810 | 314090 |
| c | First in first out | 576900 | 301900 | 275000 |
| d | Specific identification | 576900 | 280660 | 296240 |
Add Answer to:
Return to question 1 Units 2,400 Unit Cost $ 50 Transactions Beginning inventory, January 1 Transactions...
Unit Cost $3.00 400 Beginning inventory, January 1 Transactions During the year: a. Purchase, January 30...
Unit Cost $3.00 400 Beginning inventory, January 1 Transactions During the year: a. Purchase, January 30 b. Purchase, May1 c. Sale ($5 each) d. Sale ($5 each) 3.40 4.00 300 460 (160) (700) Required: a. Compute the amount of goods available for sale. Goodsavailableforsalets-4060] b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, f Specific identification, assuming that the first sale was selected two-fifths from the...
cam someone help me with the amount of goods available for sale, emding inventory, and cost...
cam
someone help me with the amount of goods available for sale, emding
inventory, and cost of goods sold st December 31in each inventory
costing merhods?
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies Its Inventory costing method at the end of each period, as if it uses a periodic Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Units 3,400...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December 31.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,500
$
60
Transactions during the year:
a.
Purchase, January 30
2,600
72
b.
Sale, March 14 ($100 each)
(1,150...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inven...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Units Cost 1,800 $50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 h Sale, March 14 ($100 each) c. Purchase, May 1...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units Unit Cost 1,800 $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 6. Sale, March 14 ($100 each) c. Purchase, May...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost $ 5.00 Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Sale, March 14 ($10 each Purchase, May 1 Sale, August 31...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units 1,600 Unit Coat 45 Transactions Beginning inventory, January 1 Transactions during the years a. Purchase, January 30 b. Sale, March 14 (9100 sach) c. Purchase, May 1...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its invent...
Gladstone Limited tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December 31.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,800
$
5.00
Transactions during the year:
a.
Purchase, January 30
2,500
6.20
b.
Sale, March 14 ($10 each)
(1,450...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its invent...
Gladstone Limited tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December 31.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,800
$
5.00
Transactions during the year:
a.
Purchase, January 30
2,500
6.20
b.
Sale, March 14 ($10 each)
(1,450...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December...
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 430 $6.00 Transactions during the year: a. Purchase, January 30 330 3.70 b. Purchase, May 1 490 7.00 c. Sale ($8 each) (190) d. Sale ($8 each) (730) Required: a. Compute the amount of goods available for sale. b. & c. Compute...
Unit Cost $3.00 400 Beginning inventory, January 1 Transactions During the year: a. Purchase, January 30 b. Purchase, May1 c. Sale ($5 each) d. Sale ($5 each) 3.40 4.00 300 460 (160) (700) Required: a. Compute the amount of goods available for sale. Goodsavailableforsalets-4060] b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, f Specific identification, assuming that the first sale was selected two-fifths from the...
cam
someone help me with the amount of goods available for sale, emding
inventory, and cost of goods sold st December 31in each inventory
costing merhods?
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies Its Inventory costing method at the end of each period, as if it uses a periodic Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Units 3,400...
Gladstone Company tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December 31.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,500
$
60
Transactions during the year:
a.
Purchase, January 30
2,600
72
b.
Sale, March 14 ($100 each)
(1,150...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Units Cost 1,800 $50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 h Sale, March 14 ($100 each) c. Purchase, May 1...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units Unit Cost 1,800 $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 6. Sale, March 14 ($100 each) c. Purchase, May...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost $ 5.00 Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Sale, March 14 ($10 each Purchase, May 1 Sale, August 31...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units 1,600 Unit Coat 45 Transactions Beginning inventory, January 1 Transactions during the years a. Purchase, January 30 b. Sale, March 14 (9100 sach) c. Purchase, May 1...
Gladstone Limited tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December 31.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,800
$
5.00
Transactions during the year:
a.
Purchase, January 30
2,500
6.20
b.
Sale, March 14 ($10 each)
(1,450...
Gladstone Limited tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, as if it uses a periodic
inventory system. Assume its accounting records provided the
following information at the end of the annual accounting period,
December 31.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,800
$
5.00
Transactions during the year:
a.
Purchase, January 30
2,500
6.20
b.
Sale, March 14 ($10 each)
(1,450...
Most questions answered within 3 hours.
-
If the wage rate increases from $12 to $16 and, as a result, the
quantity demanded...
asked 2 minutes ago -
the slime layer external to the prokaryotic cell wall is called
the ?
asked 10 minutes ago -
Cheyenne Company must decide whether to make or buy some of its
components. The costs of...
asked 12 minutes ago -
What is the maximum number of edges that a graph on 7 vertices can
have if...
asked 11 minutes ago -
What is the entropy change for mixing 1 liter of a monoatomic
ideal gas (call it...
asked 10 minutes ago -
A company that has 150 employees chooses a committee of 11 to
represent employee retirement issues....
asked 32 minutes ago -
the
force between two 2.11 x 10^-4 C charges that are 2.11 meters apart
is ______N?
asked 47 minutes ago -
A truck of mass m slows from speed v0 to speed v in a
time t....
asked 33 minutes ago -
A 60kg box rests on a floor with a coefficient of kinetic
friction of 0.600 and...
asked 31 minutes ago -
if you cut off ANS innervation what would happen to the heart
rate?
asked 30 minutes ago -
What is the output of the below code?
var color = "yellow";
var colorObject = {...
asked 31 minutes ago -
Suppose you purchased 19 shares of Disney stock for $23.95 per
share on May 1, 2012....
asked 35 minutes ago