Homework Answers
|
Particulars |
No. of Units |
Cost per unit |
Total Value |
| Purchases | 50 | $40 | $2,000 |
|
Beginning Inventory (60 units - 50 units) |
10 |
$35 |
$350 |
|
Cost of goods sold (LIFO method) |
$2,350 |
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Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction...
Fan Company sells inventory on account. The entry or entries to record this sale using a...
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
6 Madison Outlet has the following Inventory transactions for the year Date Jan. 1 Mar. 14...
6 Madison Outlet has the following Inventory transactions for the year Date Jan. 1 Mar. 14 Transaction Beginning inventory Purchase Numbers of Units 10 15 Unit Cost 5200 300 Total cost $2,000 4,500 $6,500 Jan. 1 - Dec. 31 Total sales to customers 12 What amount would Madison report for cost of goods sold using LIFO?
Madison Outlet has the following inventory transactions for the year 15 Date Jan. 1 Mar. 14...
Madison Outlet has the following inventory transactions for the year 15 Date Jan. 1 Mar. 14 Transaction Beginning inventory Purchase Numbers of Units 10 15 Unit Cost $200 300 Total COBE $2,000 4,500 $6,500 Jan. 1 - Dec. 31 Total sales to customers 12 What amount would Madison report for ending inventory using FIFO? Multiple Choice $2,600 O $2.900 O $3,600
Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of...
Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit CostTotal Cost Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16Purchase Oct. 6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5.280 $22.500 200 490 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit....
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when...
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when inventory costs are rising? Specific identification. First-in, first-out (FIFO). Last-in, first-out (LIFO). Average cost. 1 points 1b At the beginning of the year, Johnson Supply has inventory of $5,200. During the year, the company purchases an additional $20,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $3,000. What amount will Bennett report for cost of goods...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52...
Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 59 $ 51 $ 3,009 Apr. 7 Purchase 139 53 7,367 Jul. 16 Purchase 209 56 11,704 Oct. 6 Purchase 119 57 6,783 526 $ 28,863 For the entire year, the company sells 445 units of inventory for $69 each. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Using LIFO, calculate...
20-21. During 2018, Liberty Company has the following inventory transactions. Date Transaction Units Total Cost $4,400...
20-21. During 2018, Liberty Company has the following inventory transactions. Date Transaction Units Total Cost $4,400 8,200 7,560 Cost Beginning inventory Jan. 1 11 $400 Jan. 8 Purchase 20 410 Jan. 15 Purchase 18 420 Jan. 19 Sales 44 Required: Using FIFO with a periodic inventory system, calculate cost of goods sold, ending inventory
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20...
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20 Purchase Number of Units 480 390 Unit Cost $2.34 2.54 Dunbar sold 680 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700...
6 Madison Outlet has the following Inventory transactions for the year Date Jan. 1 Mar. 14 Transaction Beginning inventory Purchase Numbers of Units 10 15 Unit Cost 5200 300 Total cost $2,000 4,500 $6,500 Jan. 1 - Dec. 31 Total sales to customers 12 What amount would Madison report for cost of goods sold using LIFO?
Madison Outlet has the following inventory transactions for the year 15 Date Jan. 1 Mar. 14 Transaction Beginning inventory Purchase Numbers of Units 10 15 Unit Cost $200 300 Total COBE $2,000 4,500 $6,500 Jan. 1 - Dec. 31 Total sales to customers 12 What amount would Madison report for ending inventory using FIFO? Multiple Choice $2,600 O $2.900 O $3,600
Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit CostTotal Cost Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16Purchase Oct. 6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5.280 $22.500 200 490 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit....
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
20-21. During 2018, Liberty Company has the following inventory transactions. Date Transaction Units Total Cost $4,400 8,200 7,560 Cost Beginning inventory Jan. 1 11 $400 Jan. 8 Purchase 20 410 Jan. 15 Purchase 18 420 Jan. 19 Sales 44 Required: Using FIFO with a periodic inventory system, calculate cost of goods sold, ending inventory
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20 Purchase Number of Units 480 390 Unit Cost $2.34 2.54 Dunbar sold 680 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
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