The following are data from Maxene Company: April May Sales in units 3, 200 4, 500...
Homework Answers
How much is the cost per unit of Cost V? (two decimal places)
Total cost of V / Units sold
$4480//3200 units = $1.40
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The following are data from Maxene Company:
April May
Sales in units 3, 200 4, 500...
Sales Units Unit Cost Unit Price Total Date May 1 Purchases Units 100 200 Total $400...
Sales Units Unit Cost Unit Price Total Date May 1 Purchases Units 100 200 Total $400 1,000 100 $10 $1,000 15 100 ON 600 1,050 150 200 $2,200 160 710 1.280 $4,330 300 $3,200 If Santa Fe uses FIFO costing, how much was the Ending inventory balance? Santa Fe Tile Company had the following inventory purchases and sales during the month of May. The company use the periodic inventory method. Purchases Sales Date Units Unit Cost Total Units Unit Price...
Use the table provided. Suppose the quantity demanded increased by 500 units at each price. At...
Use the table provided. Suppose the quantity demanded increased by 500 units at each price. At a price of $14 per unit, would there be a surplus or shortage of this product? How much would the surplus or shortage be? Price Quantity Demanded Quantity Supplied 4 450 250 6 400 300 8 350 350 10 300 400 12 250 450 14 200 500 16 150 550 Group of answer choices surplus = 100 shortage = 100 surplus = 600 shortage...
Garrett Company has the following transactions during the months of April and May: Date Transaction Units...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Additional tracking data for specific identification: (1) January 15 sale—200 units @ $14, (2) April 1...
Additional tracking data for specific
identification: (1) January 15 sale—200 units @ $14, (2)
April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @
$14 and 100 units @ $20.
(1.) What is the Cost of Good Available for Sale ? How many
units available for sale? (1 point)
(2.) Using the Periodic System,
determine Cost of Goods Sold (COGS) and Ending Inventory using one
of the methods: Specific Identification, Weighted Average, FIFO or
LIFO. Show your...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 $5.90 May 5 Purchase 250 $5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the costs of goods sold for each...
Sampe Company has the following data available Units Sold Transaction Beginning Inventory March 1 Purchase April...
Sampe Company has the following data available Units Sold Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale Units Purchased 400 200 Unit Cost $10 $13 350 250 400 300 $14 350 $18 If Sampe Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is O A. $13,950 O B. $12,600 O C. $10,000 O D. $12,350
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 400 17 Purchase 200 $5.50 25 Sale 150 Purchase 100 5.75 May 5 Purchase 250 5.50 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each...
The following information has been extracted from the books of account of Tanya Marsh at 30 April 2016 2275 10 000 6 550 1 250 5 600 15 000 11 500 12 500 23 500 44 500 35 405 2 800 1 200 120 000 45 2...
The following information has been extracted from the books of account of Tanya Marsh at 30 April 2016 2275 10 000 6 550 1 250 5 600 15 000 11 500 12 500 23 500 44 500 35 405 2 800 1 200 120 000 45 200 25 652 Bank overdraft Bank loan repayable February 2017 Carriage outwards Discounts allowed Discounts received Drawings Inventories at 1 May 2015 Motor vehicle expenses Premises Purchases Rent (expense) and rates Returns inwards Returns...
DATA No.4: INVENTORY VALUATION Quantity in Units Rate per unit (Rs.) 2017 April 1 Opening Stock...
DATA No.4: INVENTORY VALUATION Quantity in Units Rate per unit (Rs.) 2017 April 1 Opening Stock 300 @ Rs.9.7 2017 April 3 Purchases 250 @ Rs.9.8 2017 April 11 Issues 400 2017 April 15 Purchases 300 @ Rs. 10.5 2017 April 20 Issues 210 2017 April 25 Purchases 150 @ Rs. 10.3 2017 April 29 Issues 100 All Units were sold at Rs. 25 DATA No.5: FINANCIAL STATEMENTS The following balance were extracted from the ledger of Mr. Shakir on...
Sales Units Unit Cost Unit Price Total Date May 1 Purchases Units 100 200 Total $400 1,000 100 $10 $1,000 15 100 ON 600 1,050 150 200 $2,200 160 710 1.280 $4,330 300 $3,200 If Santa Fe uses FIFO costing, how much was the Ending inventory balance? Santa Fe Tile Company had the following inventory purchases and sales during the month of May. The company use the periodic inventory method. Purchases Sales Date Units Unit Cost Total Units Unit Price...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Additional tracking data for specific
identification: (1) January 15 sale—200 units @ $14, (2)
April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @
$14 and 100 units @ $20.
(1.) What is the Cost of Good Available for Sale ? How many
units available for sale? (1 point)
(2.) Using the Periodic System,
determine Cost of Goods Sold (COGS) and Ending Inventory using one
of the methods: Specific Identification, Weighted Average, FIFO or
LIFO. Show your...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
Sampe Company has the following data available Units Sold Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale Units Purchased 400 200 Unit Cost $10 $13 350 250 400 300 $14 350 $18 If Sampe Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is O A. $13,950 O B. $12,600 O C. $10,000 O D. $12,350
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 400 17 Purchase 200 $5.50 25 Sale 150 Purchase 100 5.75 May 5 Purchase 250 5.50 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each...
The following information has been extracted from the books of account of Tanya Marsh at 30 April 2016 2275 10 000 6 550 1 250 5 600 15 000 11 500 12 500 23 500 44 500 35 405 2 800 1 200 120 000 45 200 25 652 Bank overdraft Bank loan repayable February 2017 Carriage outwards Discounts allowed Discounts received Drawings Inventories at 1 May 2015 Motor vehicle expenses Premises Purchases Rent (expense) and rates Returns inwards Returns...
DATA No.4: INVENTORY VALUATION Quantity in Units Rate per unit (Rs.) 2017 April 1 Opening Stock 300 @ Rs.9.7 2017 April 3 Purchases 250 @ Rs.9.8 2017 April 11 Issues 400 2017 April 15 Purchases 300 @ Rs. 10.5 2017 April 20 Issues 210 2017 April 25 Purchases 150 @ Rs. 10.3 2017 April 29 Issues 100 All Units were sold at Rs. 25 DATA No.5: FINANCIAL STATEMENTS The following balance were extracted from the ledger of Mr. Shakir on...
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