Homework Answers
No. of units sold = 2,000 (beginning balance) + 6,000 (purchase) + 4,000 (purchase) - 3,000 (closing balance)
= 9,000 units
Now average cost per unit = (2000*5 + 6000*4 + 4000*2)/(2000+6000+4000)
= $3.50 per unit
Solution (with adjacent columns):
| FIFO | LIFO | Average Cost | ||
| a | Cost of goods sold | 36,000 | 28,000 | 31,500 |
| Formula for cost of goods sold | 2000*5 + 6000*4 + 1000*2 = 36,000 | 4000*2 + 5000*4 | 9000*3.5 | |
| b | Inventory | 6,000 | 14,000 | 10,500 |
| Formula for inventory | 3000*2 = 6000 | 2000*5 + 1000*4 = 14000 | 3000*3.5 = 10500 | |
| c = a+b | Total | 42,000 | 42,000 | 42,000 |
Add Answer to:
E7-6 E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost L07-2...
E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost 2,000 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,000 3,000 Required: Compute ending inventory and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
just answer requird 3 E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under...
just answer requird 3
E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3) Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic Inventory system. Assume Oahu Kiki's records show the following for the month of January, Sales totaled 240 units. Beginning Inventory Purchase Purchase Date...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory, 2017 1,000 units @ $100 each $100,000 Inventory purchased in 2017 2.000 units $150 each 300,000 Cost of goods available for sale in 2017 3.000 units $400,000 Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory...
help please with E7-5 question E7-5 368 CHAPTER 7 Reporting and interpreting Cost of Goods Sold...
help please with E7-5
question E7-5
368 CHAPTER 7 Reporting and interpreting Cost of Goods Sold and Inventory Purchases Total Available S ? Ending Inventory $500 Cost of Gross Goods Sold Profit Expenses $ ? $ ? $200 Sales Beginning Revenue Inventory $ 650 $100 1.100 200 150 800 $700 900 2 200 400 104 300 300 550 900 1.000 1.100 500 E7-4 LO7-1 Inferring Merchandise Purchases Abercrombie and Fitch is a leading retailer of casual apparel for men, women,...
e7-6 analyzing and interpreting the financial statement effects of periodic fifo, lifo, and weighted average cost...
e7-6 analyzing and interpreting the financial statement
effects of periodic fifo, lifo, and weighted average cost
LO 7-3 an e') weighted average cost methods. E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost Onion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assum its accounting records provided the...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weig...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation 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. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost 2,000 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,000 3,000 Required: Compute ending inventory and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
just answer requird 3
E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3) Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic Inventory system. Assume Oahu Kiki's records show the following for the month of January, Sales totaled 240 units. Beginning Inventory Purchase Purchase Date...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory, 2017 1,000 units @ $100 each $100,000 Inventory purchased in 2017 2.000 units $150 each 300,000 Cost of goods available for sale in 2017 3.000 units $400,000 Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory...
help please with E7-5
question E7-5
368 CHAPTER 7 Reporting and interpreting Cost of Goods Sold and Inventory Purchases Total Available S ? Ending Inventory $500 Cost of Gross Goods Sold Profit Expenses $ ? $ ? $200 Sales Beginning Revenue Inventory $ 650 $100 1.100 200 150 800 $700 900 2 200 400 104 300 300 550 900 1.000 1.100 500 E7-4 LO7-1 Inferring Merchandise Purchases Abercrombie and Fitch is a leading retailer of casual apparel for men, women,...
e7-6 analyzing and interpreting the financial statement
effects of periodic fifo, lifo, and weighted average cost
LO 7-3 an e') weighted average cost methods. E7-6 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost Onion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assum its accounting records provided the...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation 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. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...
Most questions answered within 3 hours.
-
T F 3. The existence of financial markets is required to have
interest rates in a...
asked 1 minute ago -
Write in c++ please
Read and write 5 students information such as, Student
ID, first name,...
asked 2 minutes ago -
Compare/Contrast the Lac and Ara operons.
asked 3 minutes ago -
information was collected by an extensive marketing project that
lasted over the past 12 years and...
asked 2 minutes ago -
Part A
What is the maximum speed with which a 1200-kg car can round a
turn...
asked 4 minutes ago -
A. Compare the characteristics of job costing and
process costing. Consider how each method impacts the...
asked 3 minutes ago -
4. An elderly person's range of vision is between 70 cm and 300
cm from the...
asked 6 minutes ago -
Suppose that 1 kg of water, initially at 350 K, is turned into
steam at 373...
asked 13 minutes ago -
Equilibrium in the Keynesian model requires that withdrawals be
the same as:
asked 13 minutes ago -
What is the difference between apoptosis and necrosis?
(b) What is the role of apoptosis in...
asked 23 minutes ago -
A galaxy is a large grouping of stars. Approximately how many
stars are in the Milky...
asked 1 hour ago -
The Pen, Evan, and Torves Partnership has asked you to assist in
winding-up its business affairs....
asked 1 hour ago