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cost accounting 1 Q7. The new productive undertaking purchased from time to time quantities of commodities...
Kennington Limited uses a perpetual inventory system and the cost of raw materials issued to production is calculated each time an issue is made. Details relating to component LMN, of which there was no opening inventory, are as follows: Date 1 Jan 4 June 3 July 7 Dec Purchases Purchases Issues Issues units Cost per unit Date Units 300 SIO 14 Jan 200 250 $20 18 Jun 250 100 $30 13 Aug 150 100 S35 Required: Calculate (a) the charge...
Scrappers Supplies 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 200 Unit Cost $38 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($54 each) c....
1. Botter Company had a beginning inventory of 200 units at a cost of $13 per unit on August 1. During the month, the following purchases and sales were made. Purchases 250 units at S14 350 units at S15 200 units at S16 Sales August August August 4 15 28 August August August August 7 150 units 11 100 units 17 300 units 24 200 units Botter uses a periodic inventory system Instructions Determine ending inventory and cost of goods...
Base your answers to questions 2 and 3 on the following information. The following purchases and sales of item L211 were made by the Davis Supply Store during 20x1. On January 1, 20X1, the inventory of this item was 300 units at a of $75. Purchases Units Sold Units 200 Cost $16,000 Date February 2 February 10 March 22 March 27 May 3 May 19 June 27 July 15 August 14 120 85 190 14,820 175 50 210 100 200...
The following information is available concerning Stillwater Inc.: Units 200 Unit Cost $ 10 11 Beginning inventory Purchases: March 5 June 12 August 23 October 2 300 400 250 150 $ $ $ $ 12 13 15 Stillwater, which uses a perpetual system, sold 1000 units for $22 each during the year. Sales occurred on the following dates: February 12 April 30 July 7 September 6 December 3 Units 150 200 200 300 150 Required 1. Calculate ending inventory and...
Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 6B) Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Sold at Retail June 1 Beginning Inventory Units Purchased at Cost 150 units @ $9 = $1,350 200 units @ $12 - $2,400 9 14 22 Purchase 1 Sale 1 Purchase 2 300 units @ $25 250 units @ $14 = $3,500 29 Sale 2 225 units $25...
Scrappers Supplies 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 Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($37 each) c. Purchase on account, June 30...
Gordon Company has the following data available: Units Sold Units Purchased 300 200 Unit Cost $20 $12 Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale 320 310 $14 200 330 $14 320 If Gordon Company uses a perpetual FIFO inventory system, the cost of ending inventory on December 31 is O A. $4,200 O B. $11,760 OC. $16,800 OD. $6,000
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
Cornerstone Exercise 6-30 (Algorithmic) Inventory Costing Methods: Periodic FIFO (Appendix 6B) Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail Beginning Inventory June 1 9 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Purchase 1 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $18 = $4,500 29 Sale 2 225 units @ $25...