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You are given the following information about Meesha Novelty’s inventory for the month of July.
Question 2. (60 points) Given below is inventory information for the month of July obtained from the records of Green Co. PURCHASES Date Description July 1 Beginning Inventory 11 Purchased 20 Purchased Unit cost 10 Units 40 80 30 SALES Date Description Units Unit price July 10 Sold 30 30 15 Sold 50 30 27 Sold 20 30 12 15 Required: Compute COGS and ENDING INVENTORY COST under the following cost flow assumptions: a) FIFO - Perpetual Inventory System (25...
Addison, Inc. uses a perpetual inventory system. The following is information about inventory for the month of September: Sep. 1 Inventory 5 Sold 12 Purchased 18 Sold 30 Purchased Calculate Ending Inventory using: 30 units at $10 20 units 20 units at $20 15 units 10 units at $30 FIFO : LIFO: Using the folk Purcha Merche Septem Sales allowa
Wrigley Corp. has the following inventory information available for the month of July: Date Number of Units Cost per unit July 1 Beginning Inventory 25 $21.00 July 10 Purchases 30 $28.33 Wrigley sold 35 units in July. Question: What is the total cost of goods sold for July using the average-cost method? Round average cost per unit to the nearest penny before computing total cost of goods sold. Answer: $
The following information is available for the Topper Company for the month of July a. On July 31, after all transactions have been recorded, the balance in the company's Cash account has a balance of $15,244 b. The company's bank statement shows a balance on July of $16,450. c. Outstanding checks at July total $2,063. d. A credit memo included with the bank statement indicates that the bank collected $570 on a note receivable for Topper. The $570 includes $550...
Enter the following entries for the month of July. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of...
Enter the following entries for the month of July. A. Cash sales of inventory: $800. The cost of inventory sold was $350. B. Selling and Administrative expenses incurred and paid: $1,200. C. Raw Materials purchased on account: $2,560. D. Materials requisitioned and used in production: $980. E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000. F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of...
The periodic inventory records of Flexon Prosthetics indicate the following for the month of July: EEE(Click the icon to view the inventory records.) At July 31, Flexon counts nine units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Flexon using the LIFO inventory costing method. LIFO Cost i Data Table Ending Merchandise Inventory Cost of Goods Sold 18 units @ $55 each Jul. 1 Beginning merchandise inventory @ $ 60 each 8 Purchase 15...
The periodic inventory records of Synthetix Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Synthetix counts five units of inventory on hand. Compute ending merchandise inventory and cost of goods sold for Synthetix using the FIFO inventory costing method. FIFO Cost Data Table Ending Merchandise Inventory Cost of Goods Sold Jul 1 Beginning merchandise inventory 8 units S 45 each 10 units 8 Purchase S 54 each 13...
2. The following information is available for the Sigma Company for the month of July: Static Budget Actual Units 5,000 5,100 Sales revenue $60,000 $58,650 Variable manufacturing costs $15,000 $16,320 Fixed manufacturing costs $18,000 $17,000 Variable marketing and administrative expense $10,500 $10,000 Fixed marketing and administrative expense $12,000 $11,000 The total sales volume variance for the month of July would be a. $100 favorable. b. $700 favorable. c. 1,350 unfavorable. d. $2,550 unfavorable.