Accounting
9. Phoenix Inc sells snowboards. At the beginning of August, Phoenix had in beginning inventory 2,500 snowboards with a unit cost of $7. During August, Phoenix made the following purchases of snowboards.
August 5 2500 at $9 per unit
August 9 3500 at $11 per unit
August 13 4250 at $14 per unit
August 26 2500 at $17 per unit
During August, 12,152 units were sold. Phoenix uses a periodic inventory system.
Instructions
a. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
b. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
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P6-3 Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had...
P6-3 Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Mullins made the following purchases of CDs. March 5 March 13 2,000 @ $8 3,500 @ $9 March 215,000 @ $10 March 26 2,000 @ $11 During March 12,000 units were sold. Mullins uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (b) Determine (1)...
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Swifty Distribution markets CDs of the performing artist Fishe. At the beginning of October, Swifty had in beginning inventory 3,900 of Fishe’s CDs with a unit cost of $7. During October, Swifty made the following purchases of Fishe’s CDs. Oct. 3 4,875 @ $8 Oct. 19 5,850 @ $10 Oct. 9 6,825 @ $9 Oct. 25 7,800 @ $11 During October, 21,255 units were sold. Swifty uses a periodic inventory system. 1. Determine the cost of goods available for sale....
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had...
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Problem 6-02A a, b1-b2, с (Video) Express Distribution markets CDs of the performing artist Fishe. At...
Problem 6-02A a, b1-b2, с (Video) Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. Oct. 3 2,500 @ $8 Oct. 9 3,500 @ $9 Oct. 19 3,000 @ $10 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Express uses a periodic inventory system. Determine the cost...
P6-2A Kyoto Distribution markets CDs of the performing artist A. A. Bondy. At the begin. Determine...
P6-2A Kyoto Distribution markets CDs of the performing artist A. A. Bondy. At the begin. Determine cost of goods sold ning of Maych, Kyoto had in beginning inventory 1,500 Bondy CDs with a unit cost of 57. During and inventory March Kyoto made the following purchases of Bondy CDs. FIFO, LIPO and ever -cost with analysis March 3,000 $8 March 214,000 $10 (SO 2, 3) March 135,500 @ $9 March 26 2,000 @ $11 During March 12,500 units were sold....
Problem 6-02A a, b1-b2, с (Video) Express Distribution markets CDs of the performing artist Fishe. At...
Problem 6-02A a, b1-b2, с (Video) Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. Oct. 3 2,500 @ $8 Oct. 9 3,500 @ $9 Oct. 19 3,000 @ $10 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Express uses a periodic inventory system. Determine the cost...
Problem 6-02A a, b1-b2, c (Video) Martinez Distribution markets CDs of the performing artist Fishe. At...
Problem 6-02A a, b1-b2, c (Video) Martinez Distribution markets CDs of the performing artist Fishe. At the beginning of October, Martinez had in beginning inventory 3,100 of Fishe’s CDs with a unit cost of $7. During October, Martinez made the following purchases of Fishe’s CDs. Oct. 3 3,875 @ $8 Oct. 19 4,650 @ $10 Oct. 9 5,425 @ $9 Oct. 25 6,200 @ $11 During October, 16,895 units were sold. Martinez uses a periodic inventory system. Determine the cost...
Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. Duri...
Sheffield Company had a beginning inventory on January 1 of 190
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
Bridgeport Distribution markets CDs of the performing artist Fishe./ At the beginning/ of October, Bridgeport /had...
Bridgeport Distribution markets CDs of the performing artist
Fishe./ At the beginning/ of October, Bridgeport /had in beginning
inventory 2,400 of Fish/e’s CDs with a u/nit cost of $6. During
Oct/o/ber, Bridgeport mad/e the foll/owing purchases of Fishe’s
CDs.
Cost of goods available for sale
$ 149400
Weighted average cost per unit
$ 8.3
Determin/e (1) the ending inventory and (2) the cost of goo./ds
sold under ea/ch of the/ /assumed cost flow /methods (FIFO, LIFO,
and average-cost). Prove the...
P6.3A Vista Company Inc. had a beginning inventory of 100 units of Product RST at a...
P6.3A Vista Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 600 units at $ 9 Aug. 12 400 units at $11 May 5 500 units at $10 Dec. 8 100 units at $12 Vista Company uses a periodic inventory system. Sales totaled 1,500 units. Instructions a. Determine the cost of goods available for sale. b. Determine the ending inventory and the cost...
P6-3 Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Mullins made the following purchases of CDs. March 5 March 13 2,000 @ $8 3,500 @ $9 March 215,000 @ $10 March 26 2,000 @ $11 During March 12,000 units were sold. Mullins uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (b) Determine (1)...
Problem 6-02A a, b1-b2, с (Video) Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. Oct. 3 2,500 @ $8 Oct. 9 3,500 @ $9 Oct. 19 3,000 @ $10 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Express uses a periodic inventory system. Determine the cost...
P6-2A Kyoto Distribution markets CDs of the performing artist A. A. Bondy. At the begin. Determine cost of goods sold ning of Maych, Kyoto had in beginning inventory 1,500 Bondy CDs with a unit cost of 57. During and inventory March Kyoto made the following purchases of Bondy CDs. FIFO, LIPO and ever -cost with analysis March 3,000 $8 March 214,000 $10 (SO 2, 3) March 135,500 @ $9 March 26 2,000 @ $11 During March 12,500 units were sold....
Problem 6-02A a, b1-b2, с (Video) Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. Oct. 3 2,500 @ $8 Oct. 9 3,500 @ $9 Oct. 19 3,000 @ $10 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Express uses a periodic inventory system. Determine the cost...
Sheffield Company had a beginning inventory on January 1 of 190
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
Bridgeport Distribution markets CDs of the performing artist
Fishe./ At the beginning/ of October, Bridgeport /had in beginning
inventory 2,400 of Fish/e’s CDs with a u/nit cost of $6. During
Oct/o/ber, Bridgeport mad/e the foll/owing purchases of Fishe’s
CDs.
Cost of goods available for sale
$ 149400
Weighted average cost per unit
$ 8.3
Determin/e (1) the ending inventory and (2) the cost of goo./ds
sold under ea/ch of the/ /assumed cost flow /methods (FIFO, LIFO,
and average-cost). Prove the...
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