Accounting
. Presented below is information relating to Havisham Co.’s purchases of merchandise during the month of April. The company uses a periodic inventory system. 600 units were sold at $260 unit price during the month.
Date Explanation Units Unit Cost
April. 1 B. Inventory 120 $ 200
April. 3 Purchases 160 222
April. 10 Purchases 140 250
April. 22 Purchases 375 245
Instructions:
a. Compute the ending inventory and cost of goods sold at April 30 using the FIFO and LIFO and average cost methods.
b. What is gross profit under each method?
c. Which method results in a larger amount reported for assets on the balance sheet? Which results in a larger amount reported for owner’s equity on the balance sheet?
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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...
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following...
Required information [The following information applies to the
questions displayed below.]
Hemming Co. reported the following current-year purchases and
sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 260 units @ $12.40 = $ 3,224
Jan. 10 Sales 215 units @ $42.40
Mar. 14 Purchase 420 units @ $17.40 = 7,308
Mar. 15 Sales 380 units @ $42.40
July 30 Purchase 460 units @ $22.40 = 10,304
Oct. 5 Sales...
Please Help Required information Use the following information for the Exercises below. [The following information...
Please Help
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80 390 units @ $16.80 = 6,552 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals...
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....
ivanhoe company
Ivanhoe Company had a beginning inventory of 108 units of Product RST at a cost of $8 per unit. During the year, purchases were:Feb. 20640units at$9Aug. 12377units at$11May 5540units at$10Dec. 891units at$12Ivanhoe Company uses a periodic inventory system. Sales totaled 1,590 units.Correct answer iconYour answer is correct.(a) Determine the cost of goods available for sale.The cost of goods available for sale$ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)Average Cost$ eTextbook and MediaList of AccountsPartially correct answer iconYour answer is partially correct.Determine the ending inventory and the cost...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Altira Corporation provides the...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-4,880 units; cost $7.30 each. 8 Purchased 20,00 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15, eee units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand-11,800 units. Required: Using...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
Linda’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Linda’s...
Linda’s Boards sells a snowboard, Xpert, that is popular with
snowboard enthusiasts. Information relating to Linda’s purchases of
Xpert snowboards during September is shown below. During the same
month, 151 Xpert snowboards were sold. Linda’s uses a periodic
inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
33
$100
$ 3,300
Sept. 12
Purchases
56
103
5,768
Sept. 19
Purchases
25
109
2,725
Sept. 26
Purchases
63
110
6,930
Totals
177
$18,723
A) Compute the ending inventory...
Vaughn Manufacturing had a beginning inventory of 125 units of Product RST at a cost of...
Vaughn Manufacturing had a beginning inventory of 125 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 660 units at $10 520 units at $11 Aug. 12 Dec. 8 470 units at $12 125 units at $13 Vaughn uses a periodic inventory system. Sales totaled 1,510 units. Determine the cost of goods available for sale. The cost of goods available for sales Calculate Average Cost. (Round answer to 3...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Uni...
Hemming Co. reported the following current-year purchases and
sales for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
260
units
@
$12.40
=
$
3,224
Jan.
10
Sales
215
units
@ $42.40
Mar.
14
Purchase
420
units
@ $17.40
=
7,308
Mar.
15
Sales
380
units
@ $42.40
July
30
Purchase
460
units
@ $22.40
=
10,304
Oct.
5
Sales
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
Required information [The following information applies to the
questions displayed below.]
Hemming Co. reported the following current-year purchases and
sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 260 units @ $12.40 = $ 3,224
Jan. 10 Sales 215 units @ $42.40
Mar. 14 Purchase 420 units @ $17.40 = 7,308
Mar. 15 Sales 380 units @ $42.40
July 30 Purchase 460 units @ $22.40 = 10,304
Oct. 5 Sales...
Please Help
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80 390 units @ $16.80 = 6,552 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals...
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....
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-4,880 units; cost $7.30 each. 8 Purchased 20,00 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15, eee units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand-11,800 units. Required: Using...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
Linda’s Boards sells a snowboard, Xpert, that is popular with
snowboard enthusiasts. Information relating to Linda’s purchases of
Xpert snowboards during September is shown below. During the same
month, 151 Xpert snowboards were sold. Linda’s uses a periodic
inventory system.
Date
Explanation
Units
Unit Cost
Total Cost
Sept. 1
Inventory
33
$100
$ 3,300
Sept. 12
Purchases
56
103
5,768
Sept. 19
Purchases
25
109
2,725
Sept. 26
Purchases
63
110
6,930
Totals
177
$18,723
A) Compute the ending inventory...
Vaughn Manufacturing had a beginning inventory of 125 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 660 units at $10 520 units at $11 Aug. 12 Dec. 8 470 units at $12 125 units at $13 Vaughn uses a periodic inventory system. Sales totaled 1,510 units. Determine the cost of goods available for sale. The cost of goods available for sales Calculate Average Cost. (Round answer to 3...
Hemming Co. reported the following current-year purchases and
sales for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
260
units
@
$12.40
=
$
3,224
Jan.
10
Sales
215
units
@ $42.40
Mar.
14
Purchase
420
units
@ $17.40
=
7,308
Mar.
15
Sales
380
units
@ $42.40
July
30
Purchase
460
units
@ $22.40
=
10,304
Oct.
5
Sales
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
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