Homework Answers
| Opening units | 28 | |||||||||
| Total Units Purchased during the period | 57 | |||||||||
| Less:Closing units | -16 | |||||||||
| Net Units sold | 69 | |||||||||
| FIFO means First in first out meaning good purchased initially is supposed to be sold first , ie, opening units and subsequent units in a sequence will be sold | ||||||||||
| Hence cost will be as follows: | ||||||||||
| Units | Price | Calculation | Total cost | |||||||
| Op Units | 28 | 12 | 28*12 | 336 | ||||||
| Feb-25 | 14 | 13 | 14*13 | 182 | ||||||
| May-20 | 27 | 10 | 27*10 | 270 | ||||||
| Cost of goods sold | 788 | |||||||||
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Given the following data, calculate cost of goods sold using the FIFO costing method Date Item...
Given the following data, calculate the cost of ending inventory using the FIFO costing method: 1/1...
Given the following data, calculate the cost of ending inventory using the FIFO costing method: 1/1 Beginning inventory 45 units at $10 per unit 2/25 Purchases 40 units at $12 per unit 6/15 Purchases 30 units at $13 per unit 9/20 Purchases 25 units at $14 per unit 12/31 Ending inventory 40 units O A. $560 OB. $480 O c. $400 OD. $545
please help Given the following data, calculate the cost of goods sold using the average -...
please help
Given the following data, calculate the cost of goods sold using the average - cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar. Date 1/1 5/10 10/9 12/31 Item Beginning inventory Purchase of inventory Purchase of inventory Ending inventory Unit 70 units at $30 per unit 20 units at $30 per unit 20 units at $22 per unit 28 units O A. $3,141 OB. $2,798 O C. $2,341...
Given the following data, calculate the cost of goods sold using the average−cost method. Round average...
Given the following data, calculate the cost of goods sold using the average−cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar. Date Item Unit 1/1 Beginning inventory 70 units at $20 per unit 5/10 Purchase of inventory 10 units at $20 per unit 10/9 Purchase of inventory 10 units at $ 32 per unit 12/31 Ending inventory 38 units
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and...
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...
Given the tollowing data, c cakulate the cost of goods sold using the average-cost method Round...
Given the tollowing data, c cakulate the cost of goods sold using the average-cost method Round average cost per unit calculations to two decimal places Round final answer to the nearest dollar Date Item Unit 5/10 109 Beginning inventory 60 units at $10 per unit Purchase of inventory 20 units at $30 per unit Purchase of inventory 20 units at $22 per uni g inventory 28 units O A $1.181 OB. S1.443 O C. $4217 O D. $1,640
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Pu...
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases 290 units 270 units at $5 per unit 128 units at $10 per unit O A. $2,090 OB. $2,900 O c. $1,550 OD. $1,450
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
Given the following data, calculate the cost of goods sold for the 04/15 sale using the...
Given the following data, calculate the cost of goods sold for the 04/15 sale using the weighted average method for a perpetual inventory system, rounding to the nearest dollar. 1/1 Beginning inventory 50 units at $10 per unit 3/5 Purchases 30 units at $14 per unit 4/15 Sale 20 units at $30 per unit 5/30 Purchases 25 units at $15 per unit 10/25 Purchases 20 units at $16 per unit 11/15 Sale 60 units at $32 per unit 12/31 Ending...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
Given the following data, calculate the cost of ending inventory using the FIFO costing method: 1/1 Beginning inventory 45 units at $10 per unit 2/25 Purchases 40 units at $12 per unit 6/15 Purchases 30 units at $13 per unit 9/20 Purchases 25 units at $14 per unit 12/31 Ending inventory 40 units O A. $560 OB. $480 O c. $400 OD. $545
please help
Given the following data, calculate the cost of goods sold using the average - cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar. Date 1/1 5/10 10/9 12/31 Item Beginning inventory Purchase of inventory Purchase of inventory Ending inventory Unit 70 units at $30 per unit 20 units at $30 per unit 20 units at $22 per unit 28 units O A. $3,141 OB. $2,798 O C. $2,341...
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...
Given the tollowing data, c cakulate the cost of goods sold using the average-cost method Round average cost per unit calculations to two decimal places Round final answer to the nearest dollar Date Item Unit 5/10 109 Beginning inventory 60 units at $10 per unit Purchase of inventory 20 units at $30 per unit Purchase of inventory 20 units at $22 per uni g inventory 28 units O A $1.181 OB. S1.443 O C. $4217 O D. $1,640
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases 290 units 270 units at $5 per unit 128 units at $10 per unit O A. $2,090 OB. $2,900 O c. $1,550 OD. $1,450
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
Given the following data, calculate the cost of goods sold for the 04/15 sale using the weighted average method for a perpetual inventory system, rounding to the nearest dollar. 1/1 Beginning inventory 50 units at $10 per unit 3/5 Purchases 30 units at $14 per unit 4/15 Sale 20 units at $30 per unit 5/30 Purchases 25 units at $15 per unit 10/25 Purchases 20 units at $16 per unit 11/15 Sale 60 units at $32 per unit 12/31 Ending...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
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