Homework Answers
Computation of weighted average cost per unit
= [(15 * $12) + (10 * $13) + (20 * $14) / (15 + 10 + 20)
= $590 / 45 units
= $13.11 per unit
Number of units sold = 30 units
Cost of goods sold = 30 units * $13.11 per unit = $393.33
So, cost of goods sold = $393
2) Cost of goods sold under FIFO
(15 units * $12) + (10 units * $13) + (5 units * $14) = $180 + $130 + $70
= $380
sales value = 30 units * $25 = $750
Gross Margin = $750 - $380 = $370
Gross Margin = $370
Add Answer to:
A. $3,600 debit B. $3,600 credit C. $1,200 debit D. $1,200 credit Use the following information...
Required Information (The following information applies to the questions displayed below.) A company reports the following...
Required Information (The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 380 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 340$ 3.30 80 3.50 110 3.60 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 220 units @ $14.50 = $3,190 170 units @ $23.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units@ $13.50 = 2,295 200 units @ $23.50 340...
Required information The following information applies to the questions displayed below) Laker Company reported the following...
Required information The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Date Activities Deginning Jenaventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 240 units $16.50 $ 3.960 190 wita $25.50 170 units $15.50 - 2,635 190 units $25.50 380 units $15.00 - 5.700 790 units $12,295 380 wita Required: The Company uses...
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases...
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 240 units @ $16.50 = $ 3,960 Units sold at Retail 190 units @ $25.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units @ $15.50 = 2,635 190 units @ $25.50 $15.00 = 380 units @ 790 units 5,700 $12,...
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 185 units @ $11.00 - $2,035 145 units @ $20.00 100 units @ $10.00 - 1,000 125 units @ $20.00...
Required information Use the following information for the Exercises below. The following information applies to the...
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at cost Units sold at Retail Jan, 1 Beginning inventory 100 units @ $10.50 - $1,890 n. le Sales 140 nits $19.50 Jan. 20 Purchase 110 units $ 9.50 1,045 Jan. 25 Sales 130 units @ $19.se Jan. 30 Purchase 260 units $9.00...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales se units @ $15 Jan. 30 Purchase 180...
crates of vitamins that cost a total of $3,600. During the month, Athletic W i Data...
crates of vitamins that cost a total of $3,600. During the month, Athletic W i Data Table good the tra the qu Oct. 5 Purchase 13 Sale 18 Purchase 26 Sale 120 crates @ 130 crates @ 130 crates @ 140 crates @ $ $ $ $ 58 each 108 each 72 each 112 each stof Print | Done o the next question Activity Details Athletic World began October with merchandise inventory of 80 crates of vitamins that cost a...
Required Information (The following information applies to the questions displayed below.) Laker Company reported the following...
Required Information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Unita boquired at cost 200 units $16.50 - $ 3.960 Units sold at Retail 190 unite $25.50 Activities Jan. 1 Seginning Inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totale 170 units $15.50 - 2,635 190 units $25.50 $15.00 - 380 units 790 units 5,700 $12,295 300 units The Company...
Required Information (The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 380 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 340$ 3.30 80 3.50 110 3.60 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 220 units @ $14.50 = $3,190 170 units @ $23.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units@ $13.50 = 2,295 200 units @ $23.50 340...
Required information The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Date Activities Deginning Jenaventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 240 units $16.50 $ 3.960 190 wita $25.50 170 units $15.50 - 2,635 190 units $25.50 380 units $15.00 - 5.700 790 units $12,295 380 wita Required: The Company uses...
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 240 units @ $16.50 = $ 3,960 Units sold at Retail 190 units @ $25.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units @ $15.50 = 2,635 190 units @ $25.50 $15.00 = 380 units @ 790 units 5,700 $12,...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 185 units @ $11.00 - $2,035 145 units @ $20.00 100 units @ $10.00 - 1,000 125 units @ $20.00...
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at cost Units sold at Retail Jan, 1 Beginning inventory 100 units @ $10.50 - $1,890 n. le Sales 140 nits $19.50 Jan. 20 Purchase 110 units $ 9.50 1,045 Jan. 25 Sales 130 units @ $19.se Jan. 30 Purchase 260 units $9.00...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales se units @ $15 Jan. 30 Purchase 180...
crates of vitamins that cost a total of $3,600. During the month, Athletic W i Data Table good the tra the qu Oct. 5 Purchase 13 Sale 18 Purchase 26 Sale 120 crates @ 130 crates @ 130 crates @ 140 crates @ $ $ $ $ 58 each 108 each 72 each 112 each stof Print | Done o the next question Activity Details Athletic World began October with merchandise inventory of 80 crates of vitamins that cost a...
Required Information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Unita boquired at cost 200 units $16.50 - $ 3.960 Units sold at Retail 190 unite $25.50 Activities Jan. 1 Seginning Inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totale 170 units $15.50 - 2,635 190 units $25.50 $15.00 - 380 units 790 units 5,700 $12,295 300 units The Company...
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