Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April:
April 1 Beginning inventory 75 units $45,000 3 Purchase 50 units 31,250 5 Sale 30 units $33,000 11 Purchase 25 units 16,250 15 Sale 55 units 68,750 22 Sale 40 units 48,000 28 Purchase 50 units 33,750Cost Sales
Soft Touch uses the perpetual inventory system.
a. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using:
i. FIFO
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Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April:
Question1 Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for...
Question1 Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April Cost Sales Apri 1 Beginning inventory 73 units $43,654 30,233 3 Purchase 5 Sale 11 Purchase 15 Sale 22 Sale 28 Purchase 49 units 33 units 27 units 53 units 36 units 51 units $37,554 17,577 63,282 41,256 34,374 Soft Touch uses the periodic inventory system Your answer is partially correct. Try again Calculate Soft Touch Company's cost of goods...
Application Problem 7-3A a-b (Part Level Submission) Soft Touch Company sells leather furniture. The following schedule...
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Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April...
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26. A company's inventory records indicate the following data for the month of April. April 1...
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The following information relates to Hogs Back Falls Ltd.’s inventory transactions during the month of February....
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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 $5.90 May 5 Purchase 250 $5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the costs of goods sold for each...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
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Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of...
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Question1 Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April Cost Sales Apri 1 Beginning inventory 73 units $43,654 30,233 3 Purchase 5 Sale 11 Purchase 15 Sale 22 Sale 28 Purchase 49 units 33 units 27 units 53 units 36 units 51 units $37,554 17,577 63,282 41,256 34,374 Soft Touch uses the periodic inventory system Your answer is partially correct. Try again Calculate Soft Touch Company's cost of goods...
Application Problem 7-3A a-b (Part Level Submission) Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales Cost $46,056 27,810 $30,827 April 1 3 5 11 15 22 28 Beginning inventory Purchase Sale Purchase Sale Sale Purchase 76 units 45 units 29 units 28 units 58 units 34 units 51 units 18,340 75,110 40,290 34,578 Soft Touch uses the periodic inventory system. (a) Calculate Soft Touch Company's cost of goods...
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 350 units at $18 each 290 units at $20 each 500 units at $55 each 250 units at $22 each 200 units at $55 each 240 units at $25 each Compute inventory and cost of goods sold in a perpetual system using the methods of FIFO, LIFO,...
26. A company's inventory records indicate the following data for the month of April. April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 100 units at $ 10 each 100 units at $ 11 each 150 units at $ 10 each 50 units at $ 12 each 60 units at $ 10 each 100 units at $ 13 each 1. If the company uses the first-in, first-out (FIFO) method and the...
The following information relates to Hogs Back Falls Ltd's inventory transactions during the month of February Units Cost/Unit Amount Feb. 1 Beginning inventory 7,100 $21.00 $149.100 10 Sale 6,000 14 Purchase 3,900 $22.00 $85,800 18 Purchase 600 $25.00 $15,000 25 Sale 3,600 26 Purchase 4,100 $30.00 $123,000 28 Sale 3,100 All of the units sold were priced at $87.00 per unit. Hogs Back Falls Ltd. uses the perpetual inventory system. Calculate Hogs Back's cost of goods sold, gross margin, and...
Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales $54,000 $46,800 May 1 5 9 13 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 90 units 60 units 30 units 120 units 120 units 30 units 45 units $19,800 $86,400 24 $100,800 $28,800 27 30 $35,640 (al) Calculate Saddlery Company's cost of goods sold, gross margin, and ending...
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Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of May 2017 May 1 12 Balance 410 units @ $22 Purchase 570 units @ $25 May 10 20 Sale 300 units @ $39 Sale 510 units @ $39 Compute the cost of ending inventory using the moving-average method. (Round average cost per unit to 3 decimal places, Ending inventory $ LINK TO TEXT Brief Exercise 6A-3 The following is a record of Teal Company's...
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