Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units...
| Beg Inventory | 50 units at $5 each |
| Purchase | 10 units at $6 each |
| Sale | 30 units at $15 each |
| Purchase | 10 units at $7 each |
| Sale | 25 unites at $15 each |
1. Find Cost of Goods Sold and Ending Inventory using the Weighted Average - Periodic
2. Find Cost of Goods Sold and Ending Inventory using the FIFO method
3. Find Cost of Goods Sold and Ending Inventory using the LIFO - Perpetual
4. Given the following information; prepare the first part of the Multi-Step Income Statement (HINT: through Gross Profit)
| Selling Expense | 10,000 | Inventory | 30,000 |
| Furniture | 50,000 | Cash | 60,000 |
| Sales Returns and Allowances | 3,000 | Cost of Goods Sold | 50,000 |
| General Expense | 20,000 | Sales Revenue | 94,000 |
| Capital | 30,000 | Accounts Payable | 15,000 |
| Salary Payable | 27,000 | Sales Discount | 1,000 |
Homework Answers
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Beg Inventory
50 units at $5 each
Purchase
10 units at $6 each
Sale
30 units...
Beg. inventory 10 units at $50 1st purchase 20 units at $60 2nd purchase 52 units...
Beg. inventory 10 units at $50 1st purchase 20 units at $60 2nd purchase 52 units at $65 3rd purchase 25 units at $63 4th purchase 37 units at $64 If Keisy sold107 units of inventory, calculate (show work) ending inventory and cost of goods sold using the LIFO method?
Chapter 6 Inventory Costing Date Activity 1/1 Beg. Inventory 1/2 Purchase 1/5 Sale 1/16 Purchase Cost...
Chapter 6 Inventory Costing Date Activity 1/1 Beg. Inventory 1/2 Purchase 1/5 Sale 1/16 Purchase Cost per unit Total Cost Total Revenue Units - Crates 90 130 140 170 100 70 Total Total Units Units Sold Ending units Instructions: Calculate the company's cost of goods sold and ending Inventory, using the average, LIFO, and im method.
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
March 1: Purchase 100 units, $50 each March 5: Purchase 400 units, $55 each March 9:...
March 1: Purchase 100 units, $50 each
March 5: Purchase 400 units, $55 each
March 9: Sales 420 units, $85 each
March 18: Purchase 120 units, $60 each
March 25: Purchase 200 units, $62 each
March 29: Sales 160 units, $95 each
ATV Co began operations on March 1 and uses a perpetual Inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Wednesday Sunday Monday Tuesday stay aday Saturday Legend No Purchases...
Apr. 3 14 Inventory Purchase Sale Purchase Sale 15 units 12 units 18 units 7 units...
Apr. 3 14 Inventory Purchase Sale Purchase Sale 15 units 12 units 18 units 7 units 10 units $25 Complete the subsidiary Inventory ledger assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending in using LIFO. Cost of Purchases Merchandise Sold Inventory Date Unit Cost Total Cost Unit Cost Total Cost Qty Unit Cost Total Cost 11 O lun Ending Inventory value Total Cost of merchandise sold ( Previc Submit Test
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Beginning inventory, purchases, and sales data for tennis April 3 Inventory 22 units $15 11 Purchase...
Beginning inventory, purchases, and sales data for tennis April 3 Inventory 22 units $15 11 Purchase 16 units $18 14 Sale 21 units 21 Purchase 8 units $15 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending Inventory using LIFO. Cost of Goods Sold Purchases Unit Cost Date Total Cost Oty. Unit Cost Total Cart Unit Cost Ending inventory value Total cost of...
the whole thing with work please! Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase...
the
whole thing with work please!
Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase 19,000 units for $9.00 each. Aug 15 - Sold 17,000 units for $17.00 each. Aug 17-Purchase 21,000 units for $9.50 each Aug 26 - Sold 20,000 units for $17.50 each. Aug 31 - Inventory on hand - units. Calculate the following as of Aug 31, 2006 using both the periodic and perpetual methods and using Ave Cost, FIFO...
Units Cost/selling price June $30 33 1 Beginning inventory 4 Purchase 8 Sale 12 Purchase 16...
Units Cost/selling price June $30 33 1 Beginning inventory 4 Purchase 8 Sale 12 Purchase 16 Sale 20 Sale 300 800 400 1,000 700 500 Required: Using periodic Inventory system, Compute ending inventory balance, cost of goods sold and gross margin under LIFO. (25%)
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Chapter 6 Inventory Costing Date Activity 1/1 Beg. Inventory 1/2 Purchase 1/5 Sale 1/16 Purchase Cost per unit Total Cost Total Revenue Units - Crates 90 130 140 170 100 70 Total Total Units Units Sold Ending units Instructions: Calculate the company's cost of goods sold and ending Inventory, using the average, LIFO, and im method.
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
March 1: Purchase 100 units, $50 each
March 5: Purchase 400 units, $55 each
March 9: Sales 420 units, $85 each
March 18: Purchase 120 units, $60 each
March 25: Purchase 200 units, $62 each
March 29: Sales 160 units, $95 each
ATV Co began operations on March 1 and uses a perpetual Inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Wednesday Sunday Monday Tuesday stay aday Saturday Legend No Purchases...
Apr. 3 14 Inventory Purchase Sale Purchase Sale 15 units 12 units 18 units 7 units 10 units $25 Complete the subsidiary Inventory ledger assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending in using LIFO. Cost of Purchases Merchandise Sold Inventory Date Unit Cost Total Cost Unit Cost Total Cost Qty Unit Cost Total Cost 11 O lun Ending Inventory value Total Cost of merchandise sold ( Previc Submit Test
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Beginning inventory, purchases, and sales data for tennis April 3 Inventory 22 units $15 11 Purchase 16 units $18 14 Sale 21 units 21 Purchase 8 units $15 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending Inventory using LIFO. Cost of Goods Sold Purchases Unit Cost Date Total Cost Oty. Unit Cost Total Cart Unit Cost Ending inventory value Total cost of...
the
whole thing with work please!
Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase 19,000 units for $9.00 each. Aug 15 - Sold 17,000 units for $17.00 each. Aug 17-Purchase 21,000 units for $9.50 each Aug 26 - Sold 20,000 units for $17.50 each. Aug 31 - Inventory on hand - units. Calculate the following as of Aug 31, 2006 using both the periodic and perpetual methods and using Ave Cost, FIFO...
Units Cost/selling price June $30 33 1 Beginning inventory 4 Purchase 8 Sale 12 Purchase 16 Sale 20 Sale 300 800 400 1,000 700 500 Required: Using periodic Inventory system, Compute ending inventory balance, cost of goods sold and gross margin under LIFO. (25%)
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
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