Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,000 10.00 1/3 Purchases 18,000 10.40 1/7 Sales (@ $26 per unit) 7,000 1/20 Purchases 6,000...
|
Date |
Transaction |
Quantity |
Price/Cost |
|
1/1 |
Beginning inventory |
2,000 |
10.00 |
|
1/3 |
Purchases |
18,000 |
10.40 |
|
1/7 |
Sales (@ $26 per unit) |
7,000 |
|
|
1/20 |
Purchases |
6,000 |
11.00 |
|
1/22 |
Sales (@ $27 per unit) |
16,000 |
|
|
1/30 |
Purchases |
3,000 |
12.00 |
- Assume Joker Company uses a periodic inventory system. Calculate cost of goods sold and ending inventory using (1) FIFO, (2) LIFO and (3) average cost. Round per unit cost to two decimal places.
- Assume Joker Company uses a perpetual inventory system. Calculate cost of goods sold and ending inventory using (1) FIFO, (2) LIFO and (3) average cost. Round per unit cost to two decimal places.
Homework Answers
Add Answer to:
Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,000 10.00 1/3 Purchases 18,000 10.40 1/7 Sales (@ $26 per unit) 7,000 1/20 Purchases 6,000...
Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 $ 615 Purchases 2,106 Purchases...
Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 $ 615 Purchases 2,106 Purchases 1,358 Inventory Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. Duri...
Sheffield Company had a beginning inventory on January 1 of 190
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
The accounting records of Sheridan Company show the following data. Beginning inventory Purchases Sales 3,000 units...
The accounting records of Sheridan Company show the following data. Beginning inventory Purchases Sales 3,000 units at $6 9,000 units at $8 10,400 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $ per unit e Textbook and Media List of Accounts Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
*Exercise 8-11 Culver Company's record of transactions for the month of April was as follows. Purchases April 1...
*Exercise 8-11 Culver Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 750 @ $5.00 1,875 @ 5.07 1,000 @ 5.36 1,500 @ 5.56 875 @ 5.66 625 @ 5.86 6,625 Sales April 3 625 @ $11.00 9 1,750 @ 11.00 11 750 @ 12.00 23 1,500 @ 12.00 27 1,125 @ 13.00 5,750 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer...
Cheyenne Corp.reports the following for the month of June. Date Explanation Units Unit Cost Total Cost...
Cheyenne Corp.reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory $615 12 Purchases 2.106 23 Purchases 1,358 30 Inventory Calculate weighted average unit cost. (Round answer to 3 decimal places, es. 5.125.) Weighted average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO and average-cost. (Round answers to decimal places, eg 125) FIFO LIFO Average-cost The cost...
Question 1 Question 2 Question 3 Question 4 Sandhill Co. uses a perpetual inventory system. Data...
Question 1
Question 2
Question 3
Question 4
Sandhill Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 48 $14 July 28 36 19 On June 1, Sandhill sold 24 units, and on August 27,36 more units. * Your answer is incorrect. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: $ 336 Aug....
Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 $ 615 Purchases 2,106 Purchases 1,358 Inventory Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
Sheffield Company had a beginning inventory on January 1 of 190
units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
The accounting records of Sheridan Company show the following data. Beginning inventory Purchases Sales 3,000 units at $6 9,000 units at $8 10,400 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $ per unit e Textbook and Media List of Accounts Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
*Exercise 8-11 Culver Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 750 @ $5.00 1,875 @ 5.07 1,000 @ 5.36 1,500 @ 5.56 875 @ 5.66 625 @ 5.86 6,625 Sales April 3 625 @ $11.00 9 1,750 @ 11.00 11 750 @ 12.00 23 1,500 @ 12.00 27 1,125 @ 13.00 5,750 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer...
Cheyenne Corp.reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory $615 12 Purchases 2.106 23 Purchases 1,358 30 Inventory Calculate weighted average unit cost. (Round answer to 3 decimal places, es. 5.125.) Weighted average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO and average-cost. (Round answers to decimal places, eg 125) FIFO LIFO Average-cost The cost...
Question 1
Question 2
Question 3
Question 4
Sandhill Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 48 $14 July 28 36 19 On June 1, Sandhill sold 24 units, and on August 27,36 more units. * Your answer is incorrect. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: $ 336 Aug....
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 11 minutes ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 1 hour ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 3 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 3 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 4 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 6 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 6 hours ago