Homework Answers
Calculate cost of goods sold under LIFO
Cost of goods sold under LIFO = (14*3.90+12*5.20) = $117
So answer is c) $117
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March 1 Beginning inventory = 30 units @ $5.20 March 3 Purchased 14 units @ 3.90 March 9 Sold 26 units @ 8.50 What is t...
March 1 Beginning inventory = 29 units $6.00 March 3 Purchased 22 units 4.20 Sold 22...
March 1 Beginning inventory = 29 units $6.00 March 3 Purchased 22 units 4.20 Sold 22 units 8.90 March 9 What is the ending inventory balance for Julia & Company assuming that it uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $92 $177 $134. $174
x X Inventory Record + Week 5:O Week 5: Oui C Inventory Records C Inventory Records...
x X Inventory Record + Week 5:O Week 5: Oui C Inventory Records C Inventory Records X Week 5: Homeworx C Accounting quest X х x @ onnect.mheducation.com/flow/connect.html See Help Save & Ex The following information pertains to Julia & Company March 1 Beginning inventory - 34 units @ $5.30 March 3 Purchased 15 units 3.70 March 9 sold 26 units 8.30 What is the cost of goods sold for Julia & Company assuming it uses UFO? (Do not round...
Which cost flow assumption generally results in the highest reported amount of net income in periods...
Which cost flow assumption generally results in the highest reported amount of net income in periods of rising inventory costs? Multiple Choice LIFO. FIFO. Weighted-average. Income will be the same under each assumption. Which cost flow assumption must be used for financial reporting if it is also used for tax reporting? Multiple Choice LIFO. FIFO. Weighted-average. Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a period-end adjusting entry. Purchase discounts are not recorded. Inventory...
Beginning inventory Purchase on September 12 Purchased on September 23 16 units @ $3.00 28 units...
Beginning inventory Purchase on September 12 Purchased on September 23 16 units @ $3.00 28 units @ $3.70 10 units @ $4.30 For the month of September, the company sold 29 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted average unit cost to 4 decimals if necessary. Round your answer to the nearest dollar amount.) Multiple Choice $125. $105 $78. $87.
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12...
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12 2.70 Dunbar sold 630 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O O O O
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO...
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO 5-6 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $43 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 260-unit purchase at $48 per unit; the second was a 390-unit purchase at $50 per unit. During the period, it sold 490 chairs. Required Determine the...
1 2. 3 Question 14 (1 point) A company purchased 120 units for $20 each on...
1 2. 3 Question 14 (1 point) A company purchased 120 units for $20 each on January 31. It purchased 160 units for 535 cach on February 28. It sold 160 units for S70 each from March 1 through December 31. If the company uses the weighted average inventory costing method, calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system. Round any intermediate...
The following information is available concerning the inventory of Carter Inc.: Units Unit Cost 206 $9...
The following information is available concerning the inventory of Carter Inc.: Units Unit Cost 206 $9 Beginning inventory Purchases: March 5 305 10 June 12 403 11 August 23 255 12 October 2 152 14 During the year, Carter sold 1,001 units. uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for each of the following three methods: In your calculations round average unit cost to the nearest cent, and round all other calculations...
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20...
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20 Purchase Number of Units 480 390 Unit Cost $2.34 2.54 Dunbar sold 680 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Consider the following Inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September...
Consider the following Inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September 23 15 units @ $3.80 26 units @ $3.40 units @ $4.20 7 For the month of September, the company sold 34 units. What is cost of goods sold under the welghted average cost method? (D necessary. Round your answer to the nearest dollar amount.) Multiple Choice O $143. O O $115. о O $102.
March 1 Beginning inventory = 29 units $6.00 March 3 Purchased 22 units 4.20 Sold 22 units 8.90 March 9 What is the ending inventory balance for Julia & Company assuming that it uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $92 $177 $134. $174
x X Inventory Record + Week 5:O Week 5: Oui C Inventory Records C Inventory Records X Week 5: Homeworx C Accounting quest X х x @ onnect.mheducation.com/flow/connect.html See Help Save & Ex The following information pertains to Julia & Company March 1 Beginning inventory - 34 units @ $5.30 March 3 Purchased 15 units 3.70 March 9 sold 26 units 8.30 What is the cost of goods sold for Julia & Company assuming it uses UFO? (Do not round...
Beginning inventory Purchase on September 12 Purchased on September 23 16 units @ $3.00 28 units @ $3.70 10 units @ $4.30 For the month of September, the company sold 29 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted average unit cost to 4 decimals if necessary. Round your answer to the nearest dollar amount.) Multiple Choice $125. $105 $78. $87.
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12 2.70 Dunbar sold 630 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O O O O
1 2. 3 Question 14 (1 point) A company purchased 120 units for $20 each on January 31. It purchased 160 units for 535 cach on February 28. It sold 160 units for S70 each from March 1 through December 31. If the company uses the weighted average inventory costing method, calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system. Round any intermediate...
The following information is available concerning the inventory of Carter Inc.: Units Unit Cost 206 $9 Beginning inventory Purchases: March 5 305 10 June 12 403 11 August 23 255 12 October 2 152 14 During the year, Carter sold 1,001 units. uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for each of the following three methods: In your calculations round average unit cost to the nearest cent, and round all other calculations...
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20 Purchase Number of Units 480 390 Unit Cost $2.34 2.54 Dunbar sold 680 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Consider the following Inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September 23 15 units @ $3.80 26 units @ $3.40 units @ $4.20 7 For the month of September, the company sold 34 units. What is cost of goods sold under the welghted average cost method? (D necessary. Round your answer to the nearest dollar amount.) Multiple Choice O $143. O O $115. о O $102.
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