Answer A |
||
21st June |
Cost of Goods sold June 21st Sales |
|
125 pounds * $5 |
625 |
|
175 pounds * $6 |
1050 |
|
Cost of Goods sold 300 Pounds |
1675 |
|
29th June |
Cost of Goods sold June 29th Sales |
|
25 pounds * $6 |
150 |
|
175 pounds * $7 |
1225 |
|
Cost of Goods sold 200 Pounds |
1375 |
|
30th June |
Cost of ending inventory June 30th Sales |
|
300 pounds * $8 |
2400 |
|
Cost of ending inventory June 30th Sales |
2400 |
Answer B |
||
21st June |
Cost of Goods sold June 21st Sales |
|
175 pounds * $7 |
1225 |
|
125 pounds * $6 |
750 |
|
Cost of Goods sold 300 Pounds |
1975 |
|
29th June |
Cost of Goods sold June 29th Sales |
|
200 pounds * $8 |
1600 |
|
Cost of Goods sold 200 Pounds |
1600 |
|
30th June |
Cost of ending inventory June 30th Sales |
|
100 pounds * $8 |
800 |
|
75 pounds * $7 |
525 |
|
125 pounds * $5 |
625 |
|
Cost of ending inventory June 30th Sales |
1950 |
Answer C |
|||
Debit |
Credit |
||
29th June |
Cash (200*11) |
2200 |
|
Sales |
2200 |
||
( cash sales) |
|||
cost of good sold |
1600 |
||
inventory |
1600 |
||
( entry for cost of goods sold) |
Gaya Joe operates as a retailer of fine and gourmet coffees of the world. One of his favorites allers is a blend pur...
1. January 30th Purchase (cash) 130 units @ $124 2. March 12th Purchase (cash) 220 units @$128 3. June 3rd Sale (cash) 350 units @$320 Paid $24,000 of operating expenses. 4. Paid cash for income tax at the rate of 40 percent of income before tax. Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming: FIFO cost flow LIFO cost flow Weighted-average cost flow. Using the following layout. FIFO Ending Inventory Goods Available...
eBook Calculator Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $7 - $1,050 9 Purchase 1 200 units @ $12 - $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units...
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...
600
is incorrect
dssighm Kedunprogress=false Cornerstone Exercise 6-31 Inventory Costing Methods: Periodic LIFO (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail 200 units @$10 $2,000 June 1 Beginning Inventory 9 Purchase 1 300 units@$12 = $3,600 14 Sale 1 400 units@$25 250 units@$14 = $ 3,500 22 Purchase 2 29 Sale 2 225 units@$25 Assume that the company uses...
Wilson Lawn & Garden sells lawn and garden equipment and products, including 50-pound bags of fertilizer. Use the following information to determine the cost of goods sold and the value of the ending inventory of fertilizer bags under each of the designated cost flow assumptions. Wilson uses a periodic inventory system. DATE PER UNIT TOTAL June 1 Balance 300 bags at $10 per bag $ 3,000 June 10 Sold 200 bags at $24 per bag $ 4,800 June 11 Purchased...
Kaleta Company uses the perpetual inventory system and reports
the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
200
$5
$1,000
12
Purchase
400
6
2,400
23
Purchase
300
7
2,100
30
Inventory
100
Assume a sale of 440 units occurred on June 15 for a selling price
of $8 and a sale of 360 units on June 27 for $9.
Calculate the cost of the ending inventory and the cost of...
Chapter 05 Homework A Saved Required information [The following information applies to the questions displayed below.) Part 1 of 2 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail points Units Acquired at Cost 200 units @ $12.50 = $2,500 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $11.50 = 1,495 160 units @ $21.50 140 units...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 54 $ 225 $ 12,150 8 Purchase 108 270 29,160 11 Sale 72 750 54,000 30 Sale 45 750 33,750 May 8 Purchase 90 300 27,000 10 Sale 54 750 40,500 19 Sale 27 750 20,250 28 Purchase 90 330 29,700 June 5 Sale 54 790 42,660...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 66 $ 300 $ 19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300...
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...