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1) The below Inventory and sales transactions took place during the month of March 2014. Purchase 110@ $4.25 3/01...
QUIZ:3 ACCT1 ASSOCIATE PROFESSOR DEAN NAME:_ 1) The below inventory and sales transactions took place during...
QUIZ:3 ACCT1 ASSOCIATE PROFESSOR DEAN NAME:_ 1) The below inventory and sales transactions took place during the month of March 2014 3/01 Purchase 110€ 54.25 3/02 Purchase 220 $5.20 3/07 Sold 200 $20.00 3/15 Purchased 320 3.25 3/20 Sold 325 @ $20.00 Wgt Avg Fifo Ending inventory (show calculations) Cost of Goods Sold (show calculations) 2) Put the above results in the below table assuming expenses are $3,500 and tax rate is 30 percent. Net Income Wgt Avg Fifo Ufo...
1. January 30th Purchase (cash) 130 units @ $124 2. March 12th Purchase (cash) 220 units @$128...
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...
ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5...
ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5 marks each ) Units Selling Price/ Date Unit Cost Jan. 1 unit Units Selling Price/ Date Unit Cost Opening Inventory 2,000 $0.50 5 Sale #1 1,200 5.00 6 Purchase #1 1,000 2.00 10 Purchase #2 500 1.00 16 Sale #2 2,000 6.00 21 Purchase #3 1,000 2.50 Assume all sales are made on account。 Required: 1. Assume ABBA uses the FIFO inventory cost flow assumption a. Record the...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
Beginning Inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory...
Beginning Inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 50 units $66 10 Sale 37 units 15 Purchase 22 units $69 20 Sale 17 units Sale 11 units Purchase 36 units $73 The business maintains a perpetual inventory system, costing by the first-in, Erst out method Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in Exhibit a....
Questions: 1. Ending Inventory? 2. Total cost available for sale? 3. Total number of units available...
Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000...
Styles Chris's Widgets made the following purchases of inventory during the month of September. Total costs...
Styles Chris's Widgets made the following purchases of inventory during the month of September. Total costs Cost per unit #of units Date of Purchase purchased $1 $100 5 September 7 September 10 September 17 September 24 September 29 September 100 $1.50 $2 $2.5 $3 200 300 300 150 300 750 100 300 150 $4 $600 Total Units 1000 $4 Purchased Complete the chart above 1. What would be the COGS using LIFO if 500 units are sold? 500x $4= $2,000...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May...
The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Units Cost Total Sales Price 75 10 $750 60 11 $660 80 16 $1,280 125 $40 45 19 $855 60 $40 $40 $40 40 Calculate the cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. End of the month totals Cost of Goods Sold $ [ Ending Inventory $[ Gross...
Riverbed Corporation sells one product, with information for July as follows: July 1 Inventory 100 units...
Riverbed Corporation sells one product, with information for July as follows: July 1 Inventory 100 units at $16.00 each 4 Sale 80 units at $20.00 each 11 Purchase 150 units at $16.40 each 13 Sale 120 units at $18.80 each 20 Purchase 160 units at $16.40 each 27 Sale 100 units at $20.90 each Riverbed uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Assume Riverbed uses a periodic...
QUIZ:3 ACCT1 ASSOCIATE PROFESSOR DEAN NAME:_ 1) The below inventory and sales transactions took place during the month of March 2014 3/01 Purchase 110€ 54.25 3/02 Purchase 220 $5.20 3/07 Sold 200 $20.00 3/15 Purchased 320 3.25 3/20 Sold 325 @ $20.00 Wgt Avg Fifo Ending inventory (show calculations) Cost of Goods Sold (show calculations) 2) Put the above results in the below table assuming expenses are $3,500 and tax rate is 30 percent. Net Income Wgt Avg Fifo Ufo...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
Beginning Inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 50 units $66 10 Sale 37 units 15 Purchase 22 units $69 20 Sale 17 units Sale 11 units Purchase 36 units $73 The business maintains a perpetual inventory system, costing by the first-in, Erst out method Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in Exhibit a....
Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000...
Styles Chris's Widgets made the following purchases of inventory during the month of September. Total costs Cost per unit #of units Date of Purchase purchased $1 $100 5 September 7 September 10 September 17 September 24 September 29 September 100 $1.50 $2 $2.5 $3 200 300 300 150 300 750 100 300 150 $4 $600 Total Units 1000 $4 Purchased Complete the chart above 1. What would be the COGS using LIFO if 500 units are sold? 500x $4= $2,000...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Units Cost Total Sales Price 75 10 $750 60 11 $660 80 16 $1,280 125 $40 45 19 $855 60 $40 $40 $40 40 Calculate the cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. End of the month totals Cost of Goods Sold $ [ Ending Inventory $[ Gross...
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