Homework Answers
| Answer 1 |
| ( 800 + 6000 + 6400 ) / ( 20 + 100 + 80) |
| 13200 / 200 = |
| $ 66 |
| Option C is correct |
| Answer 2 |
| COGS = 150 * 66 = $ 9900 |
| Option A is correct |
| Answer 3 |
| 50 units * 80 = $ 4000 |
| Option D is correct |
| In FIFO, ending inv. Comprises of latest purchased units. |
| Answer 4 |
| Option A is correct i.e sales revenue |
| Answer 5 |
| Option C is correct |
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Choose the best responses and place them in the space provided at the end. 1. The inventory records for Bracken Sal...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Effect of inventory cost flow assumption on financial statements Required For each of the following situations,...
Effect of inventory cost flow assumption on financial statements Required For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies: a. In a period of falling prices, net income would be highest. b. In a period of falling prices, the unit cost of goods would be the same for ending inventory and cost of goods sold. c. In a period of rising prices, net income would be highest. d. In a period of rising prices, cost...
Saxton Company's inventory records for the most recent year contain the following data: (Click the icon to view the...
Saxton Company's inventory records for the most recent year contain the following data: (Click the icon to view the data) Saxton Company sold a total of 20,100 units during the year Read the requirements Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent) Using the average-cost method, the cost of goods sold is and the ending inventory is $ Requirement 2....
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31...
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold Date of Purchase Jan. 7 Feb. 16 March 22 Totals Units 7,000 28,000 32,000 67,000 Unit Cost $6.00 7.00 8.00 Total Cost $ 42,000 196, eee 256, eee $494,000 Sales for the quarter,...
help Alta Ski Company's inventory records contained the following information regarding its latest ski model. The...
help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Units Unit cost Beginning inventory 100 $49 Purchases #1 650 45 #2 550 41 #3 200 39 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO Average cost LIFO Cost of goods sold $...
Saxton Company's inventory records for the most recent year contain the following data: (Click the icon...
Saxton Company's inventory records for the most recent year contain the following data: (Click the icon to view the data.) Saxton Company sold a total of 18,500 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Using the average-cost method, the cost of goods sold is $ 20000 and the ending inventory is $...
Simpson Company's inventory records for the most recent year contain the following data EEB (Click the...
Simpson Company's inventory records for the most recent year contain the following data EEB (Click the icon to view the data.) Simpson Company sold a total of 18,600 units during the year Read the requirements Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year Round the average cost per unit to the nearest cent ) Using the average-cost method, the cost of goods sold is sand the ending inventory is s...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 600 units @ $115 each 1,eee units @ $125 each 450 units $130 each 1,200 units Required: 10. Which method. FIFO or...
Sherman Company's inventory records for the most recent year contain the following data EEB (Click the...
Sherman Company's inventory records for the most recent year contain the following data EEB (Click the icon to view the data ) Sherman Company sold a total of 18,500 units during the year Read the tequirements e year (Round the average cost per unit to the nearest cent) Using the average-cost method, the cost of goods sold is 12 830 and the ending nventory is s 10.770 Requirement 2. Using the FIFO method, compute the cost of goods sold and...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Effect of inventory cost flow assumption on financial statements Required For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies: a. In a period of falling prices, net income would be highest. b. In a period of falling prices, the unit cost of goods would be the same for ending inventory and cost of goods sold. c. In a period of rising prices, net income would be highest. d. In a period of rising prices, cost...
Saxton Company's inventory records for the most recent year contain the following data: (Click the icon to view the data) Saxton Company sold a total of 20,100 units during the year Read the requirements Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent) Using the average-cost method, the cost of goods sold is and the ending inventory is $ Requirement 2....
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold Date of Purchase Jan. 7 Feb. 16 March 22 Totals Units 7,000 28,000 32,000 67,000 Unit Cost $6.00 7.00 8.00 Total Cost $ 42,000 196, eee 256, eee $494,000 Sales for the quarter,...
help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Units Unit cost Beginning inventory 100 $49 Purchases #1 650 45 #2 550 41 #3 200 39 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO Average cost LIFO Cost of goods sold $...
Saxton Company's inventory records for the most recent year contain the following data: (Click the icon to view the data.) Saxton Company sold a total of 18,500 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Using the average-cost method, the cost of goods sold is $ 20000 and the ending inventory is $...
Simpson Company's inventory records for the most recent year contain the following data EEB (Click the icon to view the data.) Simpson Company sold a total of 18,600 units during the year Read the requirements Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year Round the average cost per unit to the nearest cent ) Using the average-cost method, the cost of goods sold is sand the ending inventory is s...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 600 units @ $115 each 1,eee units @ $125 each 450 units $130 each 1,200 units Required: 10. Which method. FIFO or...
Sherman Company's inventory records for the most recent year contain the following data EEB (Click the icon to view the data ) Sherman Company sold a total of 18,500 units during the year Read the tequirements e year (Round the average cost per unit to the nearest cent) Using the average-cost method, the cost of goods sold is 12 830 and the ending nventory is s 10.770 Requirement 2. Using the FIFO method, compute the cost of goods sold and...
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