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Please show calculations step by step. Question 3: Gray Company reports the following information regarding merchandise...
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2016 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.80
each.
8
Purchased 30,000 units for $7.50 each.
14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
31
Inventory on hand—15,500 units.
Required:
Determine the inventory balance Altira would report in its
August 31, 2016, balance sheet and...
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units...
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $108 Mar 10 Purchase 60 units $118 Aug. 30 Purchase 20 units $126 Purchase 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
PLEASE explain how to get the answer ? Alternative Inventory Methods Garrett Company has the following...
PLEASE explain how to get the answer ? Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.90 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required:...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,930 units at $40; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,710 units; sales, 8,390 units; sales price per unit, $80, and average income tax rate, 32 percent. Required: 1-a. Compute cost of goods sold...
Required information (The following information applies to the questions displayed below.) Daniel Company uses a periodic...
Required information (The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,120 units at $37; purchases, 7,890 units at $39; expenses (excluding income taxes), $193,900; ending inventory per physical count at December 31, current year, 1,610 units; sales, 8,400 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold...
Use the following information for the next three questions: (Question 1 of 3) Mo Company uses...
Use the following information for the next three questions: (Question 1 of 3) Mo Company uses a periodic inventory system. Mo sold 420 suits in 2019 for $500 each. Other data for 2019 includes: Merchandise inventory and purchases: (suits inventory) DATE ITEM SUITS UNITS PRICE TOTAL Jan. 1 Beginning Inventory 300 $70.00 Mar 6 Purchase 200 $80.00 Aug. 11 Purchase $90.00 300 100 $21,000 $16,000 $27,000 $10.00 $74,000 Oct 23 Purchase $10.00 TOTAL AVAILABLE 900 Cost of Goods Sold under...
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014)....
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods....
Required information The following information applies to the questions displayed below.) Laker Company reported the following...
Required information The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 155 units $8.00 - $1,240 Jan. 10 Sales 115 units $17.00 Jan. 20 Purchase 90 units $7.00 - 630 Jan. 25 Sales 95 units $17.00 Jan. 30 Purchase 210 unitse $6.50- 1,365 Totals 455 units $3,235 210 units Required: The Company...
please help and please show all calculations/explanations Nittany Company uses a periodic inventory system. At the...
please help and please show all calculations/explanations
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units 1,980 Unit Cost $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,060 2,970 4,010 5,060 8 Required: Compute ending inventory and cost of goods sold for the current...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2016 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.80
each.
8
Purchased 30,000 units for $7.50 each.
14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
31
Inventory on hand—15,500 units.
Required:
Determine the inventory balance Altira would report in its
August 31, 2016, balance sheet and...
eBook Show Me How Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $108 Mar 10 Purchase 60 units $118 Aug. 30 Purchase 20 units $126 Purchase 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,930 units at $40; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,710 units; sales, 8,390 units; sales price per unit, $80, and average income tax rate, 32 percent. Required: 1-a. Compute cost of goods sold...
Required information (The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,120 units at $37; purchases, 7,890 units at $39; expenses (excluding income taxes), $193,900; ending inventory per physical count at December 31, current year, 1,610 units; sales, 8,400 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold...
Use the following information for the next three questions: (Question 1 of 3) Mo Company uses a periodic inventory system. Mo sold 420 suits in 2019 for $500 each. Other data for 2019 includes: Merchandise inventory and purchases: (suits inventory) DATE ITEM SUITS UNITS PRICE TOTAL Jan. 1 Beginning Inventory 300 $70.00 Mar 6 Purchase 200 $80.00 Aug. 11 Purchase $90.00 300 100 $21,000 $16,000 $27,000 $10.00 $74,000 Oct 23 Purchase $10.00 TOTAL AVAILABLE 900 Cost of Goods Sold under...
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods....
Required information The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 155 units $8.00 - $1,240 Jan. 10 Sales 115 units $17.00 Jan. 20 Purchase 90 units $7.00 - 630 Jan. 25 Sales 95 units $17.00 Jan. 30 Purchase 210 unitse $6.50- 1,365 Totals 455 units $3,235 210 units Required: The Company...
please help and please show all calculations/explanations
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units 1,980 Unit Cost $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,060 2,970 4,010 5,060 8 Required: Compute ending inventory and cost of goods sold for the current...
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