Question
In: Accounting
Beginning Inventory # of units Cost per unit Total Beginning Inventory 15 $10 $150 Jan 1....
| Beginning Inventory | # of units | Cost per unit | Total |
| Beginning Inventory | 15 | $10 | $150 |
| Jan 1. Purchase | 15 | $11 | $165 |
| Jan 10. Purchase | 15 | $12 | $180 |
| Total | 45 |
1. During January, AA sold 20 units at $30 per unit.
Under FIFO, how much is the Gross Profit?
$365
$380
$390
$395
2. During January, AA sold 20 units at $30 per unit
Under the Weighted Average Method, how much is the
Gross Profit?.
$365
$380
$395
$400
3. During January, AA sold 20 units at $30 per unit.
Under FIFO, how much is the Cost of Goods Sold?
$205
$235
$260
$290
4. During January, AA sold 20 units at $30 per unit.
Under FIFO, how much is the value of ending inventory?
$205
$235
$260
$290
5. During January, AA sold 20 units at $30 per unit.
How much is the value of ending inventory under the Weighted Average Method?
$195
$220
$275
$300
6. During January, AA sold 20 units at $30 per unit.
Under LIFO, how much is the Cost of Goods Sold?
$205
$235
$260
$290
Solutions
ekkarill92 answered 6 months agoRelated Solutions
The beginning inventory was 320 units at a cost of $10 per unit. Goods available for...
The beginning inventory was 320 units at a cost of $10 per unit.
Goods available for sale during the year were 1,360 units at a
total cost of $15,060. In May, 620 units were purchased at a total
cost of $6,820. The only other purchase transaction occurred during
October. Ending inventory was 580 units.
Required:
a. Calculate the number of units purchased in
October and the cost per unit purchased in October.
b-1. Assume the periodic inventory system is
used....
Question (2) Units Unit Cost ($) Total Jan. 1 (Beg.) 100 15
Question (2)
Units
Unit Cost ($)
Total
Jan. 1 (Beg.)
100
15
1,500
Jan. 15 Purchase
100
20
2,000
Jan. 20 Purchase
200
25
5,000
Jan. 25 Purchase
150
30
4,500
Total
550
13,000
Jan. 30 Sold
220
Selling Price ($)
50
Required:
Assume ABC uses the Weighted –
Average method calculate I-ending inventory,
II-cost of goods sold andIII-gross
profit.
Assume ABC uses
LIFOmethod calculate I-ending inventory,
II-cost of goods sold andIII-gross
profit.
Units Per unit cost Beginning Inventory 200 $ 120.00 $ 24,000.00 30-Jan purchase 130 $ 124.00...
Units
Per unit cost
Beginning Inventory
200
$ 120.00
$ 24,000.00
30-Jan
purchase
130
$ 124.00
$ 16,120.00
12-Mar
purchase
220
$ 128.00
$ 28,160.00
Total
Sales
350
$ 320.00
$ 112,000.00
Ending Inventory
FIFO
LIFO
Ending Inventory
Ending Inventory
Goods Available for Sale
Goods Available for Sale
Deduct ending Inventory
Deduct ending Inventory
Cost of Goods Sold
Cost of Goods Sold
Sales
Sales
Cost of Goods Sold
Cost of Goods Sold
Gross Profit
Gross Profit
Operating Expense
$ 24,000.00...
Coopers Company reported the following information: Units Unit Cost Units Sold Jan 1 Beginning inventory 190...
Coopers Company reported the following information:
Units Unit Cost Units Sold
Jan 1 Beginning inventory 190 $50
Mar 8 Sale 100
Apr 10 Purchase 320 55
Jun 20 Sale 240
Oct 10 Purchase 570 60
Nov 30 Sale 450
Total
Selling price per unit
during the year: $75 790
Required Complete the following table.
Cost Total Periodic Perpetual Date Purchased per Unit Cost Sold
FIFO Weighted Average Units $ $ Units Units $ $ Units $ $
date activities units cost total units sold retail price total aug 1 beginning inventory 150 $8.00...
date
activities
units
cost
total
units sold
retail price
total
aug 1
beginning inventory
150
$8.00
$1,200.00
aug 10
sales
70
$80.00
$5,600.00
aug 20
purchases
50
$9.00
$450.00
aug 25
sales
100
$80.00
$8,000.00
aug 31
purchases
50
$9.25
$475.00
totals
250
$2125.00
170
Corey Church is a seller of designer sunglasses. Following is a
summary of Corey Church’s purchases and sales for the month of
August, 2020. Calculate the cost of the ending inventory under the
A) FIFO...
Botter Company had a beginning inventory of 200 units at a cost of $13 per unit...
Botter Company had a beginning inventory of 200 units at a cost
of $13 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
Sales
August
4
250 units at $14
August
7
150 units
August
15
350 units at $15
August
11
100 units
August
28
200 units at $16
August
17
300 units
August
24
200 units
Botter uses a periodic inventory system.
Instructions
Determine ending inventory and cost of goods sold...
Elston Company had a beginning inventory of 200 units at a cost of rm12 per unit...
Elston Company had a beginning inventory of 200 units at a cost
of rm12 per unit on August 1. During the month, the following
purchases and sales were made.
Purchases
______________Sales
________
August 4 250
units at
RM13/unit
August
7 150 units @
RM20
August 15 350 units at
RM15/unit
August
11 100 units @ RM20
August 28 200 units at
RM14/unit
August
17 250 units @ RM25
August
24 260 units @...
Below are the following inventory transactions for Deuce Hardware: Units Unit Cost Jan 1 Inventory 200...
Below are the following inventory transactions for Deuce
Hardware:
Units
Unit Cost
Jan 1
Inventory
200
$ 2.50
Mar 28
Purchase
500
$ 2.60
May 15
Purchase
300
$ 2.50
July 27
Purchase
200
$ 2.80
Sep 30
Purchase
400
$ 3.00
Dec 15
Purchase
200
$ 3.20
During the year, 1,100 units were sold at $6 each. The company
uses the periodic inventory system.
Calculate Ending Inventory and Cost of Goods Sold under each of
the following:
Average Cost...
month of 05/2020 = 140 units sold. 05/01 Inventory Units Unit cost Total cost 05/15 Purchases...
month of 05/2020 = 140 units sold.
05/01
Inventory
Units
Unit cost
Total cost
05/15
Purchases
6 5
$13
$ 845
05/24
Purchases
5 4
16
864
Totals
7 5
17
1275
1 9 4
2984
Ending invent.@ 05/31 and cost of goods sold using FIFO/LIFO
FIFO
LIFO
End Inventory 05/31
?
?
Cost o f goods sold
?
?
Needing some help with homework Thanks!
('$) ('$) Unit. Total Balance Date Explanation Units. Cost Cost in Units Jun-01 Beginning...
('$)
('$)
Unit.
Total
Balance
Date
Explanation
Units.
Cost
Cost
in Units
Jun-01
Beginning inventory.
50
1.0
50
50
Jun-06
Purchase
50
1.2
60
100
Jun-10
Sales
60
40
Jun-13
Purchase
150
1.4
210
190
Jun-20
Purchase
100
1.6
160
290
Jun-25
Purchase
150
1.8
270
440
Jun-30
Sales
200
240
FIFO Periodic System
COGS:
Ending Inventory:
Average Cost Periodic System
COGS:
Ending Inventory:
FIFO Previous System
COGS:
Ending Inventory:
Average Cost Previous System
COGS:
Ending Inventory:
Show...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- When managing the performance of an organization, the leadership is always balancing between the risks and...
- From the following mySql query create a function that returns a nth value of a table:...
- THE COFFEE CLUB celebrates almost three decades of really good food, great service and excellent coffee....
- Beryl's Iced Tea currently rents a bottling machine for $ 52 comma 000 per year, including...
- The defining features of oppression are that it is: pervasive, restrictive, hierarchical, complex across relationships, and...
- Kim Inc. must install a new air conditioning unit in its main plant. Kim must install...
- Fingen's 19-year, $1000 par value bonds pay 15 percent interest annually. The market price of the...
ADVERTISEMENT