Question
In: Accounting
The following information is related to radios for the couples compnay for the month of July....
The
following information is related to radios for
the couples compnay for the month of
July.
July 1 balance units 100 cost $4.10 total 410
July 6 purchase 800 units cost $4.30 total 3440
July 7 sale units sold 300 price $7 total $2100
July 10 sale units sold 300 price $7.30 total $2190
July 12 purchase units 400 cost $4.51 total $1804
July 15 sale units sold 200 price $7.40 total $1480
July 18 purchase units 300 cost $4.60 total $1380
July 22 sale units sold 400 price $7.40 total $2960
July 25 purchase units 500 cost $4.58 total $2290
July 30 sale units sold 200 price $7.50 total $1500
Assuming that the periodic inventory method is used compute
the inventory cost at July 31 under each of the following cost flow
assumptions (ignore taxes)
FIFO
Weighted average
Answer the following questions
Which of the methods used above will yield the highest for
gross profit for the income statement explain why
Which of the methods used above will yield the highest figure
for ending inventory for the statement of financial position.
Explain why
Solutions
ekkarill92 answered 2 weeks agoRelated Solutions
Presented below is information related to Blowfish radios for the Concord Company for the month of...
Presented below is information related to Blowfish radios for the
Concord Company for the month of July.
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Selling Price
Total
July 1
Balance
150
$3.90
$ 585
6
Purchase
1,200
4.00
4,800
7
Sale
450
$6.70
$ 3,015
10
Sale
450
7.00
3,150
12
Purchase
600
4.30
2,580
15
Sale
300
7.10
2,130
18
Purchase
450
4.40
1,980
22
Sale
600
7.10
4,260
25
Purchase
750
4.38
3,285
30
Sale
300
7.20...
Presented below is information related to Blowfish radios for the Culver Company for the month of...
Presented below is information related to Blowfish radios for
the Culver Company for the month of July.
Date
Transaction
Units In
Unit cost
Total
Units Sold
Selling Price
Total
July 1
Balance
150
$4.20
$630
6
Purchase
1,200
$4.30
$5,160
7
Sale
450
$6.90
$3,105
10
Sale
450
$7.20
$3,240
12
Purchase
600
$4.60
$2,760
15
Sale
300
$7.30
$2,190
18
Purchase
450
$4.70
$2,115
22
Sale
600
$7.30
$4,380
25
Purchase
750
$4.68
$3,510
30
Sale
300
$7.40
$2,220...
Presented below is information related to Blowfish radios for the Blossom Company for the month of...
Presented below is information related to Blowfish radios for
the Blossom Company for the month of July.
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Selling Price
Total
July 1
Balance
130
$4.10
$ 533
6
Purchase
1,040
4.20
4,368
7
Sale
390
$6.90
$ 2,691
10
Sale
390
7.20
2,808
12
Purchase
520
4.50
2,340
15
Sale
260
7.30
1,898
18
Purchase
390
4.60
1,794
22
Sale
520
7.30
3,796
25
Purchase
650
4.58
2,977
30
Sale
260
7.40...
Presented below is information related to Blowfish radios for the Skysong Company for the month of...
Presented below is information related to Blowfish radios for
the Skysong Company for the month of July.
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Selling Price
Total
July 1
Balance
160
$4.50
$ 720
6
Purchase
1,280
4.60
5,888
7
Sale
480
$6.80
$ 3,264
10
Sale
480
7.10
3,408
12
Purchase
640
4.90
3,136
15
Sale
320
7.20
2,304
18
Purchase
480
5.00
2,400
22
Sale
640
7.20
4,608
25
Purchase
800
4.98
3,984
30
Sale
320
7.30...
Presented below is information related to Blowfish radios for the Blue Company for the month of...
Presented below is information related to Blowfish radios for
the Blue Company for the month of July. Date Transaction Units In
Unit Cost Total Units Sold Selling Price Total July 1 Balance 120
$3.80 $ 456 6 Purchase 960 3.90 3,744 7 Sale 360 $6.80 $ 2,448 10
Sale 360 7.10 2,556 12 Purchase 480 4.20 2,016 15 Sale 240 7.20
1,728 18 Purchase 360 4.30 1,548 22 Sale 480 7.20 3,456 25 Purchase
600 4.28 2,568 30 Sale 240...
The following information is available for Ethtridge Manufacturing Company for the month ending July 31
The following information is available for Ethtridge Manufacturing Company for the month ending July 31Cost of direct materials used in production $1,150,000Direct labor 966,000Work in process inventory, July 1 316,400Work in process inventory, July 31 355,500Total factory overhead 490,500Determine Ethtridge’s cost of goods manufactured for the month ended July 31.
The following information is available for Brownstone Products Company for the month of July: Actual Master...
The following information is available for Brownstone Products
Company for the month of July:
Actual
Master Budget
Units
3,700
4,000
Sales revenue
$
57,600
$
60,000
Variable manufacturing costs
10,200
16,000
Fixed manufacturing costs
12,100
13,400
Variable selling and administrative expenses
6,700
8,000
Fixed selling and administrative expenses
8,200
9,500
Required:
1. What was the total operating income variance for July? (Note:
this variance is also called the master (static) budget variance
for the period.) Was this variance favorable (F)...
The following information is available for the Brown Company for the month ended July 31: Direct...
The following information is available for the Brown Company for
the month ended July 31:
Direct materials purchased
$21,000
Direct labor (2,500 hrs@$12)
$30,000
Indirect labor
$3,000
Indirect materials
$2,500
Office supplies expense
$100
Factory equipment depreciation
$2,000
Office equipment depreciation
$750
Administrative expenses
$20,000
Office utilities
$75
Factory utilities
$200
Marketing expense
$2,500
Sales revenue
$150,000
Sales commissions expense
$1,500
Beginning
Ending
Direct materials inventory
$27,000
$24,500
Work in process inventory
$25,000
$29,000
Finished goods inventory
$22,000
$15,000
1.)...
The following information is available for Brownstone Products Company for the month of July: Actual Master...
The following information is available for Brownstone Products
Company for the month of July:
Actual
Master Budget
Units
3,800
4,000
Sales revenue
$
53,200
$
60,000
Variable manufacturing costs
19,000
16,000
Fixed manufacturing costs
16,000
15,000
Variable selling and administrative expenses
7,700
8,000
Fixed selling and administrative expenses
10,000
9,000
Required:
1. What was the total operating income variance for July? (Note:
this variance is also called the master (static) budget variance
for the period.) Was this variance favorable (F)...
The following information is available for Brownstone Products Company for the month of July: Actual Master...
The following information is available for Brownstone Products
Company for the month of July:
Actual
Master Budget
Units
3,900
4,000
Sales revenue
$
60,400
$
60,000
Variable manufacturing costs
20,400
16,000
Fixed manufacturing costs
14,200
13,300
Variable selling and administrative expenses
9,100
8,000
Fixed selling and administrative expenses
10,500
10,200
Required:
1. What was the total operating income variance for July? (Note:
this variance is also called the master (static) budget variance
for the period.) Was this variance favorable (F)...
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