Question
In: Accounting
Easton Company uses the periodic inventory system and had the following inventory & sales activity for...
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
|
Date |
Activity |
Quantity |
Unit Price |
|
5/1 |
Beginning Inventory |
130 |
$10 |
|
5/5 |
Purchase |
210 |
$12 |
|
5/15 |
Purchase |
350 |
$14 |
|
5/25 |
Purchase |
310 |
$16 |
Sales were 470 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
Solutions
Expert Solution
| Calculation of Cost of Goods sold | ||||
| Date | Activity | Quantity | Unit Price | Cost of Goods sold |
| 05-Jan | Beginning Inventory | 130 | 10 | 1,300 |
| 05-May | Purchase | 210 | 12 | 2,520 |
| May-15 | Purchase | 130 | 14 | 1,820 |
| Total | 470 | 5,640 | ||
| Final Answer: | Cost of Goods sold | 5,640 | ||
ekkarill92 answered 2 years agoRelated Solutions
3. Easton Company uses the periodic inventory system and had the following inventory & sales activity...
3. Easton Company uses the periodic inventory system and had the
following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price 5/1 Beginning Inventory 100 $10
5/5 Purchase 240 $12 5/15 Purchase 270 $14 5/25 Purchase 320 $16
Sales were 430 units at $20. Using the FIFO method, determine the
dollar value of Cost of Goods Sold for the month of May.
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Alpha Company uses the periodic inventory system and had the
following inventory & sales activity for the month of May
2016:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
150
$10
5/5
Purchase
200
$12
5/15
Purchase
300
$14
5/25
Purchase
150
$16
Sales were 525 units at $20. Using the LIFO method,
determine the dollar values following for the month of May:
1. Ending Inventory
2. Cost of Goods Available for Sale
3. Cost of Goods Sold
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the
following activity during the current monthly period.
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November 5: Purchased 107 Units @ $26
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November 16: Sold 154 Units @ $80
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Using the weighted-average inventory method, the company's
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A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the
following activity during the current monthly period.
November 1: Beginning inventory 114 Units @ $30
November 5: Purchased 114 Units @ $26
November 8: Purchased 64 Units @ $30
November 16: Sold 182 Units @ $115
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Using the weighted-average inventory method, the company's
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A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had
the following activity during the current monthly period.
November 1:
Beginning inventory
116 Units @ $10
November 5:
Purchased
116 Units @ $26
November 8:
Purchased
66 Units @ $25
November 16:
Sold
190 Units @ $125
November 19:
Purchased
95 Units @ $20
Using the weighted-average inventory method, the company's ending
inventory would be:
a. $1,160
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Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system
and had the following inventory & sales activity for the month
of May 2019:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
175
$12.00
5/5
Purchase
200
$10.50
5/10
Sales
300
$25
5/15
Purchase
200
$13.00
5/20
Sales
250
$28
5/25
Purchase
150
$13.50
Using the LIFO method, determine the dollar value for
Ending Inventory at the end of month of May. Round to the nearest
cent.
Calvin Company uses a periodic inventory system. They had the following information concerning their inventory for...
Calvin Company uses a periodic inventory system. They had the
following information concerning their inventory for the month of
March.
Units Cost Per Unit
Beginning Inventory (March 1) 250 $12
Purchase (March 25th) 130 $13
Purchase (March 28th) 285 $15
Sale (March 30th) 350
1. If the company uses a FIFO inventory method, what will be
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Purchased merchandise from Blue Spruce Ltd. for $26,000, terms
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6
The appropriate company paid freight costs of $770 on the
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7
Purchased supplies on account for $5,050.
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Returned damaged merchandise to Blue Spruce and was given a
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Flint Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...
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3
Purchased merchandise from Pina Colada Ltd. for $27,200, terms
n/30, FOB shipping point.
6
The appropriate company paid freight costs of $710 on the
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7
Purchased supplies on account for $4,940.
8
Returned damaged merchandise to Pina Colada received a credit
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30
Paid the amount due...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a periodic inventory system. It entered
into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
130
units
@ $65 per unit
Mar.
5
Purchase
430
units
@ $70 per unit
Mar.
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Sales
450
units
@ $100 per unit
Mar.
18
Purchase
180
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Mar.
25
Purchase
260
units
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29
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220
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@...
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