Question
In: Accounting
Bianca has the following inventory, purchases, and sales data for the month of March. The physical...
Bianca has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. Inventory: March 1 200 units @ $4.00 $ 800 Purchases: March 10 500 units @ $4.50 2,250 March 20 400 units @ $4.75 1,900 March 30 300 units @ $5.00 1,500 Sales: March 15 500 units March 25 400 units Required: 1. Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost. 2. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost
Solutions
ekkarill92 answered 2 months agoRelated Solutions
Bianca has the following inventory, purchases, and sales data for the month of March. The physical...
Bianca has the following inventory, purchases, and sales data
for the month of March. The physical inventory count on March 31
shows 500 units on hand. Inventory: March 1 200 units @ $4.00 $ 800
Purchases: March 10 500 units @ $4.50 2,250 March 20 400 units @
$4.75 1,900 March 30 300 units @ $5.00 1,500 Sales: March 15 500
units March 25 400 units Required: 1. Under a periodic inventory
system, determine the cost of inventory on hand...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, March 1
22,000
Work in process, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
Required:
Prepare (a) a statement of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, March 1
22,000
Work in process, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
Required:
Prepare (a) a statement of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March: Purchases $92,000 Materials inventory, March 1 6,000
Materials inventory, March 31 8,000 Direct labor 25,000 Factory
overhead 37,000 Work in process inventory, March 1 22,000 Work in
process inventory, March 31 23,500 Finished goods inventory, March
1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000
Selling and administrative expenses 79,000 a. Prepare a schedule of
cost of goods manufactured. Enter all amounts as positive numbers.
Zoe Corporation Statement...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process inventory, March
1
22,000
Work in process inventory, March
31
23,500
Finished goods inventory, March
1
21,000
Finished goods inventory, March
31
30,000
Sales
257,000
Selling and administrative
expenses
79,000
Required:
Prepare (a) a schedule of cost
of goods manufactured, (b) an income statement for the month ended...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process inventory, March 1
22,000
Work in process inventory, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Selling and administrative expenses
79,000
a. Prepare a schedule of cost of goods
manufactured. Enter all amounts as positive numbers.
Zoe Corporation
Statement...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
PR 6-1A FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: PR 6-3A Weighted average cost method with perpetual inventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted...
Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory,...
Zoe Corporation has the following information for the month of
March:
Purchases
$ 92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, March 1
21,000
Work in process, March 31
23,500
Finished goods inventory, March 1
23,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
Prepare (a) a schedule of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March. Purchases $ 92,000 Materials inventory,...
Zoe Corporation has the following information for the month of
March.
Purchases $ 92,000 Materials inventory, March 1 6,000 Materials
inventory, March 31 8,000 Direct labor 25,000 Factory overhead
37,000 Work in process, March 1 21,000 Work in process, March 31
23,500 Finished goods inventory, March 1 23,000 Finished goods
inventory, March 31 30,000 Sales 257,000 Sales and administrative
expenses 79,000
Prepare (a) a schedule of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
beginning inventory, purchases and sales data for the month of august are as follows beginning inventory...
beginning inventory, purchases and sales data for the month of
august are as follows beginning inventory 10 units @ 25 august 5
sale 5 units august 10 purchase 18 units @ 27 august 12 sale 13
units August 27 purchase 10 units @ 30 assuming the business
maintains a perpetual inventory system, calculate the cost of goods
sold and Ending inventory using FIFO, LIFO , Weighted Average
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