Question
In: Accounting
Required information [The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the...
Required information
[The following information applies to the questions
displayed below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
| Date | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| March | 1 | Beginning inventory | 20 | $ | 180 | $ | 3,600 | |||||||||
| March | 5 | Sale ($260 each) | 15 | |||||||||||||
| March | 9 | Purchase | 10 | 200 | 2,000 | |||||||||||
| March | 17 | Sale ($310 each) | 8 | |||||||||||||
| March | 22 | Purchase | 10 | 210 | 2,100 | |||||||||||
| March | 27 | Sale ($335 each) | 12 | |||||||||||||
| March | 30 | Purchase | 7 | 230 | 1,610 | |||||||||||
| $ | 9,310 | |||||||||||||||
rev: 02_28_2017_QC_CS-80932
5. Calculate sales revenue and gross profit
under each of the four methods. (Round weighted-average
cost amounts to 2 decimal places.)
Specific identification FIFO LIFO Weighted -average cost
Sale revenue
Gross profit
Solutions
ekkarill92 answered 2 years agoRelated Solutions
[The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions...
[The following information applies to the questions
displayed below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Cost per
Unit
Total Cost
March 1
Beginning inventory
20
$160
$
3,200
March 5
Sale ($220 each)
15
March 9
Purchase
10
180
1,800
March 17
Sale ($270 each)
8
March 22
Purchase
10...
[The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions...
[The following information applies to the questions
displayed below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Cost per
Unit
Total Cost
March 1
Beginning inventory
20
$215
$
4,300
March 5
Sale ($330 each)
15
March 9
Purchase
10
235
2,350
March 17
Sale ($380 each)
8
March 22
Purchase
10...
rmation applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions related to...
rmation applies to the questions displayed
below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
March
1
Beginning inventory
20
$
235
$
4,700
March
5
Sale ($370 each)
15
March
9
Purchase
10
255
2,550
March
17
Sale ($420 each)
8
March
22
Purchase
10
265
2,650
March
27
Sale ($445 each)
12...
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the...
Required information
[The following information applies to the questions
displayed below.]
The Shirt Shop had the following transactions for T-shirts for
Year 1, its first year of operations:
Jan. 20
Purchased
530
units
@
$
8
=
$
4,240
Apr. 21
Purchased
330
units
@
$
10
=
3,300
July 25
Purchased
410
units
@
$
13
=
5,330
Sept. 19
Purchased
220
units
@
$
15
=
3,300
During the year, The Shirt Shop sold 1,200 T-shirts for $24...
Required information [The following information applies to the questions displayed below.] This firm has two...
Required information
[The following information applies to the questions
displayed below.]
This firm has two offices—one in Paris and one in Italy. The
firm classifies the direct costs of consulting jobs as variable
costs. A contribution format segmented income statement for the
company’s most recent year is given:
Office
Total Company
Paris
Italy
Sales
$
1,125,000
100.0
%
$
225,000
100
%
$
900,000
100
%
Variable expenses
607,500
54.0
%
67,500
30
%
540,000
60
%
Contribution margin...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information [The following information applies to the
questions displayed below.] The following are the transactions for
the month of July. Units Unit Cost Unit Selling Price July 1
Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold
(100 ) $ 15 July 31 Ending Inventory 170 Calculate cost of goods
available for sale and ending inventory, then sales, cost of goods
sold, and gross profit, under LIFO. Assume a periodic inventory
system is used.
LIFO...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information
[The following information applies to the questions
displayed below.]
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
54
$
10
July 13
Purchase
270
12
July 25
Sold
(100
)
$
16
July 31
Ending Inventory
224
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under weighted
average cost. Assume a periodic inventory system is...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information
[The following
information applies to the questions displayed below.]
The following
information is available for Lock-Tite Company, which produces
special-order security products and uses a job order costing
system.
April 30
May 31
Inventories
Raw
materials
$
28,000
$
52,000
Work in
process
9,000
21,000
Finished
goods
61,000
33,300
Activities and
information for May
Raw materials
purchases (paid with cash)
181,000
Factory payroll
(paid with cash)
200,000
Factory
overhead
Indirect
materials
10,000
Indirect
labor
46,000
Other overhead
costs...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information
[The following information applies to the questions
displayed below.]
The following information is available for Lock-Tite Company, which
produces special-order security products and uses a job order
costing system.
April 30
May 31
Inventories
Raw materials
$
46,000
$
55,000
Work in process
9,000
19,600
Finished goods
62,000
33,300
Activities and information for May
Raw materials purchases (paid with cash)
183,000
Factory payroll (paid with cash)
250,000
Factory overhead
Indirect materials
11,000
Indirect labor
57,500
Other overhead costs...
A) Required information [The following information applies to the questions displayed below.] The following information pertains...
A) Required information
[The following information applies to the questions
displayed below.]
The following information pertains to the inventory of Parvin
Company during Year 2:
Jan. 1
Beginning Inventory
400
units
@
$
30
Apr. 1
Purchased
2,000
units
@
$
35
Oct. 1
Purchased
600
units
@
$
38
During Year 2, Parvin sold 2,700 units of inventory at $90 per unit
and incurred $41,500 of operating expenses. Parvin currently uses
the FIFO method but is considering a change...
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