Question
In: Accounting
The following data are available for Sellco for the fiscal year ended on January 31,...
The following data are available for Sellco for the fiscal year
ended on January 31, 2017:
| Sales | 770 | units | |||
| Beginning inventory | 240 | units | @ | $ | 3 |
| Purchases, in chronological order | 320 | units | @ | $ | 4 |
| 400 | units | @ | $ | 7 | |
| 220 | units | @ | $ | 7 |
|
Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) |
|
+b. Assume that net income using the weighted-average cost flow assumption is $13,400. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
|
+
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following data are available for Sellco for the fiscal year ended on January 31, 2017:...
The following data are available for Sellco for the fiscal year
ended on January 31, 2017:
Sales
750
units
Beginning inventory
230
units
@
$
4
Purchases, in chronological
order
300
units
@
$
4
450
units
@
$
7
210
units
@
$
8
Required:
a. Calculate cost of goods sold and ending
inventory under the cost flow assumptions, FIFO, LIFO and Weighted
average (using a periodic inventory system): (Round unit
cost to 2 decimal places.)
b. Assume that...
The following data are available for Hollis for the fiscal year ended on January 31, 2020:...
The following data are available for Hollis for the fiscal year
ended on January 31, 2020:
Sales
810
units
Beginning inventory
260
units
@
$
3
Purchases, in chronological order
340
units
@
$
4
430
units
@
$
6
240
units
@
$
8
Required:
a. Calculate cost of goods sold and ending inventory under
the cost flow assumptions, FIFO, LIFO and Weighted average (using a
periodic inventory system): (Round unit cost to 2 decimal
places.)
b. Assume that...
The following data are available for Sellco for the fiscal year ended on January 31, 2020:...
The following data are
available for Sellco for the fiscal year ended on January 31,
2020:
Sales
750
units
Beginning inventory
280
units
@
$
3
Purchases, in chronological order
300
units
@
$
5
420
units
@
$
7
240
units
@
$
7
Required:
a. Calculate cost of goods sold and ending inventory under
the cost flow assumptions, FIFO, LIFO and Weighted average (using a
periodic inventory system): (Round unit cost to 2 decimal
places.)
Cost of...
The following data are available for Sellco for the fiscal year ended on January 31, 2017:...
The following data are
available for Sellco for the fiscal year ended on January 31,
2017:
Sales
850
units
Beginning
inventory
230
units
@
$
3
Purchases, in
chronological order
330
units
@
$
5
420
units
@
$
7
190
units
@
$
8
Required:
a.
Calculate cost of goods sold and ending inventory under the cost
flow assumptions, FIFO, LIFO and Weighted average (using a periodic
inventory system): (Round unit cost to 2 decimal
places.)
Cost of
Goods...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for
the fiscal year ended December 31:
Beginning finished goods inventory in units
0
Units produced
5,000
Units sold
4,100
Sales
$
984,000
Materials cost
$
100,000
Variable conversion cost used
$
50,000
Fixed manufacturing cost
$
100,000
Indirect operating costs (fixed)
$
80,500
The variable costing operating income is: ?
The following data for Gardot Products Inc. are available: For the Year Ended December 31 Actual...
The following data for Gardot Products Inc. are available:
For the Year Ended December 31
Actual
Planned
Difference—Increase or
(Decrease)
Sales
$1,684,800
$1,652,400
$32,400
Less:
Variable cost of goods
sold
$889,200
$874,800
$14,400
Variable selling and
administrative expenses
171,600
178,200
-6,600
Total variable costs
$1,060,800
$1,053,000
$7,800
Contribution margin
$624,000
$599,400
$24,600
Number of units sold
15,600
16,200
Per unit:
Sales price
$108
$102
Variable cost of goods
sold
57
54
Variable selling and
administrative expenses
11
11
Prepare an...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year
ended December 31:
Prior December 31
Current December 31
Purchases of materials
$
200,000
Direct labor
131,500
Indirect labor
52,000
Factory insurance
9,400
Depreciation—factory
36,500
Repairs and maintenance—factory
15,200
Marketing expenses
148,900
General and administrative expenses
88,100
Materials inventory
$
30,000
65,500
Work-in-Process inventory
16,500
18,800
Finished Goods inventory
18,400
24,400
Sales in the current year were $668,000.
Required:
Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Bobland Company for the fiscal year ended December 31: Prior December...
The following data pertain to Bobland Company for the fiscal
year ended December 31: Prior December 31 Current December 31
Purchases of materials $ 182,500 Direct labor 122,750 Indirect
labor 48,500 Factory insurance 8,700 Depreciation—factory 34,750
Repairs and maintenance—factory 13,100 Marketing expenses 146,450
General and administrative expenses 87,050 Materials inventory $
26,500 60,250 Work-in-Process inventory 14,750 17,400 Finished
Goods inventory 17,700 24,400 Sales in the current year were
$612,000.
Required: Prepare a schedule of cost of goods manufactured and
an...
1a). The following information is available for the year ended December 31: The amount of raw...
1a). The following information is available for the year
ended December 31: The amount of raw materials used in production
for the year is:
a. $4,100.
b. $5,100.
c. $3,500.
d. $6,500.
e. $4,000
1.b) Bard Manufacturing uses a job order cost accounting
system. During one month Bard purchased $198,000 of raw materials
on credit; issued materials to production of $195,000 of which
$30,000 were indirect. Bard incurred a factory payroll of $150,000,
paid in cash, of which $40,000 is...
The following information is available for the Roots Heritage Corp. for the year ended Dec. 31,...
The following information is available for the Roots Heritage
Corp. for the year ended Dec. 31, 2015:
Collection of principal on long term loan to a supplier ……
…………… $35,000
Purchase of equipment for cash …
…………………………………… 10,000
Proceeds from sale of long-term investment at book value
…………….. 27,000
Issuance of common stock for cash
…………………………………….. 20,000
Depreciation expense for the year
…………………………………
25,000
Redemption of bonds at carrying value
………………………….
24,000
Payment of cash dividends ………………………………………………
9,000
Net...
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