Question
In: Accounting
No. 2 Dan Tire has the following inventory records for the month ending July 31, 2011: Units Unit...
No. 2 Dan Tire has the following inventory records for the month ending July 31, 2011:
Units Unit Cost
Beginning Inventory 100 $18.00
Purchased July 10 400 $15.00
Purchased July 18 300 $17.00
Purchased July28 200 $16.00
Dan Tire sold 140 tires on July 11 and 300 tires on July 27. Compute the ending inventory and the cost of goods sold under the periodic inventory system using the three methods listed below.
FIFO,
LIFO,
Weighted-average
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
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
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then sales, cost of goods sold, and gross profit, under
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
53
$
10
July 13
Purchase
265
13
July 25
Sold
(100
)
$
15
July 31
Ending Inventory
218
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under FIFO.
Assume a periodic inventory system is used. (Round "Cost
per Unit" to 2 decimal places and your final answers...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July. Units
Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $ 10
July 13 Purchase 265 13 July 25 Sold (100 ) $ 15 July 31 Ending
Inventory 218 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. (Round "Cost per
Unit" to 2 decimal places and your final answers...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the transactions for the month of July.
Units Unit Cost Unit
Selling Price
July 1 Beginning Inventory 59 $ 10
July 13 Purchase 295 13
July 25 Sold ( 100 ) $ 15
July 31 Ending Inventory 254
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under (a) FIFO,
(b) LIFO, and (c) weighted average cost. Assume a periodic
inventory system is used. (Round "Cost...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
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
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
The following are the
transactions for the month of July.
Units
Unit Cost
Unit
Selling Price
July 1
Beginning Inventory
50
$
10
July 13
Purchase
250
13
July 25
Sold
(
100
)
$
15
July 31
Ending Inventory
200
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
he following are the transactions for the month of July. Units Unit Cost Unit Selling Price...
he following are the transactions for the month of July.
Units
Unit Cost
Unit
Selling Price
July 1
Beginning Inventory
55
$
10
July 13
Purchase
275
11
July 25
Sold
(
100
)
$
14
July 31
Ending Inventory
230
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under
(a) FIFO, (b) LIFO, and (c) weighted
average cost. Assume a periodic inventory system is used.
(Round "Cost...
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.
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