Question
In: Accounting
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 per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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
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
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...
Graham Company reports the following for the month of July. Date Explanation Units Unit Cost Total...
Graham Company reports the following for the month of July.
Date
Explanation
Units
Unit
Cost
Total
Cost
July
1
Inventory
440
$5
$2,200
12
Purchase
740
6
4,440
23
Purchase
940
7
6,580
Calculate the cost of the ending inventory and the cost of goods
sold for each cost flow assumption (FIFO, LIFO, and Moving
Average), using a perpetual inventory system. Assume a sale of 810
units occurred on July 15 for a selling price of $8 and a sale...
Transactions of ABC Corporation for the month of January are as follows: Units Unit cost...
Transactions of ABC Corporation for the month of January are as
follows:
Units Unit cost
Beginning, Jan. 1 10,000 20
Purchases, Jan. 10 10,000 22
Sold, Jan. 15 15,000
Purchases, Jan. 18 5,000 23
Sold, Jan. 25 8,000
The company uses the perpetual inventory system. Determine the
cost of inventory on January 31 and cost of goods sold under:
Inventory Cost Flow
Ending Inventory
Cost of Goods
Sold
First in, first out (FIFO)
Moving average
Last in, first out...
AU Company has the following inventory transactions for the month of March: Units Unit Cost Beginning,...
AU Company has the following inventory transactions for the
month of March:
Units
Unit Cost
Beginning, Mar. 1
10,000
15
Purchases, Mar. 10
20,000
18
Sold, Mar. 15
15,000
Purchases, Mar. 18
5,000
23
Sold, Mar. 25
6,000
The company uses the perpetual inventory system. Determine the
cost of inventory on March 31 and cost of goods sold under:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold
First in, first out (FIFO)
Moving Average
Last in, first out (LIFO)
EBECEDE Company has the following inventory transactions for the month of February: Units Unit Cost Beginning,...
EBECEDE Company has the following inventory transactions for the
month of February:
Units
Unit Cost
Beginning, Feb. 1
10,000
40
Purchases, Feb. 10
10,000
43
Sold, Feb. 15
15,000
Purchases, Feb. 18
5,000
44
Sold, Feb. 25
2,000
The company uses the perpetual inventory system. Determine the
cost of inventory on February 29 and cost of goods sold under:
Inventory Cost Flow
Ending Inventory
Cost of Goods Sold (COGS
First in, first out (FIFO)
Weighted Average
Last in, first out...
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