QUESTION 16 Binkley had 8,000 units of inventory 3/1. Their cost is $20 each. Purchases and...

QUESTION 16

Binkley had 8,000 units of inventory 3/1. Their cost is $20 each. Purchases and sales for the month were:

Date Purchases Sales

March 8 6,000 units

15 4,000 units @ $22 each

22 4,000 units @ $24 each

27 4,000 units

Cost of goods sold for the month using average cost in a periodic system was:

A.
$215,000.

B.
$204,000.

C.
$224,000.

D.
$209,600.

Expert Solution

ekkarill92 answered 1 year ago

A company had inventory on November 1 of 5 units at a cost of $16 each....

A company had inventory on November 1 of 5 units at a cost of $16 each. On November 2, they purchased 13 units at $18 each. On November 6 they purchased 9 units at $21 each. On November 8, 11 units were sold for $51 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? $278 $272 $283 $315 $294

1. Grays Company has inventory of 16 units at a cost of $11 each on August...

1. Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 18 units that were sold? Multiple Choice $202. $196. $200. $84. $288. 2. The chief executive officer earns $20,400 per month. As of May 31, her gross pay...

On March 1, 2019, Baltimore Company's beginning work in process inventory had 8,000 units. This is...

On March 1, 2019, Baltimore Company's beginning work in process inventory had 8,000 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Baltimore introduces direct materials at the beginning of the production process. During March, a total of 26,800 units were started and the ending WIP inventory had 9,800 units which were 50% complete as to conversion costs. Baltimore uses the weighted average method. Use this information to determine for March 2019...

Crane Company had 450 units of “Dink” in its inventory at a cost of $4 each....

Crane Company had 450 units of “Dink” in its inventory at a cost of $4 each. It purchased, for $2350, 280 more units of “Dink”. Crane then sold 580 units at a selling price of $9 each, resulting in a gross profit of $1670. The cost flow assumption used by Crane FIFO LIFO Cannot be determined weighted average

On May 1, Black Bear Company had 400 units of inventory on hand, at a cost...

On May 1, Black Bear Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales 300@ $7.00 1,000 @ $7.00 400 @ $7.50 May 4 May 3 1,300@ $4.10 700 @ $4.40 14 16 29 500@ $4.75 18 Instructions a. Calculate the cost of...

The beginning inventory is 8,000 units. All of the units that were manufactured during the period...

The beginning inventory is 8,000 units. All of the units that were manufactured during the period and 8,000 units of the beginning inventory were sold. The beginning inventory fixed manufacturing costs are $35 per unit, and variable manufacturing costs are $79 per unit. a. Determine whether variable costing operating income is less than or greater than absorption costing operating income. b. Determine the difference in variable costing and absorption costing operating income. $

Assuming FIFO cost flow assumption the days to sell is _________. Beginning Inventory 1/1/16: 15 units...

Assuming FIFO cost flow assumption the days to sell is _________. Beginning Inventory 1/1/16: 15 units @ $1.00 per unit Sale 1/3/16: 10 units @ $5.00 per unit Purchase 1/4/16: 10 units @ $1.10 per unit Sale 1/5/16: 10 units @ $5.00 per unit Purchase 1/7/16: 20 units @ $1.20 per unit Purchase 1/17/16: 15 units @ $1.40 per unit Sale 1/18/16: 15 units @ $5.00 per unit Sale 1/25/16: 15 units @ $5.00 per unit Purchase 1/30/16: 5 units...

Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company...

Grouper Ltd. had beginning inventory of 54 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 8 units for credit, and sold 153 units at $201 each on account. Correct answer iconYour answer is correct. Journalize the September transactions, assuming that Grouper Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...

Company Z had the beginning inventory of 500 units at $15 each. On February 1, they...

Company Z had the beginning inventory of 500 units at $15 each. On February 1, they purchased an additional 800 units at $18 each. On March 15, they sold 1000 units at $50 each. On June 1, they purchased another 600 units at $20 each. Lastly, on August 15, they sold another 500 units at $55 each. Calculate the company’s cost of goods sold using average cost. Assume the company uses the periodic method

Francis Bellamy Company had the following four inventory purchases in June: Beginning Inventory 150 units $1,500...

Francis Bellamy Company had the following four inventory purchases in June: Beginning Inventory 150 units $1,500 June 10 200 units $2,200 June 15 200 units $2,400 June 28 200 units $2,600 $8,700 A physical count of merchandise inventory on June 30 reveals that there are 80 units on hand. Using FIFO, fill in the adjusting journal entry below using the periodic system for inventory. Enter the answers as whole numbers without a comma or dollar sign. If there is no...

Question