Question
In: Accounting
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
| Beginning inventory, 9/1/2021 | 7,000 | units @ $10.00 |
| Purchases: | ||
| 9/7 | 3,000 | units @ $11.00 |
| 9/25 | 10,000 | units @ $11.50 |
| Sales: | ||
| 9/10 | 4,000 | units |
| 9/29 | 5,000 | units |
| 11,000 units were on hand at the end of September. | ||
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory.
2. Assuming that CNB uses a perpetual inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
6,300
units @ $11.00
Purchases:
9/7
4,200
units @ $11.60
9/25
10,500
units @ $12.20
Sales:
9/10
5,000
units
9/29
6,000
units
10,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information was collected from the inventory records of a company for the month of...
The following information was collected from the inventory
records of a company for the month of March, 2010. During March the
company sold 90 units of its product at $25 per unit.
Date
Units
Unit Cost
Total Cost
Beginning inventory
March 1
15
$10.00
$150
Purchase
March 5
35
$12.00
$420
Purchase
March 10
70
$14.00
$980
Purchase
March 17
25
$15.00
$375
Determine cost of goods sold under LIFO for the
month of March.
answer choices: 1285, 640, 1130,...
The following information was taken from Macondo Company records for the year 2019. Raw Materials inventory,...
The following information was taken from Macondo Company records
for the year 2019.
Raw Materials inventory, 1/12/2019 $ 48,000
Raw Materials inventory, 12/31/209 39,600
Direct labor 139,250
Indirect labor 24,460
Depreciation, factory Machinery 16,000
Raw materials Purchases 96,400
Factory utilities Expense 27,600
Work in process inventory 1/12/2019 19,800
Work in process inventory 12/31/2019 18,600
Finished Goods inventory 1/12/2019 96,000
Finished Goods inventory 12/31/2019 75,900
Factory Property taxes Expense 9,600
Factory Repairs Expense 1,400
Factory Insurance Expense 4,600
Office Utilities Expense...
The following information is taken from the records of West End Distributors Inc. for the month...
The following information is taken from the records of West End
Distributors Inc. for the month ended May 31.
Units
Unit cost
May 1
6
12
19
29
Purchase #1
Purchase #2
Purchase #3
Purchase #4
Purchase #5
100
200
125
350
150
$1
1
2
2
3
At May 31, 200 units remain unsold. For specific identification
purposes, items on hand at May 31 were:
100 units of purchase #1
100 units of purchase #4
The other units were...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013...
Errors in Inventory Counts The following
information was taken from the records of Taylor Enterprises:
2013
2012
Beginning inventory
$70,000
$60,000
Cost of goods purchased
430,000
410,000
Cost of goods available for sale
500,000
470,000
Ending inventory
65,000
70,000
Cost of goods sold
$435,000
$400,000
The following two errors were made in the physical inventory
counts:
1. 2012 ending inventory was understated by $10,000.
2. 2013 ending inventory was overstated by $5,000.
Compute the correct cost of goods sold for...
The following inventory information was taken from the records of GlobeKom Ltd: Historical cost $12,000 Replacement...
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost $12,000
Replacement cost $9,000
Expected selling price $10,000
Expected selling cost $1,500
Normal profit margin 10% of selling price
Under IAS 2, what is the net realizable value for inventory?
A. 10,000
B. 9,500
C.9,000
D. 8,500
Under IAS 2, what should be the impairment loss for
Inventory
A.0
B.2,000
c.3,500
D.1,500
Under U.S. GAAP, what should be the market value for Inventory
(assuming LCM method...
1. The following inventory information was taken from the records of GlobeKom Ltd: Historical cost $12,000...
1.
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost
$12,000
Replacement cost
$9,000
Expected selling price
$10,000
Expected selling cost
$1,500
Normal profit margin
10% of selling price
Under U.S. GAAP, what should be the impairment loss for
inventory (assuming LCM method is used)?
A.
$0
B.
$3,500
C.
$2,000
D.
$1,500
2.
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost
$12,000
Replacement cost
$9,000
Expected selling price...
The following totals for the month of April were taken from the payroll records of Oriole Company.
The following totals for the month of April were taken from the payroll records of Oriole Company. Salaries $134400FICA taxes withheld 10280Income taxes withheld 28000Medical insurance deductions 5000Federal unemployment taxes 360 State unemployment taxes 2420 The entry to record the accrual of federal unemployment tax would include a credit to Federal Unemployment Taxes...
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