Westside Greenhouse sells different greenhouses for purchase. Inventory is as below. Units Cost Total Beginning Inventory...

Westside Greenhouse sells different greenhouses for purchase. Inventory is as below.

	Units	Cost	Total
Beginning Inventory	8	$433
March 6	14	$449
June 28	19	$451
August 31	13	$452
November 20	9	$456
Total Number of units:

Of the 11 houses still on hand, 9 were purchased in November, 1 was purchased in August and 1 was purchased in June. We sold the greenhouses for $799.

	Specific Identification	First- In, First-Out	Last-In, First-Out	Weighted Average
Cost of Ending Inventory
Sales
Less: Cost of Merchandise Sold
Gross profit on sales

Expert Solution

ekkarill92 answered 2 years ago

Beginning Inventory # of units Cost per unit Total Beginning Inventory 15 $10 $150 Jan 1....

Beginning Inventory # of units Cost per unit Total Beginning Inventory 15 $10 $150 Jan 1. Purchase 15 $11 $165 Jan 10. Purchase 15 $12 $180 Total 45 1. During January, AA sold 20 units at $30 per unit. Under FIFO, how much is the Gross Profit? $365 $380 $390 $395 2. During January, AA sold 20 units at $30 per unit Under the Weighted Average Method, how much is the Gross Profit?. $365 $380 $395 $400 3. During January,...

Ella Company had 160 units in beginning inventory at a total cost of $320. The company...

Ella Company had 160 units in beginning inventory at a total cost of $320. The company purchased 400 units at a total cost of $1,500. At the end of the year, Ella had 120 units in ending inventory Beginning 160 units ($2.00) $ 320 Purchases 500 units ($3.00) 1,500 Cost of goods available for sale $1,820 A physical count of ending inventory on June 30 reveals that there are 100 units on hand. REQUIREMENTS: Calculate the cost of ending inventory...

Sigfusson Supplies reported beginning inventory of 115 units, for a total cost of $4,025. The company...

Sigfusson Supplies reported beginning inventory of 115 units, for a total cost of $4,025. The company had the following transactions during the month: Jan. 6 Sold 45 shovels on account at a selling price of $45 per unit. 9 Bought 35 shovels on account at a selling price of $35 per unit. 11 Sold 35 shovels on account at a cost of $50 per unit. 19 Sold 45 shovels on account at a selling price of $55 per unit. 27...

date activities units cost total units sold retail price total aug 1 beginning inventory 150 $8.00...

date activities units cost total units sold retail price total aug 1 beginning inventory 150 $8.00 $1,200.00 aug 10 sales 70 $80.00 $5,600.00 aug 20 purchases 50 $9.00 $450.00 aug 25 sales 100 $80.00 $8,000.00 aug 31 purchases 50 $9.25 $475.00 totals 250 $2125.00 170 Corey Church is a seller of designer sunglasses. Following is a summary of Corey Church’s purchases and sales for the month of August, 2020. Calculate the cost of the ending inventory under the A) FIFO...

Units Per unit cost Beginning Inventory 200 $ 120.00 $ 24,000.00 30-Jan purchase 130 $ 124.00...

Units Per unit cost Beginning Inventory 200 $ 120.00 $ 24,000.00 30-Jan purchase 130 $ 124.00 $ 16,120.00 12-Mar purchase 220 $ 128.00 $ 28,160.00 Total Sales 350 $ 320.00 $ 112,000.00 Ending Inventory FIFO LIFO Ending Inventory Ending Inventory Goods Available for Sale Goods Available for Sale Deduct ending Inventory Deduct ending Inventory Cost of Goods Sold Cost of Goods Sold Sales Sales Cost of Goods Sold Cost of Goods Sold Gross Profit Gross Profit Operating Expense $ 24,000.00...

('$) ('$) Unit. Total Balance Date Explanation Units. Cost Cost in Units Jun-01 Beginning...

('$) ('$) Unit. Total Balance Date Explanation Units. Cost Cost in Units Jun-01 Beginning inventory. 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 200 240 FIFO Periodic System COGS: Ending Inventory: Average Cost Periodic System COGS: Ending Inventory: FIFO Previous System COGS: Ending Inventory: Average Cost Previous System COGS: Ending Inventory: Show...

Date Explanation Units Unit Cost Total Cost June 1 Inventory 180 5 900 12 Purchase 285...

Date Explanation Units Unit Cost Total Cost June 1 Inventory 180 5 900 12 Purchase 285 6 1710 23 Purchase 535 7 3745 30 Inventory 175 Compute the cost of the ending inventory and the cost of goods sold under FIFO and average-cost.

UNITS FIFO LIFO AVG. COST Beginning Inventory (160,000 at $2) 160,000 320,000 320,000 320,000 Purchase 1...

UNITS FIFO LIFO AVG. COST Beginning Inventory (160,000 at $2) 160,000 320,000 320,000 320,000 Purchase 1 (60,000 at $2.50) 60,000 150,000 150,000 150,000 Purchase 2 (60,000 at $3.50) 60,000 210,000 210,000 210,000 Goods for Sale 280,000 680,000 680,000 680,000 Ending Inventory (30,000 units) 30,000 105,000 60,000 72,857 Cost of Goods Sold 250,000 575,000 620,000 607,143 1. Assuming the company has NOT determined which inventory method to use, Which method should they use for income tax purposes? Why? 2. The sold...

A company has beginning inventory of 2 units at 10/each. In order: A purchase of 3...

A company has beginning inventory of 2 units at 10/each. In order: A purchase of 3 units at $13.00/each and then purchased 10 units at $15.00 each. The company sold 11 units at $25.00/each (on credit). Book all entries assuming FIFO. The terms were 2/10, N30. The customer paid within 5 days.

Use the following data of Makrel Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning...

Use the following data of Makrel Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 18 $6 $108 Purchase on Apr 25 35 7 245 Purchase on Nov 16 13 10 130 Sales 45 ? ? MakrelMakrel Sales' LIFO cost of ending inventory would be A.$186. B.$129. C.$154. D.$450.

Question