Question
In: Accounting
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...
A toy store has beginning inventory of 20 plastic bouncy balls
at a cost of $1.05 each. During the year the toy store purchased 2
at $1.40; 4 at $2.00; 6 at $3.00; and 20 at $4.00. By the end of
the year, 25 balls were sold.
Calculate the following:
the number of plastic bouncy balls in stock at the end of the
year,
the cost of ending inventory under LIFO,
the cost of ending inventory under FIFO, and
the cost of ending inventory under weighted average.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...
A toy store has beginning inventory
of 20 plastic bouncy balls at a cost of $1.05 each. During the year
the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20
at $4.00. By the end of the year, 25 balls were sold.
Calculate the following:
the number of plastic bouncy
balls in stock at the end of the year,
the cost of ending inventory
under LIFO,
the cost of ending inventory
under FIFO, and
the...
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...
A toy store has beginning inventory
of 20 plastic bouncy balls at a cost of $1.05 each. During the year
the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20
at $4.00. By the end of the year, 25 balls were sold.
Calculate the following:
the number of plastic bouncy
balls in stock at the end of the year,
the cost of ending inventory
under LIFO,
the cost of ending inventory
under FIFO, and
the...
XY merchandising has 20 coffee mugs in the beginning inventory at a cost of $5 per...
XY merchandising has 20 coffee mugs in the beginning inventory
at a cost of $5 per coffee mug . on february 1,2012 they purchase
10 coffee mugs on account (Each coffee mug cost $6). On februay
5,2012 they sell coffee mugs for $10 per coffee mug on account.
The business uses first in first
out. prepare the entry XY merchandising would
make to record the sale of february 5,2012.
a) debt: accounts receivable -$150
credit: revenue - $150 debit:
cost of...
On May 1, a tire store had a beginning inventory of 20 tires which it purchased...
On May 1, a tire store had a beginning inventory of 20 tires
which it purchased for $300 each.
On May 5th, the store purchased 4 more tires for $350 each.
On May 12th, the store purchased 6 more tires for $400 each.
In May, the store sold a total of 12 tires.
Question: At the end of May, will the tire stores total assets
on its balance sheet be higher if it uses the LIFO or weighted
average inventory...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw Materials
29,100
26,900
Work in process
22,900
45,300
Finished goods
78,300
69,300
Additional information for the month of March follows:
Raw materials purchases
41,600
Indirect materials used
1,100
Direct labor
63,400
Manufacturing overhead applied
35,900
Selling, general, and administrative expenses
23,800
Sales Revenue
237,000
Required:
1. Based on the above information, prepare a cost of...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
29,600
$
26,700
Work in process
21,400
46,400
Finished goods
78,900
68,600
Additional information for the month of March follows:
Raw materials purchases
$
41,900
Indirect materials used
2,000
Direct labor
63,900
Manufacturing overhead applied
36,500
Selling, general, and administrative expenses
23,500
Sales revenue
236,800
Required:
1. Based on the above information, prepare...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
28,600
$
26,000
Work in process
22,500
45,300
Finished goods
78,700
69,100
Additional information for the month of March follows:
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Raw materials purchases
$
41,200
Indirect materials used
1,200
Direct labor
63,000
Manufacturing...
torSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
torSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
29,800
$
26,400
Work in process
21,800
46,500
Finished goods
80,000
69,900
Additional information for the month of March follows:
Raw materials purchases
$
40,300
Indirect materials used
1,400
Direct labor
63,000
Manufacturing overhead applied
36,400
Selling, general, and administrative expenses
23,800
Sales revenue
236,800
Required:
1. Based on the above information,...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
29,600
$
26,800
Work in process
22,600
47,000
Finished goods
78,300
69,800
Additional information for the month of March follows:
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Raw materials purchases
$
40,600
Indirect materials used
2,000
Direct labor
62,300
Manufacturing...
A small toy store has organized its 10 inventory items on an annual dollar-volume basis. The...
A small toy store has organized its 10 inventory items on an
annual dollar-volume basis. The information below shows the items,
their annual demands, and unit costs. How should the store classify
these items into groups A, B, and C?
Item
Number Annual
Volume
(Units) Unit
Cost ($)
Item
1
300
$10
Item
2
1000
$30
Item
3
500
$60
Item
4
100
$2
Item
5
1500
$20
Item
6
600
$50
Item
7
2000
$1.50
Item
8
900
$70
Item
9 ...
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