Question
In: Accounting
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 and B) LIFO methods. Show your answer on the following tables.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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,...
Aug.1 Inventory on hand—3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14...
Aug.1
Inventory on
hand—3,900 units; cost $8.00 each.
8
Purchased 19,500
units for $7.40 each.
14
Sold 15,600
units for $13.90 each.
18
Purchased 11,700
units for $6.60 each.
25
Sold 14,600
units for $12.90 each.
28
Purchased 5,900
units for $5.80 each.
31
Inventory on
hand—10,800 units.
Using calculations based on a perpetual inventory system,
determine the inventory balance Altira would report in its August
31, 2021, balance sheet and the cost of goods sold it would report
in...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the perpetual inventory system.
Be sure to do...
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the periodic inventory system.
Be sure to do...
('$) ('$) Unit. Total Balance Date Explanation Units. Cost Cost in Units Jun-01 Beginning...
('$)
('$)
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...
selling price $95 units in beginning inventory 100 units produced 6,200 units sold 5,900 units in...
selling price
$95
units in beginning inventory
100
units produced
6,200
units sold
5,900
units in ending inventory
400
variable cost per unit
direct materials
$42
direct labor
$28
variable manufacturing overhead
$1
variable selling and administrative
$5
fixed costs
fixed manufacturing overhead
$62,000
fixed selling and administrative
$35,400
Lee Corporation, which has only one product, has provided the
following data concerning its most recent month of operations.
The company produces the same number of units every month,
although the...
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.
Coopers Company reported the following information: Units Unit Cost Units Sold Jan 1 Beginning inventory 190...
Coopers Company reported the following information:
Units Unit Cost Units Sold
Jan 1 Beginning inventory 190 $50
Mar 8 Sale 100
Apr 10 Purchase 320 55
Jun 20 Sale 240
Oct 10 Purchase 570 60
Nov 30 Sale 450
Total
Selling price per unit
during the year: $75 790
Required Complete the following table.
Cost Total Periodic Perpetual Date Purchased per Unit Cost Sold
FIFO Weighted Average Units $ $ Units Units $ $ Units $ $
Retail Inventory Method Beginning Inventory At cost $100,000 At retail $125,000 Net purchases At cost $300,000...
Retail Inventory Method
Beginning Inventory
At cost
$100,000
At retail
$125,000
Net purchases
At cost
$300,000
At retail
$360,000
Net markups
$15,000
Net markdowns
$10,000
Net sales at retail
$280,000
Average cost per unit
$8.00
Average selling price per unit
$10.00
Using the gross profit inventory estimation method:
1. Compute gross profit on sales.
2. Compute cost of goods sold.
3. Compute the estimated cost of ending inventory.
Using the conventional (average LCM) inventory estimation
method:
1. Compute the ending...
Beginning inventory 0 Units produced 27,000 Units sold 18,500 Selling price per unit $ 93 ...
Beginning inventory
0
Units produced
27,000
Units sold
18,500
Selling price per unit
$
93
Selling and administrative expenses:
Variable per unit
$
3
Fixed (total)
$
518,000
Manufacturing costs:
Direct materials cost per
unit
$
24
Direct labour cost per unit
$
14
Variable manufacturing overhead
cost per unit
$
9
Fixed manufacturing overhead cost
(total)
$
756,000
Since the new case is unique in design, management is anxious to
see how profitable it will be and has...
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