Question
In: Accounting
Date Transaction Units Cost Sell 1/1 Beginning inventory 1,700 $28 3/6 Sale 1,100 $38 6/26 Purchase...
Date Transaction Units Cost Sell 1/1 Beginning inventory 1,700 $28 3/6 Sale 1,100 $38 6/26 Purchase 3,100 29 8/2 Purchase 2,100 30 10/31 Sale 3,500 40
(e) Periodic system, weighted-average cost flow.
(f) Perpetual system, moving-average cost flow.
Solutions
Expert Solution
Solution e:
| Weighted Average (Periodic) | |||
| Particulars | Units | Cost per unit | Total |
| Beginning Inventory | 1700 | $28.00 | $47,600.00 |
| Purchases: | |||
| 26-Jun | 3100 | $29.00 | $89,900.00 |
| 2-Aug | 2100 | $30.00 | $63,000.00 |
| Total Purchases | 5200 | $152,900.00 | |
| Goods available for Sale | 6900 | $29.06 | $200,500.00 |
| Cost of goods sold | 4600 | $29.06 | $133,667 |
| Ending Inventory | 2300 | $66,833 | |
Solution f:
| Computation of ending inventory COGS under Perpetual moving average cost flow | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Jan | 1700 | $28.00 | $47,600 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 1700 | $28.00 | $47,600 |
| 6-Mar | 1700 | $28.00 | $47,600 | 0 | $0.00 | $0 | 1100 | $28.00 | $30,800 | 600 | $28.00 | $16,800 |
| 26-Jun | 600 | $28.00 | $16,800 | 3100 | $29.00 | $89,900 | 0 | $0.00 | $0 | 3700 | $28.84 | $106,700 |
| 2-Aug | 3700 | $28.84 | $106,700 | 2100 | $30.00 | $63,000 | 0 | $0.00 | $0 | 5800 | $29.26 | $169,700 |
| 31-Oct | 5800 | $29.26 | $169,700 | 0 | $0.00 | $0 | 3500 | $29.26 | $102,405 | 2300 | $29.26 | $67,295 |
| Total | 4600 | $133,205 | 2300 | $67,295 | ||||||||
ekkarill92 answered 1 year agoRelated Solutions
DATE TRANSACTION # Units Price/Unit June 1 Beginning Inventory 50 $102 June 5 Sale 30 June...
DATE
TRANSACTION
# Units
Price/Unit
June 1
Beginning Inventory
50
$102
June 5
Sale
30
June 10
Purchase
100
$110
June 17
Sale
60
June 30
Ending Inventory
60
July 2
Purchase
100
$108
July 8
Sale
110
July 14
Purchase
50
$112
July 18
Sale
40
July 22
Purchase
60
$117
July 26
Sale
50
July 31
Ending Inventory
70
1. Assuming perpetual inventory and LIFO, what is COGS in
June?
2. Assuming perpetual inventory and average cost, what...
The following inventory information is available: Transaction Date Units Dollars Beginning Balance 1/1/2019 800 $6.00 Purchase...
The following inventory information is available:
Transaction
Date
Units
Dollars
Beginning Balance
1/1/2019
800
$6.00
Purchase
1/10/2019
600
$5.50
Purchase
1/20/2019
950
$5.25
Purchase
1/25/2019
350
$5.00
Sale throughout month
1700
$11.75
Calculate cost of goods available for
sale, cost of goods sold, gross profit, gross profit margin and
ending inventory using average cost, LIFO and FIFO inventory
methods. The company uses the periodic inventory system. Then state
which inventory method would provide the highest net income and
Which inventory...
Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units...
Beg Inventory
50 units at $5 each
Purchase
10 units at $6 each
Sale
30 units at $15 each
Purchase
10 units at $7 each
Sale
25 unites at $15 each
a .)Find Cost of Goods Sold and Ending Inventory using the FIFO
method
B.)Find Cost of Goods Sold and Ending Inventory using the LIFO -
Perpetual
Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr....
Inventory records for a company revealed the
following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 500 $2.40
Apr. 20 Purchase 400 $2.50
The company sold 700 units of inventory during the
month. Cost of goods sold assuming FIFO would be:
a.
$1,690
b.
$1,720.
c.
$1,700.
d.
$1,730.
e.
$1,710.
If management can estimate the amount of loss that will
occur due to litigation against the company, and the likelihood of
the loss is reasonably possible,...
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...
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...
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following:
Date Transaction Number of Units Unit Cost Mar. 1 Beginning
inventory 960 $7.15 Mar. 10 Purchase 540 7.65 Mar. 16 Purchase 395
8.25 Mar. 23 Purchase 530 8.95 Marvin sold 1,790 units of inventory
during the month. Ending inventory assuming FIFO would be (Do not
round your intermediate calculations. Round your answer to the
nearest dollar amount): $5,610 $1,156 $6,864 $1,541
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar.
1
Beginning inventory
1,000
$
7.26
Mar.
10
Purchase
540
7.71
Mar.
16
Purchase
760
8.14
Mar.
23
Purchase
590
8.54
Marvin sold 1,910 units of inventory during the month. Cost of
goods sold assuming FIFO would be:
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
1,070
$7.29
Mar. 10
Purchase
580
7.79
Mar. 16
Purchase
445
8.39
Mar. 23
Purchase
550
9.09
Marvin sold 1,960 units of inventory during the month. Ending
inventory assuming FIFO would be
37. Inventory records for MOM Company revealed the following: Date Transaction Number of Units Unit Cost...
37. Inventory records for MOM Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
200
$66.00
Mar. 6
Purchase
1,000
$66.50
Mar. 16
Purchase
1,000
$66.80
Mar. 23
Purchase
1,000
$66.90
MOM sold 3,190 units of inventory during the
month. Ending inventory assuming FIFO would be $______________
38. Inventory records for STC Company revealed the
following:
Date
Transaction
Number
of Units
Unit
Cost
Mar. 1
Beginning inventory
100
$25.00
Mar. 3
Purchase
500
$25.50...
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