Question

In: Accounting

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought...

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $6 on January 1, (2) 450 units at $10 on January 8, and (3) 770 units at $11 on January 29. Assume 920 units are on hand at the end of the month.

Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought...
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 400 units at $6 on January 1, (2) 600 units at $8 on January 8, and (3) 870 units at $9 on January 29. Assume 1,070 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the (a) FIFO, (b) LIFO, and...
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought...
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 460 units at $5 on January 1, (2) 620 units at $6 on January 8, and (3) 920 units at $7 on January 29. Assume 1,200 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO, and...
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought...
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 340 units at $9 on January 1, (2) 630 units at $10 on January 8, and (3) 930 units at $12 on January 29. Assume 1,170 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the weighted average cost flow assumptions....
n its first month of operations, Literacy for the Illiterate opened a new bookstore and bought...
n its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 150 units at $8 on January 1, (2) 530 units at $9 on January 8, and (3) 830 units at $11 on January 29. Assume 1,020 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO, and...
In it’s first month of operations, Literacy for the literate opened a new bookstore and bough...
In it’s first month of operations, Literacy for the literate opened a new bookstore and bough merchandise in the following order; (1) 150 units at $5.00 on January 1st, (2) 460 units at $6 on January 8, and (3) 760 units at $8.00 on January 29. Assume $915 units are on hand at the end of the month calculate the cost of goods available for sale, ending inventory and cost of goods sold under FIFO, LIFO, and weighted average. Periodic...
Wildhorse Co., opened a dental practice on January 1, 2020. During the first month of operations,...
Wildhorse Co., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $880 of such services were performed but not yet recorded. 2. Utility expenses incurred but not paid prior to January 31 totaled $660. 3. Purchased dental equipment on January 1 for $86,000, paying $27,000 in cash and signing a $59,000, 3-year note payable. The equipment depreciates $430...
Bob Sample opened the Campus Laundromat on September 1, 2017. During the first month of operations,...
Bob Sample opened the Campus Laundromat on September 1, 2017. During the first month of operations, the following transactions occurred. Sep. 1 Bob invested $20,000 cash in the business. Sep. 2 The company paid $1,000 cash for store rent for September. Sep. 3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable Sep. 4 Paid $1,200 for a one-year accident insurance policy. Sep. 10 Received a bill from the Daily News...
Jan Spears opened her decorating company on January 1, 2008. During the first month of operations,...
Jan Spears opened her decorating company on January 1, 2008. During the first month of operations, the following transactions occurred: (1) Performed services for country club clients. On January 31, $2,300 of such services was earned but not yet billed to the clubs. (2) Utility expenses incurred but not paid prior to January 31 totaled $650. (3) Purchased decorating supplies on January 1 for $50,000, paying $10,000 in cash and signing a $40,000, three-year note payable. Interest is $300 per...
Question: Elmo has the following information for the month of October, its first month of operations...
Question: Elmo has the following information for the month of October, its first month of operations Work in Process October 1st $0 Units completed & transferred out in October $120,000 Work in Process October 30th $32,000 100% completed for materials 80% completed for conversion costs Costs added in October shown below Materials $145,900 Direct Labour $ 96,000 Overhead $108,000 (1.) Determine the equivalent units of production for October. (2.) Determine the cost of the ending work-in-process. (3.) Determine the cost...
a) On the first day of the month Javier opened a bank account in the name...
a) On the first day of the month Javier opened a bank account in the name of the business; in which I deposit $ 25,000. b) $ 600 was paid in cash for the month's rent. c) A used truck was purchased for $ 8,000 in cash. d) Tools were purchased for $ 3,000 on credit at Home Depot. e) $ 150 was paid in cash for the use of electric power. f) $ 1,500 was paid in advance for...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT