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In: Accounting
Question 1 The accounting records of Sunland Company show the following data. Beginning inventory 3,190 units...
Question 1 The accounting records of Sunland Company show the following data. Beginning inventory 3,190 units at $6 Purchases 7,450 units at $8 Sales 9,194 units at $11
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The accounting records of Blossom Company show the following data. Beginning inventory 5,000 units at $5...
The accounting records of Blossom Company show the following
data.
Beginning inventory
5,000 units at
$5
Purchases
7,500 units at
$7
Sales
9,900 units at
$10
Calculate average unit cost. (Round answer to 3 decimal
places, e.g. 5.125.)
Determine cost of goods sold during the period under a periodic
inventory system using the FIFO method, the LIFO method, and the
average-cost method. (Round answers to 0 decimal
places, e.g. 125.)
The accounting records of Blossom Company show the following data. Beginning inventory 5,000 units at $5...
The accounting records of Blossom Company show the following
data.
Beginning inventory
5,000 units at
$5
Purchases
7,500 units at
$7
Sales
9,900 units at
$10
Calculate average unit cost. (Round answer to 3
decimal places, e.g. 5.125.)
Average unit cost
$enter average unit cost in dollars
per unit
Determine cost of goods sold during the period under a periodic
inventory system using the FIFO method, the LIFO method, and the
average-cost method. (Round answers to 0 decimal
places, e.g....
The accounting records of Metlock Electronics show the following data. Beginning inventory 2,700 units at $5...
The accounting records of Metlock Electronics show the following
data.
Beginning inventory 2,700 units at $5
Purchases 7,000 units at $7
Sales 8,100 units at $10
1a. Determine cost of goods sold during the period under a
periodic inventory system using the FIFO method.
1b. Determine cost of goods sold during the period under a
periodic inventory system using the LIFO method.
1c. Determine cost of goods sold during the period under a
periodic inventory system using the average-cost method.
The accounting records of Swifty Corporation show the following data. Beginning inventory 4,000 units at $6...
The accounting records of Swifty Corporation show the following
data.
Beginning inventory
4,000 units at
$6
Purchases
8,500 units at
$8
Sales
10,700 units at
$11
1) Average unit cost.
2) FIFO
3)LIFO
4) Average cost
1. Eneri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000...
1.
Eneri Company's inventory records show the following data:
Units
Unit Cost
Inventory, January 1
5,000
$9.20
Purchases:
June 18
4,500
8.00
November 8
3,000
7.00
A physical inventory on December 31 shows 2,000 units on hand.
Eneri sells the units for $13 each. The company has an effective
tax rate of 20%. Eneri uses the periodic inventory method.
Under the FIFO method, the December 31 inventory is valued at
A.
$16,133.
B.
$14,000.
C.
$16,480.
D.
$18,400.
2.
Priscilla...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
Tess Company's inventory records show the following data for the month of May: Units Unit Cost...
Tess Company's inventory records show the following data for the
month of May: Units Unit Cost Inventory, May 1 200 $2.00 Purchases:
May 8 200 3.00 May 15 100 4.00 The company uses a periodic
inventory system. A physical inventory on May 30 shows 150 units on
hand. Assuming FIFO (First-In-First-Out) inventory costing,
calculate the cost of goods sold. a. $1,100 b. $850 c. $700 d.
$980
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...
Shellhammer Company's inventory records show the following
data for the month of September:
Units Unit Cost
Inventory, September 1 100 $3.34
Purchases: September 8 450 3.50
September 18 350 3.70
A physical inventory on September 30 shows 200 units on
hand.
Calculate the value of the ending inventory and cost of goods
sold if the company uses weighted average inventory costing and a
periodic inventory system. (Round cost per unit to 2 decimal places
and ending inventory and cost of...
Do It! Review 6-2 The accounting records of Whispering Winds Corp. show the following data. Beginning...
Do It! Review 6-2 The accounting records of Whispering Winds
Corp. show the following data. Beginning inventory 3,010 units at
$6 Purchases 8,130 units at $8 Sales 9,090 units at $11 Determine
cost of goods sold during the period under a periodic inventory
system using the FIFO method, the LIFO method, and the average-cost
method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO
Average-cost Cost of goods sold $enter a dollar amountEntry field
with incorrect answer 6. $enter...
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