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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 a dollar amountEntry field with incorrect answer 7 $enter a dollar amountEntry field with incorrect answer 5 Click if you would like to Show Work for this question: Open Show Work
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ekkarill92 answered 1 year agoRelated Solutions
Problem 12-9A Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp. Comparative Balance Sheets...
Problem 12-9A
Condensed financial data of Whispering Winds Corp. follow.
Whispering Winds Corp.
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 158,368
$ 94,864
Accounts receivable
172,088
74,480
Inventory
220,500
201,586
Prepaid expenses
55,664
50,960
Long-term investments
270,480
213,640
Plant assets
558,600
475,300
Accumulated depreciation
(98,000
)
(101,920
)
Total
$1,337,700
$1,008,910
Liabilities and Stockholders’ Equity
Accounts payable
$ 199,920
$ 131,908
Accrued expenses payable
32,340
41,160
Bonds payable
215,600
286,160
Common stock
431,200
343,000
Retained earnings
458,640...
Problem 12-9A Condensed financial data of Whispering Winds Corp. follow. Whispering Winds Corp. Comparative Balance Sheets...
Problem 12-9A Condensed financial data of
Whispering Winds Corp. follow.
Whispering Winds Corp.
Comparative Balance Sheets
December 31
Assets
2017
2016
Cash
$ 158,368
$ 94,864
Accounts receivable
172,088
74,480
Inventory
220,500
201,586
Prepaid expenses
55,664
50,960
Long-term investments
270,480
213,640
Plant assets
558,600
475,300
Accumulated depreciation
(98,000
)
(101,920
)
Total
$1,337,700
$1,008,910
Liabilities and Stockholders’ Equity
Accounts payable
$ 199,920
$ 131,908
Accrued expenses payable
32,340
41,160
Bonds payable
215,600
286,160
Common stock
431,200
343,000
Retained earnings
458,640...
DO IT! 6-2: The accounting records of Old Towne Electronics show the following data. Apply rules...
DO IT! 6-2:
The accounting records of Old Towne Electronics show the
following data. Apply rules of ownership to determine inventory
cost.
Beginning inventory: 3,000 units at $5
Purchases: 8,000 units at $7
Sales: 9,400 units at $10
Determine cost of goods sold during the period under a periodic
inventory system using (a) the FIFO method, (b) the LIFO method,
and (c) the average-cost method. (Round unit cost to nearest tenth
of a cent.)
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
Whispering Winds Corp. Inc. had a beginning inventory of 95 units of Product RST at a...
Whispering Winds Corp. Inc. had a beginning inventory of 95
units of Product RST at a cost of $7 per unit. During the year,
purchases were:
Feb. 20 610 units at $8
Aug. 12 395 units at $10
May 5 480 units at $9
Dec. 8 100 units at $11
Whispering Winds Corp. uses a periodic inventory system. Sales
totaled 1,535 units.
Determine the ending inventory and the cost of goods
sold under each of the assumed cost flow methods...
Comprehensive Accounting Cycle Review 9-1 (Part Level Submission) Whispering Winds Corp.’s unadjusted trial balance at December...
Comprehensive Accounting Cycle Review 9-1 (Part Level
Submission) Whispering Winds Corp.’s unadjusted trial balance at
December 1, 2017, is presented below. Debit Credit Cash $25,600
Accounts Receivable 36,200 Notes Receivable 8,900 Interest
Receivable 0 Inventory 36,030 Prepaid Insurance 3,900 Land 21,000
Buildings 136,500 Equipment 61,500 Patent 9,000 Allowance for
Doubtful Accounts $450 Accumulated Depreciation—Buildings 45,500
Accumulated Depreciation—Equipment 24,600 Accounts Payable 27,300
Salaries and Wages Payable 0 Notes Payable (due April 30, 2018)
12,600 Income Taxes Payable 0 Interest Payable 0...
DO IT! 6.2 (LO 2) The accounting records of Americo Electronics show the following data. Compute...
DO IT! 6.2 (LO 2) The accounting records of Americo
Electronics show the following data.
Compute cost of goods sold under different cost flow
methods.
Beginning inventory
3,000 units at $5
Purchases
8,000 units at $7
Sales
9,400 units at $10
Determine cost of goods sold during the period under a
periodic inventory system using (a) the FIFO method, (b) the LIFO
method, and (c) the average-cost method. (Round unit cost to
nearest tenth of a cent.)
The following three accounts appear in the general ledger of Whispering Winds Corp. during 2019.The following...
The following three accounts appear in the general ledger of
Whispering Winds Corp. during 2019.The following three accounts
appear in the general ledger of Whispering Winds Corp. during
2019.
Equipment
Date
Debit
Credit
Balance
Jan.
1
Balance
161,000
July
31
Purchase of equipment
71,700
232,700
Sept.
2
Cost of equipment constructed
54,400
287,100
Nov.
10
Cost of equipment sold
49,700
237,400
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan.
1
Balance
69,000
Nov.
10
Accumulated depreciation on equipment
sold
29,800
39,200...
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 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.)
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