Question
In: Accounting
Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5)
[The following information applies to the questions displayed below.]
Pete’s Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete’s Tennis Shop uses a periodic inventory system.
| Date | Transactions | Units | Unit Cost | Total Cost | |||||||||||
| August | 1 | Beginning inventory | 8 | $ | 152 | $ | 1,216 | ||||||||
| August | 4 | Sale ($185 each) | 5 | ||||||||||||
| August | 11 | Purchase | 10 | 142 | 1,420 | ||||||||||
| August | 13 | Sale ($200 each) | 8 | ||||||||||||
| August | 20 | Purchase | 10 | 132 | 1,320 | ||||||||||
| August | 26 | Sale ($210 each) | 11 | ||||||||||||
| August | 29 | Purchase | 10 | 122 | 1,220 | ||||||||||
| $ | 5,176 | ||||||||||||||
For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase.
Solutions
Expert Solution
In case of any doubts or Issues, please comment below
ekkarill92 answered 1 year agoRelated Solutions
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
Required information
Problem 6-2B Calculate ending inventory, cost of goods sold,
sales revenue, and gross profit for four inventory methods (LO6-3,
6-4, 6-5)
[The following information applies to the questions
displayed below.]
Pete’s Tennis Shop has the following transactions related to its
top-selling Wilson tennis racket for the month of August.
Pete’s Tennis Shop uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
August
1
Beginning inventory
8
$
156
$
1,248
August
4
Sale ($205 each)...
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
Required information
Problem 6-2B Calculate ending inventory, cost of goods sold,
sales revenue, and gross profit for four inventory methods (LO6-3,
6-4, 6-5)
[The following information applies to the questions
displayed below.]
Pete’s Tennis Shop has the following transactions related to its
top-selling Wilson tennis racket for the month of August.
Pete’s Tennis Shop uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
August
1
Beginning inventory
8
$
152
$
1,216
August
4
Sale ($185 each)...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A Calculate ending inventory, cost of goods sold,
sales revenue, and gross profit for four inventory methods (LO6-3,
6-4, 6-5)
[The following information applies to the questions
displayed below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Unit
Cost
Total Cost
March
1
Beginning inventory
20
$
250
$
5,000
March
5
Sale ($400
each)
15
March...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A Calculate ending inventory, cost of goods sold,
sales revenue, and gross profit for four inventory methods (LO6-3,
6-4,6-5) [The following information applies to the questions
displayed below.] Greg’s Bicycle Shop has the following
transactions related to its top-selling Mongoose mountain bike for
the month of March. Greg's Bicycle Shop uses a periodic inventory
system.
Date
Transactions
Units
Unit Cost
Total Cost
March 1
Beginning Inventory
20
$215
$4,300
March 5
Sale ($330 each)
15
March 9
Purchase
10...
Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Exercise 6-4A Calculate inventory amounts when costs are rising
(LO6-3)During the year, TRC Corporation has the following inventory
transactions.DateTransactionNumber of UnitsUnit CostTotal CostJan.1Beginning inventory52$44$2,288Apr.7Purchase132466,072Jul.16Purchase202499,898Oct.6Purchase112505,600498$23,858For the entire year, the company sells 432 units of inventory
for $62 each.Exercise 6-4A Part 22. Using LIFO, calculate ending inventory, cost
of goods sold, sales revenue, and gross profit.
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each.
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
2. Using...
Compute ending inventory, cost of goods sold, and gross profit.
My question: Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)
William’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, William adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of:
Category
Quantity
...
alculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold,...
alculating Gross Profit and Inventory
Turnover
The following table presents sales revenue, cost of goods sold, and
inventory amounts for three computer/electronics companies, Dell
Inc., Hewlett-Packard Company, and Apple Inc.
$ millions
Fiscal year ending
Samsung Electronics Co. Ltd. (S. Korean
won)
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues
203,205,987
225,692,667
198,103,613
Cost of goods sold
126,278,800
135,696,309
124,651,931
Inventory
15,817,504
17,634,868
16,247,413
Hewlett-Packard Company (US dollar)
Oct. 31, 2014
Oct. 31, 2013
Oct. 31, 2012
Revenues...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate
ending inventory and cost of goods sold when preparing monthly
financial statements required by its bank. Inventory on hand at the
end of July was $125,000. The following information for the month
of August was available from company records:
Purchases
$
224,000
Freight-in
5,700
Sales
355,000
Sales returns
9,500
Purchases returns
4,800
In addition, the controller is aware of $12,000 of inventory that
was stolen during August from one of the...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate
ending inventory and cost of goods sold when preparing monthly
financial statements required by its bank. Inventory on hand at the
end of July was $122,000. The following information for the month
of August was available from company records: Purchases $ 218,000
Freight-in 5,100 Sales 349,000 Sales returns 8,900 Purchases
returns 4,200 In addition, the controller is aware of $12,000 of
inventory that was stolen during August from one of the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- What is covariation between two variables? How is "covariation" (or correlation) between two variables different from...
- Question 1: What is For Loop? Explain with 2 Examples. You can write code in any...
- If a corporation has limited capital to use for project investment, but it has more projects...
- I have a problem with my code. It does not run. Please can someone check the...
- As discussed in the text, in the absence of market imperfections and tax effects, we would...
- //This is an ArrayReverser Problem.. import java.util.Scanner; public class Main { public static void main(String[] args)...
- After completing its capital spending for the year, Carlson Manufacturing has $1,100 extra cash. Carlson’s managers...
ADVERTISEMENT