Question
In: Accounting
Sandhill Company is a multi product firm. Presented below is information concerning one of its products,...
Sandhill Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,200 $16 2/4 Purchase 3,200 24 2/20 Sale 3,700 40 4/2 Purchase 4,200 30 11/4 Sale 3,400 44 Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ Entry field with incorrect answer Show Solution Link to Text By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 3 of 3 used Collapse question part (b) Compute cost of goods sold, assuming Sandhill uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
Solutions
Expert Solution
| COST OF GOODS AVAILABLE FOR SALE: | ||||
| Date | Units | Rate | Total Cost | |
| Jan-01 | 2200 | 16 | 35200 | |
| Feb-04 | 3200 | 24 | 76800 | |
| Apr-02 | 4200 | 30 | 126000 | |
| 9600 | 238000 | |||
| SALE: | ||||
| Feb-20 | 3700 | |||
| Nov-04 | 3400 | |||
| 7100 | ||||
| Balance Units | 2500 | |||
| ANSWERS: | ||||
| Average cost per unit = 238000/9600 = | $ 24.7917 | |||
| Cost of goods sold (AVG COST) = 7100*24.7917 = | $ 1,76,021 | |||
| COST OF GOODS SOLD: | ||||
| PERIODIC SYSTEM - FIFO: | ||||
| =2200*16+3200*24+1700*30 = | $ 1,63,000 | |||
| PERPETUAL SYSTEM - FIFO: | ||||
| = 2200*16+1500*24+1700*24+1700*30= | $ 1,63,000 | |||
| PERIODIC SYSTEM- LIFO" | ||||
| = 4200*30+2900*24 = | $ 1,95,600 | |||
| PERPETUAL SYSTEM - LIFO: | ||||
| = 3200*24+500*16+3400*30 = | $ 1,86,800 | |||
| PERIODIC SYSTEM - WEIGHTED AVERGE: | ||||
| = 7100*24.7917 = | $ 1,76,021 | |||
| PERPETUAL SYSTEM - WEIGHTED AVERAGE: | ||||
| Feb 04 - Weighted average = (2200*16+3200*24)/5400 = | $ 20.7407 | |||
| Apr 2 -Weighted average = (1700*20.7407+4200*30)/5900= | $ 27.3321 | |||
| Feb-20 | Cost of goods sold = 3700*20.7407= | $ 76,741 | ||
| Nov-04 | Cost of goods sold = 3400*27.3321 = | $ 92,929 | ||
| COGS Weighted average-Perpetual system | $ 1,69,670 | |||
ekkarill92 answered 1 year agoRelated Solutions
Splish Company is a multi product firm. Presented below is information concerning one of its products,...
Splish Company is a multi product firm. Presented below is
information concerning one of its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,500
$14
2/4
Purchase
2,500
21
2/20
Sale
3,000
35
4/2
Purchase
3,500
27
11/4
Sale
2,700
39
Compute cost of goods sold, assuming Splish uses:
(Round average cost per unit to 4 decimal places, e.g.
2.7631 and final answers to 0 decimal places, e.g.
6,548.)
Cost of goods
sold
(a)
Periodic system, FIFO cost...
Larkspur Company is a multi product firm. Presented below is information concerning one of its products,...
Larkspur Company is a multi product firm. Presented below is
information concerning one of its products, the Hawkeye.
DATE
TRANSACTION
QUANTITY
PRICE/COST
1/1
BEGINNING INVENTORY
1,400
$14
2/4
PURCHASE
2,400
$21
2/20
SALE
2,900
$35
4/2
PURCHASE
3,400
$27
11/4
SALE
2,600
$38
Compute cost of goods sold, assuming Larkspur
uses: (Round average cost per unit to 4 decimal places,
e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.)
Calculate average-cost per unit. (Round answer to 4 decimal...
Splish Company is a multi product firm. Presented below is information concerning one of its products,...
Splish Company is a multi product firm. Presented below is
information concerning one of its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,500
$14
2/4
Purchase
2,500
21
2/20
Sale
3,000
35
4/2
Purchase
3,500
27
11/4
Sale
2,700
39
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
$
Splish Company is a multi product firm. Presented below is information concerning one of its products,...
Splish Company is a multi product firm. Presented below is
information concerning one of its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
2,000
$15
2/4
Purchase
3,000
23
2/20
Sale
3,500
38
4/2
Purchase
4,000
29
11/4
Sale
3,200
42
Average-cost per unit $ _______
Compute cost of goods sold, assuming Splish uses: (Round average
cost per unit to 4 decimal places, e.g. 2.7631 and final answers to
0 decimal places, e.g. 6,548.) Cost of goods sold...
The Griggs Company is a multi-product firm. Presented below is information concerning one of their products...
The Griggs Company is a multi-product firm. Presented below is
information concerning one of their products for the year.
Date
Activity
Units Purchased
Cost/Unit
Total Cost
January 1
BI
1,000
$12
$12,000
February 4
Purchase
2,000
$18
$36,000
February 20
Sale
2,500
$23
$57,500 ($57,500 / 2,500 = $23)
April 20
Purchase
3,000
22
$66,000
November 14
Sale
2,000
???? (give formula, not just answer)
???? (give formula, not just answer)
Instructions:
Determine both Ending Inventory (EI) and Cost of...
Corona Corp. is a multi-product beverage company. Presented below is information concerning one of its products,...
Corona Corp. is a multi-product beverage company. Presented
below is information concerning one of its products, COVID-20
spritz for 2020:
Date
Transactions
Quantity
Price/unit
1/1
Beginning Inventory 1,000 units
$12
2/10
Purchases
2,000
18
2/20
Sale
2,500
30
11/8
Purchases
3,000
23
12/9
Sales
2,000
33
The company made all purchases on account. By the end of the
year, it has not paid for the 11/8 purchases.
The company has...
Problem 8-6 Cullumber Company is a multi product firm. Presented below is information concerning one of...
Problem 8-6 Cullumber Company is a multi product firm. Presented
below is information concerning one of its products, the Hawkeye.
Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,400
$16 2/4 Purchase 3,400 24 2/20 Sale 3,900 41 4/2 Purchase 4,400 31
11/4 Sale 3,600 45 Your answer is correct. Calculate average-cost
per unit. (Round answer to 4 decimal places, e.g. 2.7613.)
Average-cost per unit $ Show Solution Link to Text Your answer is
partially correct. Try again. Compute cost of...
*Problem 8-6 Shamrock Company is a multi product firm. Presented below is information concerning one of...
*Problem 8-6
Shamrock Company is a multi product firm. Presented below is
information concerning one of its
products, the Hawkeye.
Date Transaction Quantity Price/Cost
7/l Beginning inventory 3,200 $18
2/4 Purchase 4,200 27
2/2O Sale 4,700 46
4/2 Purchase 5,200 35
ll/4 Sale 4,400 50
Calculate average-cost per unit.
Average-cost per unit
Compute cost of goods sold, assuming Shamrock uses:
Cost of goods sold
(a) Periodic system, FIFO cost flow $
(b) Perpetual system, FIFO cost flow $
(c) Periodic...
Concord Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Concord Company is a multiproduct firm. Presented below is
information concerning one of its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,500
$14
2/4
Purchase
2,500
21
2/20
Sale
3,000
35
4/2
Purchase
3,500
27
11/4
Sale
2,700
39
(b.) Compute cost of goods sold, assuming Concord uses:
(Round average cost per unit to 4 decimal places, e.g.
2.7631 and final answers to 0 decimal places, e.g.
6,548.)
Cost of goods sold
(a)
Periodic system, FIFO cost...
Swifty Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Swifty Company is a multiproduct firm. Presented below is
information concerning one of its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,300
$14
2/4
Purchase
2,300
21
2/20
Sale
2,800
34
4/2
Purchase
3,300
26
11/4
Sale
2,500
38
Compute cost of goods sold, assuming Swifty uses:
(Round average cost per unit to 4 decimal places, e.g.
2.7631 and final answers to 0 decimal places, e.g.
6,548.)
Cost of goods sold
(a)
Periodic system, FIFO cost flow...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials...
- /* Complete the TO DO comments below */ window.onload = function() { /* TODO add a...
- Trevor Price bought 10-year bonds issued by Harvest Foods five years ago for $4,532.35. The bonds...
- How do you represent 5.1 (5 + 1/10) in binary? I know that it is 0101....
- More and more adults are considering commuting to work by bicycle rather than car, but few...
- Please answer these questions Data Processing and Analysis using python. Thank you In statistics, an outlier...
- Write a function file that accepts each of the four vectors as inputs. The function file...
ADVERTISEMENT