Question
In: Accounting
Sold boards during Nov is shown below.... During the same month, this company sold 248 boards....
Sold boards during Nov is shown below.... During the same month, this company sold 248 boards. Uses a periodic inventory system.
| date | explanation | units | unit cost | total cost |
| nov 1 | inventory | 53 | $100 | $5300 |
| nov 12 | purchase | 92 | 104 | 9568 |
| nov 19 | purchase | 41 | 108 | 4428 |
|
nov 26 |
purchase | 103 | 113 | 11635 |
| totals | 289 | $30935 |
A) ---- Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
|
FIFO |
LIFO |
|||
| The ending inventory at nov 30 |
$ ? |
$ ? |
||
| Cost of goods sold |
$ ? |
$ ? |
B). ----- For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold.
|
FIFO |
LIFO |
|||
| The sum of ending inventory and cost of goods sold |
$ ? |
$ ? |
Solutions
ekkarill92 answered 3 years agoRelated Solutions
. Hormel Foods Company incurs manufacturing costs during the month of August. (shown on “answer...
. Hormel Foods Company incurs manufacturing costs during the
month
of August. (shown on “answer page”)
INSTRUCTIONS
For each of the costs listed, determine
the type of cost and complete the
following matrix by placing an X mark under
the appropriate headings.
Direct Materials
Direct Labor
Mfg. Overhead
Period Costs
Last month, Laredo Company sold 580 units for $90 each. During the month, fixed costs were...
Last month, Laredo Company sold 580 units for $90 each. During
the month, fixed costs were $3,330 and variable costs were $9 per
unit.
Required:
1. Determine the unit contribution margin and
contribution margin ratio.
2. Calculate the break-even point in units and
sales dollars.
3. Compute Laredo’s margin of safety in units
and as a percentage of sales.
Ecco Company sold $147,000 of kitchen appliances with six-month warranties during September
Ecco Company sold $147,000 of kitchen appliances with six-month
warranties during September. The cost to repair defects under the
warranty is estimated at 6% of the sales price. On October 15, a
customer required a $120 part replacement, plus $84 labor under the
warranty.a. Provide the journal entry for the estimated
expense on September 30.b. Provide the journal entry for the October 15
warranty work. If an amount box does not require an entry, leave it
blank.
During November, the first month of operations, the following transactions occurred: Date Event 1-Nov Paid $7,200...
During November, the first month of operations, the following
transactions occurred: Date Event 1-Nov Paid $7,200 for 12 months
rent on office space 2-Nov Purchased office furniture for $8,950.
3-Nov Purchased $11,354 of additional office supplies on account.
8-Nov Borrowed 20,000 from the bank for operating cash. The note
has a 3% interest rate (simple interest) and is to be paid back in
4 years 15-Nov Received $10,800 from Fortuna Inc. for work to be
performed over the next 12...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first
month of operations. It reported the following costs and expenses
for the month:
Direct materials
$
73,000
Direct labor
$
37,000
Variable manufacturing overhead
$
16,600
Fixed manufacturing overhead
29,200
Total manufacturing overhead
$
45,800
Variable selling expense
$
12,800
Fixed selling expense
19,600
Total selling expense
$
32,400
Variable administrative expense
$
4,400
Fixed administrative expense
25,800
Total administrative expense
$
30,200
Required:
1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first
month of operations. It reported the following costs and expenses
for the month:Dozier Company produced and sold 1,000 units during
its first month of operations. It reported the following costs and
expenses for the month:
Direct Material
$77,000
Direct Labor
$39,000
Variable Manufacturing Overhead
$18,200
Fixed Manufacturing Overhead
$30,400
Total Manufacturing Overhead
$48,600
Variable Selling expense
$13,600
Fixed Selling expense
$21,200
Total Selling expense
$34,800
Variable Administrative expense
$4,800
Fixed...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first
month of operations. It reported the following costs and expenses
for the month:
Direct materials
$
84,000
Direct labor
$
42,500
Variable manufacturing overhead
$
21,000
Fixed manufacturing overhead
32,500
Total manufacturing overhead
$
53,500
Variable selling expense
$
15,000
Fixed selling expense
24,000
Total selling expense
$
39,000
Variable administrative expense
$
5,500
Fixed administrative expense
28,000
Total administrative expense
$
33,500
Required:
1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first
month of operations. It reported the following costs and expenses
for the month:
Direct materials
$
82,000
Direct labor
$
41,500
Variable manufacturing overhead
$
20,200
Fixed manufacturing overhead
31,900
Total manufacturing overhead
$
52,100
Variable selling expense
$
14,600
Fixed selling expense
23,200
Total selling expense
$
37,800
Variable administrative expense
$
5,300
Fixed administrative expense
27,600
Total administrative expense
$
32,900
Required:
1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first
month of operations. It reported the following costs and expenses
for the month:
Direct materials $ 85,000
Direct labor $ 43,000
Variable manufacturing overhead $ 21,400
Fixed manufacturing overhead 32,800
Total manufacturing overhead $ 54,200
Variable selling expense $ 15,200
Fixed selling expense 24,400
Total selling expense $ 39,600
Variable administrative expense $ 5,600
Fixed administrative expense 28,200
Total administrative expense $ 33,800
Required:
1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first
month of operations. It reported the following costs and expenses
for the month:
Direct materials
$
77,000
Direct labor
$
39,000
Variable manufacturing overhead
$
18,200
Fixed manufacturing overhead
30,400
Total manufacturing overhead
$
48,600
Variable selling expense
$
13,600
Fixed selling expense
21,200
Total selling expense
$
34,800
Variable administrative expense
$
4,800
Fixed administrative expense
26,600
Total administrative expense
$
31,400
Required:
1. With respect to cost classifications...
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