Question
In: Accounting
On August 1st, Electronics Mart had a beginning inventory of 40 MP3 players which it purchased...
On August 1st, Electronics Mart had a beginning inventory of 40 MP3 players which it purchased for $50 each.
On August 10th, the company purchases 20 more MP3 players for $55 each. None were sold that week.
On August 15th, the company purchases 30 more MP3 players for $60 each.
Between August 16th and 31st, Electronics Mart sells 70 of the MP3 players.
a.) Calculate Electronics Mart’s Ending Inventory Balance (in dollars) at the end of August and Cost of Goods Sold through August using the FIFO Method. (show all work.)
b.) Calculate Electronics Mart’s Ending Inventory Balance (in dollars) at the end of August and Cost of Goods Sold through August using the LIFO Method. (show all work.)
c.) Calculate Electronics Mart’s Ending Inventory Balance (in dollars) at the end of August and Cost of Goods Sold through August using the Average Cost Method. (show all work.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On August 1st, Verizon Cell Phone Company had a beginning inventory of 40 Samsung Model X...
On August 1st, Verizon Cell Phone Company had a beginning
inventory of 40 Samsung Model X phones which it purchased for $150
each.
On August 10th, the company purchases 20 more phones for $155
each. None were sold that week.
On August 15th, the company purchases 30 more phones for $160
each.
Between August 16th and 31st, Horizon sells 70 of the Model X
phones.
1.) Calculate Horizon’s Ending Inventory Balance (in dollars) at
the end of August and Cost...
On Jan 1, Bike Mart had a beginning inventory of 20 bicycles which it purchased for...
On Jan 1, Bike Mart had a beginning inventory of 20 bicycles
which it purchased for $365 each.
During January, the company purchases four more bicycles for
$400 each. None were sold in January.
On February 15, the company purchases five more bicycles for
$450 each.
Between February 16 and 28, Bike Mart sells 10 of these
bicycles.
a.) Calculate Bike Mart’s Ending Inventory Balance (in dollars)
at the end of February and Cost of Goods Sold through February
using...
Gateway had only one job in process during August (Job 2922) and had no finished goods inventory on August 1st
Gateway had only one job in process during August (Job 2922) and
had no finished goods inventory on August 1st. Job 2922
was started in July and finished during August. Data pertaining to
the job is as follows:Job 2922Beginning WIP balance on August 1st 28,975Materials ($172,000 was Direct) 190,000Labor ($207,000 was Direct) 213,000Additional Overhead Costs 116,000Units Completed 200Units in Process at the end of August 0Units Sold during August 125*Estimated total manufacturing overhead for August was $145,950.
The predetermined overhead...
On May 1, a tire store had a beginning inventory of 20 tires which it purchased...
On May 1, a tire store had a beginning inventory of 20 tires
which it purchased for $300 each.
On May 5th, the store purchased 4 more tires for $350 each.
On May 12th, the store purchased 6 more tires for $400 each.
In May, the store sold a total of 12 tires.
Question: At the end of May, will the tire stores total assets
on its balance sheet be higher if it uses the LIFO or weighted
average inventory...
germ D chemicals has 40, 000 pounds of krypton in inventory at the beginning of August....
germ D chemicals has 40, 000 pounds of krypton in
inventory at the beginning of August. The company plans to produce
6000 rack joint made from Krypton in August. If each rack joint
requires 30 pounds of Krypton and germ D wants 50,000 pounds of
krypton in inventory at the end of August how many pounds of
krypton should the company plan to purchase in August?
Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st. During...
Sheldon Company had 2,000 units of inventory costing $10,000 in
beginning inventory at July 1st. During July, Sheldon
Co. engaged in the following transactions:
July 3rd - The company paid cash to purchase 1,000
units of inventory for $6,500.
July 10th - The company paid cash to purchase 1,200
units of inventory for $8,400.
July 24th – The company paid cash to purchase 250
units of inventory for $2,125.
Throughout July, the company sold inventory 3,700 units of
inventory for...
Johnson Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Johnson Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (12,000 units)
$1,320,000
Production costs (15,000 units):
Direct materials
$610,500
Direct labor
292,500
Variable factory overhead
147,000
Fixed factory overhead
97,500
1,147,500
Selling and administrative expenses:
Variable selling and administrative expenses
$177,900
Fixed selling and administrative expenses
68,900
246,800
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August: Sales (9,000 units) $990,000 Production costs (12,000
units): Direct materials $488,400 Direct labor 234,000 Variable
factory overhead 117,600 Fixed factory overhead 78,000 918,000
Selling and administrative expenses: Variable selling and
administrative expenses $142,300 Fixed selling and administrative
expenses 55,100 197,400 If required, round interim per-unit
calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (9,000 units)
$990,000
Production costs (12,000 units):
Direct
materials
$488,400
Direct
labor
234,000
Variable
factory overhead
117,600
Fixed
factory overhead
78,000
918,000
Selling and administrative expenses:
Variable
selling and administrative expenses
$142,300
Fixed
selling and administrative expenses
55,100
197,400
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (18,000 units)
$2,880,000
Production costs (23,000 units):
Direct
materials
$1,361,600
Direct
labor
653,200
Variable
factory overhead
326,600
Fixed
factory overhead
218,500
2,559,900
Selling and administrative expenses:
Variable
selling and administrative expenses
$396,800
Fixed
selling and administrative expenses
153,600
550,400
If required, round interim per-unit calculations to...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- "Ethical Considerations" Please respond to the following: Reflect upon the responsibilities placed on auditors by the...
- A Japanese company has a bond outstanding that sells for 93 percent of its ¥100,000 par...
- What is the difference among the principles of modularization, abstraction, encapsulation, and separation of interface and...
- An investment project costs $20,100 and has annual cash flows of $4,400 for six years. ...
- PUT IN JAVA PROGRAMMING The StockB class: Design a class named StockB that contains the following...
- Draw a DFA for the following ( ∑ = {0,1}): Set of all strings with.
- In the article from Forbes notes that the goal of a leader is not to clone...
ADVERTISEMENT