Question
In: Accounting
You are provided with the following information for Najera Inc. for the month ended June 30,...
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Solutions
Expert Solution
| Periodic Inventory | ||||
| Details | Unit | Rate | Inventory Cost $ | |
| Opening Balance on Jun 1 | 40 | $ 40.00 | $ 1,600.00 | |
| Purchases | ||||
| June 4. purchase | 138 | $ 44.00 | $ 6,072.00 | |
| June 18. purchase | 53 | $ 46.00 | $ 2,438.00 | |
| June 18. purchase return | -10 | $ 46.00 | $ (460.00) | |
| June 28. purchase | 26 | $ 50.00 | $ 1,300.00 | |
| A | Total Goods available for sale | 247 | $ 44.33 | $ 10,950.00 |
| Weighted Average cost per unit =$44.33 | ||||
| Details | Unit | Rate | Inventory Cost $ | |
| Ans b. | ||||
| Total Goods available for sale | 247 | $ 44.33 | $ 10,950.00 | |
| Less : Sales Units | 157 | $ 44.33 | $ 6,960.12 | |
| Ending Inventory Units | 90 | |||
| Sales Details | Unit sold | Sales Price | Sales Revenue | |
| June 10 sale | 107 | $ 70.00 | $ 7,490.00 | |
| June 11. Sales return | -13 | $ 70.00 | $ (910.00) | |
| June 25 sales | 63 | $ 75.00 | $ 4,725.00 | |
| Total Ending Inventory | 157 | $ 11,305.00 | ||
| FIFO method | ||||
| Ending Inventory | 90 | |||
| Details | Unit | Rate | Inventory Cost $ | |
| June 28 purchase | 26 | $ 50.00 | $ 1,300.00 | |
| June 18 purchase | 43 | $ 46.00 | $ 1,978.00 | |
| June 4 purchase | 21 | $ 44.00 | $ 924.00 | |
| B | Total Ending Inventory | 90 | $ 4,202.00 | |
| Cost of Goods Sold =A-B= | 157 | $ 6,748.00 | ||
| LIFO method | ||||
| Ending Inventory | 90 | |||
| Details | Unit | Rate | Inventory Cost $ | |
| Jun 1 , op balance | 40 | $ 40.00 | $ 1,600.00 | |
| June 4 purchase | 50 | $ 44.00 | $ 2,200.00 | |
| C | Total Ending Inventory | 90 | $ 3,800.00 | |
| Cost of Goods Sold =A-C= | 197 | $ 8,750.00 | ||
| Average cost Method | ||||
| Ending Inventory | 90 | |||
| Details | Unit | Rate | Inventory Cost $ | |
| Ending Inventory at average cost | 90 | $ 44.33 | $ 3,989.88 | |
| D | Total Ending Inventory | 90 | $ 3,989.88 | |
| Cost of Goods Sold =A-D= | 157 | $ 6,960.12 | ||
| Method | FIFO | LIFO | Average Cost | |
| Ending Inventory | $ 4,202.00 | $ 3,800.00 | $ 3,989.88 | |
| Sales Revenue | $ 11,305.00 | $ 11,305.00 | $ 11,305.00 | |
| Cost of Goods Sold | $ 6,748.00 | $ 8,750.00 | $ 6,960.12 | |
| Gross Profit $ | $ 4,557.00 | $ 2,555.00 | $ 4,344.88 | |
| Gross Profit % | 40.31% |
 ekkarill92 answered 1 year agoRelated SolutionsYou are provided with the following information for Kingbird Inc. for the month ended June 30,...You are provided with the following information for Kingbird
Inc. for the month ended June 30, 2019. Kingbird uses the periodic
system for inventory.
HELP!!!
Calculate weighted-average cost per unit. (Round
answer to 2 decimal places, e.g. 5.25.)
Calculate ending inventory, cost of goods sold,
gross profit under each of the following methods. (1) LIFO. (2)
FIFO. (3) Average-cost.
Calculate gross profit rate under each of the
following methods (1) LIFO (2) FIFO (3)
Average-cost
Compare the results for the...
You are provided with the following information for Pina Colada Inc. for the month ended June...
You are provided with the following information for Pina Colada
Inc. for the month ended June 30, 2019. Pina Colada uses the
periodic system for inventory.
Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
40
$40
June
4
Purchase
138
44
June
10
Sale
107
70
June
11
Sale return
13
70
June
18
Purchase
53
46
June
18
Purchase return
10
46
June
25
Sale
63
75
June
28
Purchase
26
50
Calculate weighted-average cost...
The following information is available for Jetson Manufacturing for the month ended June 30, Year 1....The following information is available for Jetson Manufacturing
for the month ended June 30, Year 1.
Cost of direct materials used in production $325,000
Direct labor 280,000
Work in process inventory, June 1 135,000
Work in process inventory, June 30 142,000
Total factory overhead 195,000
Determine Jetson's cost of goods manufactured for the month
ended June 30, Year 1. Show your work
Cozy Catering, Inc. has provided the following information pertaining to the store's month ended October 31,...Cozy Catering, Inc.
has provided the following information pertaining to the store's
month ended October 31, 2019:
Sales revenue
$100,000
Supplies expense
$1,500
Interest expense
6,900
Rent expense
4,000
Cost of goods sold
60,000
Wages expense
9,500
Dividends paid
5,000
Utilities expense
1,100
Advertising
expense
4,500
Loss on sale of coffee
equipment
3,200
Dividends declared
7,100
Income tax expense
3,800
Unearned revenues
6,100
Note: these are not
debits and credits, they are in 2 column just to make them fit....
Financial information related to Organic Products Company for the month ended June 30, 20Y9, is as follows: Net income for June $ 115,000Financial information related to Organic Products Company for the month ended June 30, 20Y9, is as follows:Net income for June $ 115,000Dividends paid in June 25,000Common stock, June 1, 20Y9 180,000Common stock issued in June 50,000Retained earnings, June 1, 20Y9 1,630,000a. Prepare a statement of stockholders’ equity for the month ended June 30, 20Y9.b. Why is the statement of stockholders’ equity prepared before the June 30, 20Y9, balance sheet?
Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June. The...Rediger Inc., a manufacturing Corporation, has provided the
following data for the month of June. The balance in the Work in
Process inventory account was $30,000 at the beginning of the month
and $21,000 at the end of the month. During the month, the
Corporation incurred direct materials cost of $56,600 and direct
labor cost of $30,400. The actual manufacturing overhead cost
incurred was $53,800. The manufacturing overhead cost applied to
Work in Process was $52,600. The cost of goods...
The following information relates to a company ABC Ltd for the year ended 30 June 2020:...The following information relates to a company ABC Ltd
for the year ended 30 June 2020:
Transaction totals for the year ended 30 June
2020
R
Credit purchases of raw materials
503750
Freight on raw materiasl purchased (on
credit)
99833
Sales of finished producgts
11440000
Direct Labour:
Factory wages
828600
Pension fund contributions paid by employer
172500
Medical aid paid by employer
227200
UIF Contributions paid by employer
8144
Indirect Labour
500250
Electricity
Factory
211450
Administration offices
127900
Rent Expenses...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...Following is the information concerning operating activity for
Annette County. For the year ended June 30, the net change in total
governmental fund balances was $(289,500), and the change in net
position of governmental activities was $(402,000). During the
year, Annette issued $2,030,000 in general obligation bonds at a
premium of 102. The bonds are to be used for a construction
project. The county acquired $2,780,000 in capital assets and sold
capital assets with a book value of $564,500 for...
The following information is related to Sunglow Solar Ltd: Sales for the year ended 30 June...The following information is related to Sunglow Solar Ltd:
Sales for the year ended 30 June 2019 was $1,200,000
Provision for warranties before adjustment was $36,000
At 30 June 2019, Sunglow Solar Ltd. adjusted its Provision for
Warranties so that it would be equal to 4% of sales for the year
ended on that date.
On 16 September 2019, a successful claim for warranty on faulty
goods to the cost of $700 was made on Sunglow Solar Ltd.
Required:
Prepare...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...
Following is the information concerning operating activity for
Annette County. For the year ended June 30, 2017, the net change in
total governmental fund balances was $(289,500), and the change in
net position of governmental activities was $(402,000). During the
year, Annette issued $2,030,000 in general obligation bonds at a
premium of 102. The bonds are to be used for a construction
project. The county acquired $2,780,000 in capital assets and sold
capital assets with a book value of $564,500...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
ADVERTISEMENT
|