Question
In: Accounting
The following information relates to the inventory of Cameras Ltd during June. June 1 Beginning Inventory...
The following information relates to the inventory of Cameras Ltd during June.
|
June 1 |
Beginning Inventory |
80 units |
@ $7.00 |
|
3 |
Purchased |
90 units |
@ $8.80 |
|
10 |
Purchased |
110 units |
@ $9.90 |
|
12 |
Sold |
90 units |
|
|
17 |
Sold |
80 units |
|
|
25 |
Sold |
30 units |
Cameras Ltd uses a perpetual inventory system, purchases are GST
inclusive.
Showing calculations, determine the cost of the ending inventory
(assuming there have been no stock losses) and the cost of sales,
using the following three methods:
(a) the moving average; round unit cost to the nearest cent.
(b) specific identification; assume that the ending inventory on 31 June consisted of 13 units from the beginning inventory, 24 units from the 3 June purchase, and the remainder from the 10 June purchase.
(c) FIFO.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following information relates to Stevens Company for June 20XX: Direct materials inventory, beginning balance $...
The following information relates to Stevens Company for
June 20XX:
Direct materials inventory, beginning balance $ 7,000
Direct materials inventory, ending balance
3,000
Work-in –process inventory, beginning balance
5,000
Work-in-process inventory, ending balance
8,000
Finished goods inventory, beginning balance
10,000
Finished goods inventory, ending balance
12,000
Direct Labor 48,000
Direct materials purchases 26,000
Indirect labor 6,000
Depreciation: factory equipment 11,000
Depreciation: office equipment 4,000
Insurance, factory 3,000
Advertising expense 8,000
Repair and maintenance, factory 5,000
Question 1: (1.0 point) Required:...
Question 1 The following information relates to Good Kitchen Ltd.’s inventory transactions during the month of...
Question 1
The following information relates to Good Kitchen Ltd.’s inventory
transactions during the month of March.
Units
Cost/Unit
Amount
Mar. 1
Beginning inventory
6,200
$19.00
$117,800
7
Sale
4,200
12
Purchase
2,300
$21.00
$48,300
16
Purchase
900
$21.00
$18,900
18
Sale
2,400
27
Purchase
3,900
$26.00
$101,400
29
Sale
3,500
All of the units sold were priced at $64.00 per unit.
Good Kitchen Ltd. uses the perpetual inventory system.
Calculate Good Kitchen’s cost of goods sold, gross margin, and...
The following information relates to the inventory of Margaret’s Megamart Ltd during December. Ignore GST. Date...
The following information relates to the inventory of Margaret’s
Megamart Ltd during December. Ignore GST. Date Units Units cost
Total cost 1/12 Beginning inventory 700 $ 12.00 $ 8,400 10/12
Purchase 500 12.60 6,300 15/12 Purchase 300 13.20 3,960 23/12
Purchase 500 14.00 7,000 Totals 2,000 $25,660 Margaret’s Megamart
Ltd uses the periodic inventory system. A physical count on 31
December verified that 650 units were on hand.
Required: a) Determine the Ending inventory and Cost of Sales
for the...
The following information relates to Good Kitchen Ltd.’s inventory transactions during the month of March. Units...
The following information relates to Good Kitchen Ltd.’s
inventory transactions during the month of March.
Units
Cost/Unit
Amount
Mar. 1
Beginning inventory
6,500
$17.00
$110,500
7
Sale
4,000
12
Purchase
2,600
$19.00
$49,400
16
Purchase
800
$19.00
$15,200
18
Sale
3,000
27
Purchase
4,000
$24.00
$96,000
29
Sale
3,600
All of the units sold were priced at $69.00 per unit.
(a1)
Good Kitchen Ltd. uses the periodic inventory system. Calculate
Good Kitchen’s cost of goods sold, gross margin, and ending...
The following information relates to the inventory transactions of Thames Company for 2018. January 1 Beginning...
The following information relates to the inventory
transactions of Thames Company for 2018.
January 1 Beginning inventory, 90 units @ $75/unit
March 8 Purchased 160 units @ $80/unit
October 24 Purchased 100 units @ $90/unit
On August 19, the Company sold 225 units at a selling price of
$115/unit
A. Number of units remaining in ending inventory.
B. Compute the cost of goods sold and ending inventory under
each of the following methods:
LIFO
FIFO
Weighted average cost
C. Determine...
The following information relates to Brunswick Ltd. At the beginning of the accounting period the company...
The following information relates to Brunswick Ltd.
At the beginning of the accounting period the company has a
wages payable liability of $300 and at the reporting date a wages
payable of $720. During the year
the wages expense shown in the income statement was $700.
At the beginning of the accounting period the company has
property plant and equipment (PPE) with a carrying amount of $800.
At the end of the accounting period, the carrying amount of the PPE...
The following information relates to Moon Light Ltd. (a) At the beginning of the accounting period...
The following information relates to Moon Light Ltd. (a) At the
beginning of the accounting period the company has a salary payable
liability of $200 and at the reporting date a salary payable of
$360. During the year the salary expense shown in the income
statement was $400. (b) At the beginning of the accounting period
the company has property, plant and equipment (PPE) with a carrying
amount of $400. At the end of the accounting period, the carrying
amount...
The following information relates to Egoly Ltd for the year ended 30th June 2019: EGOLY LTD...
The following information relates to Egoly Ltd for the year
ended 30th June 2019:
EGOLY LTD
BALANCE SHEET
AS AT 30th JUNE 2019
2019
2018
$
$
ASSETS
Current Assets
Cash at bank
67,710
59,666
Accounts receivable
252,760
283,290
Inventory
1,107,600
951,400
Prepaid expenses
113,600
35,500
Total current assets
1,541,670
1,329,856
Non-current assets
Equipment
1,263,800
823,600
Accumulated depreciation – equipment
(238,560)
(143,136)
Total non-current assets
1,025,240
680,464
TOTAL ASSETS
2,566,910
2,010,320
LIABILITIES & SHAREHOLDERS...
The following information relates to the June 2018 cash transactions for Allmar Pty Ltd. The following...
The following information relates to the June 2018 cash
transactions for Allmar Pty Ltd.
The following unpresented cheques (outstanding cheques)
appeared on the 31st May 2018 bank reconciliation:
Cheque no.
Amount ($)
6539
1,207.60
6548
3,605.00
6549
317.40
6555
575.60
6558
990.00
All cheques except for cheque no. 6558 are included in the
30th June 2018 bank statement. On 31st May
2018, a deposit of $5,163.00 was outstanding.
In the company’s records the cash balance at 31st
May 2018 was...
The following information relates to the June 2018 cash transactions for Allmar Pty Ltd. The following...
The following information relates to the June 2018 cash
transactions for Allmar Pty Ltd.
The following unpresented cheques (outstanding cheques)
appeared on the 31st May 2018 bank reconciliation:
Cheque no.
Amount ($)
6539
1,207.60
6548
3,605.00
6549
317.40
6555
575.60
6558
990.00
All cheques except for cheque no. 6558 are included in the
30th June 2018 bank statement. On 31st May
2018, a deposit of $5,163.00 was outstanding.
In the company’s records the cash balance at 31st
May 2018 was...
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