Question
In: Accounting
During the month of August, Shelly sold 26 units and reports the following inventory and purchase...
During the month of August, Shelly sold 26 units and reports the following inventory and purchase information:
| Date | Explanation | Units | Unit Cost | Total Cost |
| August 1 | Beginning inventory | 12 | $250 | $3,000 |
| August 13 | Purchase | 13 | 300 | 3,900 |
| August 22 | Purchase | 10 | 310 | 3,100 |
| August 29 | Purchase | 20 | 320 | 6,400 |
- enter the ending inventory at August 31 using the FIFO, LIFO and average-cost methods.
- enter the cost of goods sold at August 31 using the FIFO, LIFO and average-cost methods.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
a) Barnes Company reports the following operating results for the month of August: sales $300,000 (units...
a) Barnes Company reports the following operating results for
the month of August: sales $300,000 (units 5,000); variable costs
$225,000; and fixed costs $71,400. Management is considering the
following independent courses of action to increase net
income.
Compute the net income to be earned under each alternative.
1. Increase selling price by 10% with no change in
total variable costs or sales volume.
$
2. Reduce variable costs to 56% of
sales.
$
3. Reduce fixed costs by $24,000.
$...
Cullumber Company reports the following operating results for the month of August: sales $382,500 (units 5,100),...
Cullumber Company reports the following operating results for
the month of August: sales $382,500 (units 5,100), variable costs
$247,000, and fixed costs $96,000. Management is considering the
following independent courses of action to increase net
income.
1.
Increase selling price by 12% with no change in total variable
costs or units sold.
2.
Reduce variable costs to 57% of sales.
Compute the net income to be earned under each
alternative.
1.
Net Income
$enter a dollar amount
2.
Net Income...
Bramble Company reports the following operating results for the month of August: sales $325,000 (units 5,000);...
Bramble Company reports the following operating results for the
month of August: sales $325,000 (units 5,000); variable costs
$212,000; and fixed costs $70,400. Management is considering the
following independent courses of action to increase net
income.
Compute the net income to be earned under each alternative.
1. Increase selling price by 10% with no change in
total variable costs or sales volume.
Net income
$enter a net income if the selling price is increased by 10%
2. Reduce variable costs...
Coronado Company reports the following operating results for the month of August: sales $310,000 (units 5,000);...
Coronado Company reports the following operating results for the
month of August: sales $310,000 (units 5,000); variable costs
$223,000; and fixed costs $70,800. Management is considering the
following independent courses of action to increase net income.
Compute the net income to be earned under each alternative. 1.
Increase selling price by 10% with no change in total variable
costs or sales volume. Net income $enter a net income if the
selling price is increased by 10% 2. Reduce variable costs...
Barnes Company reports the following operating results for the month of August: sales $300,000 (units 5,000);...
Barnes Company reports the following operating results for the
month of August: sales $300,000 (units 5,000); variable costs
$223,000; and fixed costs $70,800. Management is considering the
following independent courses of action to increase net
income.
Compute the net income to be earned under each alternative.
1. Increase selling price by 10% with no change
in total variable costs or sales volume.
Net income
$
2. Reduce variable costs to 56% of
sales.
Net income
$
3. Reduce fixed costs...
Coronado Company reports the following operating results for the month of August: sales $310,000 (units 5,000);...
Coronado Company reports the following operating results for the
month of August: sales $310,000 (units 5,000); variable costs
$214,000; and fixed costs $71,000. Management is considering the
following independent courses of action to increase net
income.
Compute the net income to be earned under each alternative.
1. Increase selling price by 10% with no change in
total variable costs or sales volume.
Net income
$_______________
2. Reduce variable costs to 57% of
sales.
Net income
$_______________
3. Reduce fixed costs...
Barnes Company reports the following operating results for the month of August: sales $300,000 (units 5,000);...
Barnes Company reports the following operating results for the
month of August: sales $300,000 (units 5,000); variable costs
$225,000; and fixed costs $71,400. Management is considering the
following independent courses of action to increase net
income.
Compute the net income to be earned under each alternative.
1. Increase selling price by 10% with no change in
total variable costs or sales volume.
Net income
$enter the net income that will be earned under the first
Alternative
2. Reduce variable costs...
Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 Purchase...
Jammer Company uses a weighted average perpetual inventory
system and reports the following:
August 2
Purchase
18
units at $15.50 per unit.
August 18
Purchase
20 units at
$14.00 per unit.
August 29
Sale
36 units.
August 31
Purchase
23 units at
$18.50 per unit.
What is the per-unit value of ending inventory on August 31?
(Round your per unit answers to 2 decimal
places.)
Jammer Company uses a perpetual weighted average inventory system and reports the following: August 2 Purchase...
Jammer Company uses a perpetual weighted average inventory
system and reports the following:
August 2
Purchase
5 units at $9.00 per unit.
August 18
Purchase
7 units at $11.00 per unit.
August 29
Sale
10 units.
August 31
Purchase
10 units at $12.00 per unit.
What is the per-unit value of ending inventory on August 31?
On January 1, Eastern College received $1,320,000 from its
students for the spring semester that it recorded in Unearned
Tuition and Fees. The term...
ammer Company uses a weighted average perpetual inventory system and reports the following: August 2 Purchase...
ammer Company uses a weighted average perpetual inventory system
and reports the following: August 2 Purchase 5 units at $9.00 per
unit. August 18 Purchase 7 units at $11.00 per unit. August 29 Sale
10 units. August 31 Purchase 10 units at $12.00 per unit. What is
the per-unit value of ending inventory on August 31?
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