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In: Accounting
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions...
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 600 units @ $ 7 = $ 4,200 Apr. 21 Purchased 400 units @ $ 9 = 3,600 July 25 Purchased 480 units @ $ 12 = 5,760 Sept. 19 Purchased 290 units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
Solutions
ekkarill92 answered 4 months agoRelated Solutions
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions...
[The following information applies to the questions
displayed below.]
The Shirt Shop had the following transactions for T-shirts for
Year 1, its first year of operations:
Jan. 20
Purchased
470
units
@
$
7
=
$
3,290
Apr. 21
Purchased
270
units
@
$
9
=
2,430
July 25
Purchased
350
units
@
$
12
=
4,200
Sept. 19
Purchased
160
units
@
$
14
=
2,240
During the year, The Shirt Shop sold 1,020 T-shirts for $23
each.
Required...
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the...
Required information
[The following information applies to the questions
displayed below.]
The Shirt Shop had the following transactions for T-shirts for
Year 1, its first year of operations:
Jan. 20
Purchased
530
units
@
$
8
=
$
4,240
Apr. 21
Purchased
330
units
@
$
10
=
3,300
July 25
Purchased
410
units
@
$
13
=
5,330
Sept. 19
Purchased
220
units
@
$
15
=
3,300
During the year, The Shirt Shop sold 1,200 T-shirts for $24...
[The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions...
[The following information applies to the questions
displayed below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Cost per
Unit
Total Cost
March 1
Beginning inventory
20
$160
$
3,200
March 5
Sale ($220 each)
15
March 9
Purchase
10
180
1,800
March 17
Sale ($270 each)
8
March 22
Purchase
10...
[The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions...
[The following information applies to the questions
displayed below.]
Greg’s Bicycle Shop has the following transactions related to its
top-selling Mongoose mountain bike for the month of March.
Greg's Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Cost per
Unit
Total Cost
March 1
Beginning inventory
20
$215
$
4,300
March 5
Sale ($330 each)
15
March 9
Purchase
10
235
2,350
March 17
Sale ($380 each)
8
March 22
Purchase
10...
[The following information applies to the questions displayed below.] The following are the transactions for the...
[The following information applies to the questions
displayed below.]
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
59
$10
July 13
Purchase
295
13
July 25
Sold
(100)
$15
July 31
Ending Inventory
254
M7-7 Calculating Cost of Goods Available for Sale,
Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO [LO 7-3]
a. Calculate cost of goods available for sale and ending
inventory,...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information [The following information applies to the
questions displayed below.] The following are the transactions for
the month of July. Units Unit Cost Unit Selling Price July 1
Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold
(100 ) $ 15 July 31 Ending Inventory 170 Calculate cost of goods
available for sale and ending inventory, then sales, cost of goods
sold, and gross profit, under LIFO. Assume a periodic inventory
system is used.
LIFO...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information
[The following information applies to the questions
displayed below.]
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
54
$
10
July 13
Purchase
270
12
July 25
Sold
(100
)
$
16
July 31
Ending Inventory
224
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under weighted
average cost. Assume a periodic inventory system is...
Required information [The following information applies to the questions displayed below.] Inner Secret T Shirt Company...
Required information
[The following information applies to the questions
displayed below.]
Inner Secret T Shirt Company produces and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials
$
27
Direct labor
$
15
Variable manufacturing
overhead
$
5
Variable selling and
administrative
$
3
Fixed costs per year:
Fixed manufacturing
overhead
$
600,000
Fixed selling and administrative
expenses
$
170,000
During its first year of...
Required information [The following information applies to the questions displayed below.] Inner Secret T Shirt Company...
Required information
[The following information applies to the questions displayed
below.]
Inner Secret T Shirt Company produces and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials $ 27
Direct labor $ 15
Variable manufacturing overhead $ 5
Variable selling and administrative $
3
Fixed costs per year:
Fixed manufacturing overhead $
600,000
Fixed selling and administrative expenses
$ ...
Required information [The following information applies to the questions displayed below.] Inner Secret T Shirt Company...
Required information
[The following information applies to the questions
displayed below.]
Inner Secret T Shirt Company produces and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials
$
27
Direct labor
$
15
Variable manufacturing
overhead
$
5
Variable selling and
administrative
$
3
Fixed costs per year:
Fixed manufacturing
overhead
$
600,000
Fixed selling and administrative
expenses
$
170,000
During its first year of...
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