IAF310 Winter 2024 Assignment 2 Done

using perpetual inventory

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Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,900   $75.00   $592,500   10   Purchase 23,700   85.00   2,014,500   28   Sale 11,850   150.00   1,777,500   30   Sale 3,950   150.00   592,500   Feb. 5   Sale 1,580   150.00   237,000   10   Purchase 56,880   87.50   4,977,000   16   Sale 28,440   160.00   4,550,400   28   Sale 26,860   160.00   4,297,600   Mar. 5   Purchase 47,400   89.50   4,242,300   14   Sale 31,600   160.00   5,056,000   25   Purchase 7,900   90.00   711,000   30   Sale 27,650   160.00   4,424,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. The round unit costs two decimal places, if necessary.…

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method.                                               2.  Determine the total sales, the total cost of…

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 1.  Record the inventory, purchases, and cost of goods sold data 2.  Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Line Item Description Amount Total sales $ Total cost of goods sold $ Gross profit $ 3.  Determine…

Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units 6,000 8,000 14,000 Date of Sale January 5 January 12 January 20 Total Includes purchase price and cost of freight. Purchases Unit Cost* Units 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000

Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Per Date Transaction of Units Unit Total Jan. Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. Sale 5. 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal plac Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of…

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,200 $76.00 $547,200 10 Purchase 21,600 86.00 1,857,600 28 Sale 10,800 152.00 1,641,600 30 Sale 3,600 152.00 547,200 Feb. 5 Sale 1,440 152.00 218,880 10 Purchase 51,840 88.50 4,587,840 16 Sale 25,920 162.00 4,199,040 28 Sale 24,480 162.00 3,965,760 Mar. 5 Purchase 43,200 90.50 3,909,600 14 Sale 28,800 162.00 4,665,600 25 Purchase 7,200 91.00 655,200 30 Sale 25,200 162.00 4,082,400 Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Date PurchasesQuantity…

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,100   $78.00   $553,800   10   Purchase 21,300   88.00   1,874,400   28   Sale 10,650   156.00   1,661,400   30   Sale 3,550   156.00   553,800   Feb. 5   Sale 1,420   156.00   221,520   10   Purchase 51,120   90.50   4,626,360   16   Sale 25,560   166.00   4,242,960   28   Sale 24,140   166.00   4,007,240   Mar. 5   Purchase 42,600   92.50   3,940,500   14   Sale 28,400   166.00   4,714,400   25   Purchase 7,100   93.00   660,300   30   Sale 24,850   166.00   4,125,100   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $75.00   $562,500   10   Purchase 22,500   85.00   1,912,500   28   Sale 11,250   150.00   1,687,500   30   Sale 3,750   150.00   562,500   Feb. 5   Sale 1,500   150.00   225,000   10   Purchase 54,000   87.50   4,725,000   16   Sale 27,000   160.00   4,320,000   28   Sale 25,500   160.00   4,080,000   Mar. 5   Purchase 45,000   89.50   4,027,500   14   Sale 30,000   160.00   4,800,000   25   Purchase 7,500   90.00   675,000   30   Sale 26,250   160.00   4,200,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 10,000 units at $75.00 8,000 units 18,000 units at $77.50 15,000 units 7,000 units at $80.25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Mar. 18 May 2 Aug. 9 Oct. 20 Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Sale Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Quantity r Total Cost Quantity Inventory Unit Cost Total Cost

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 8,000   $71.00   $568,000   10   Purchase 24,000   81.00   1,944,000   28   Sale 12,000   142.00   1,704,000   30   Sale 4,000   142.00   568,000   Feb. 5   Sale 1,600   142.00   227,200   10   Purchase 57,600   83.50   4,809,600   16   Sale 28,800   152.00   4,377,600   28   Sale 27,200   152.00   4,134,400   Mar. 5   Purchase 48,000   85.50   4,104,000   14   Sale 32,000   152.00   4,864,000   25   Purchase 8,000   86.00   688,000   30   Sale 28,000   152.00   4,256,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 8,000   $72.00   $576,000   10   Purchase 24,000   82.00   1,968,000   28   Sale 12,000   144.00   1,728,000   30   Sale 4,000   144.00   576,000   Feb. 5   Sale 1,600   144.00   230,400   10   Purchase 57,600   84.50   4,867,200   16   Sale 28,800   154.00   4,435,200   28   Sale 27,200   154.00   4,188,800   Mar. 5   Purchase 48,000   86.50   4,152,000   14   Sale 32,000   154.00   4,928,000   25   Purchase 8,000   87.00   696,000   30   Sale 28,000   154.00   4,312,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $79.00   $592,500   10   Purchase 22,500   89.00   2,002,500   28   Sale 11,250   158.00   1,777,500   30   Sale 3,750   158.00   592,500   Feb. 5   Sale 1,500   158.00   237,000   10   Purchase 54,000   91.50   4,941,000   16   Sale 27,000   168.00   4,536,000   28   Sale 25,500   168.00   4,284,000   Mar. 5   Purchase 45,000   93.50   4,207,500   14   Sale 30,000   168.00   5,040,000   25   Purchase 7,500   94.00   705,000   30   Sale 26,250   168.00   4,410,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.

month of January: P 440,000 800,000 4,500,000 2,900,000 240,000 350,000 100,000 250,000 100,000 600,000 100,000 6,500,000 100,000 500,000 200,000 100,000 Beginning inventory at cost Beginning inventory at sales price Purchases at cost Initial markup on purchases Purchase returns at cost Purchase returns at sales price Freight on purchases Additional markup Markup cancellations Markdown Markdown cancellations Net sales Sales allowances Sales returns Employee discounts Theft and other losses Required: Compute the estimated cost of inventory at the end of the current year using: 1. Average retail inventory method 2. FIFO retail inventory method 3. Conventional (lower of cost or market) retail inventory method

Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280 Jan. 10 280 1.00   Jan. 12     200 Jan. 15 190 1.10   Jan. 18 500 1.30   Jan. 22     770 Jan. 27     110 Jan. 31 310 1.50   Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method

Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158

Weighted Average Cost Method with Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $75.00   $562,500   10   Purchase 22,500   85.00   1,912,500   28   Sale 11,250   150.00   1,687,500   30   Sale 3,750   150.00   562,500   Feb. 5   Sale 1,500   150.00   225,000   10   Purchase 54,000   87.50   4,725,000   16   Sale 27,000   160.00   4,320,000   28   Sale 25,500   160.00   4,080,000   Mar. 5   Purchase 45,000   89.50   4,027,500   14   Sale 30,000   160.00   4,800,000   25   Purchase 7,500   90.00   675,000   30   Sale 26,250   160.00   4,200,000

Current Year Preceding Year Sales $9,700,000   $7,175,000   Beginning inventories 420,000   400,000   Cost of goods sold 5,820,000   4,305,000   Ending inventories 550,000   420,000     a.   (1.) Determine for each year the inventory turnover. Round answers to one decimal place. Current year ? Preceding year ?         (2). Determine for each year the number of days' sales in inventory. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Current year ? Preceding year ?   b.  What conclusions can be drawn from these data concerning the inventories? (sales volume increased faster than the inventory, resultung in an improving inventory position/inventory increased faster than sales colume, resulting in a deteriorating inventroy position/ no conclusion about the inventory position can be drawn from these data)

Shoney Video Concepts produces a line of video streaming servers that are linked to personal computers for storing movies. These devices have very fast access and large storage capacity. Shoney is trying to determine a production plan for the next 12 months. The main criterion for this plan is that the employment level is to be held constant over the period. Shoney is continuing in its R&D efforts to develop new applications and prefers not to cause any adverse feelings with the local workforce. For the same reason, all employees should put in full workweeks, even if this is not the lowest-cost alternative. The forecast for the next 12 months is MONTH January February March April May June FORECAST DEMAND 605 805 905 605 405 305 MONTH July August September October November December FORECAST DEMAND 205 205 305 705 805 905 Manufacturing cost is $220 per server, equally divided between materials and labor. Inventory storage cost is $6 per unit per month and is assigned based on the ending…

How much is the cost of issuances on April 10 using Moving Average method?How much is the ending inventory on April 10 using Moving Average method?

What is the average inventory at retail? [round off numbers] BOM EOM January $50,500 $53,400 February $52,900 $54,100 March $54,200 $55,800 April $53,300 S56,300 Мay $56,300 $57,500 June $53,900 $54,300 O $53,034 O $54,527 $54,573 $53,629

Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $463,358 Cost of merchandise sold during year 205,692 Accounts receivable, beginning of year 46,704 Accounts receivable, end of year 51,670 Merchandise inventory, beginning of year 33,192 Merchandise inventory, end of year 39,686 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number. a.59 days b.65 days c.129 days d.70 days

Number of units Cost per unit Opening balance 1 November 20 4.00 Receipt 8 November 140 4.40 Issues 12 November 80 Receipt 18 November 100 4.60 Issues 26 November 140 Calculate the value of inventory on hand at 8 November using the Weighted Average Cost the nearest dollar.

Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $575,757 Cost of merchandise sold during year 193,428 Accounts receivable, beginning of year 43,481 Accounts receivable, end of year 51,054 Merchandise inventory, beginning of year 32,544 Merchandise inventory, end of year 43,018 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number.

3. The Inventory Company' data are as follows: Average re-order period Optimum number of orders per year Average daily usage Cost to store one unit per year Cost of stock out per unit per time` Usage during re-order period 80 90 100 115 125 150 175 Frequency 4 6 10 35 20 15 10 25 days 10 per year 4 units $5 P20 0

Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365-day year. Sales on account during year $415,904 Cost of goods sold during year 201,696 Accounts receivable, beginning of year 48,891 Accounts receivable, end of year 46,909 Inventory, beginning of year 34,594 Inventory, end of year 37,511 Do not round interim calculations. Round your final answer up to the nearest whole day.