10. On July 1 the Hat Rack started with an inventory of 370 hats. Shipments of 54, 67, and 52 were sent out on July 12, August 17, and September 12, respectively. Receipts of 63, 114, and 37 were received on July 20, August 25, and September 15, respectively. Find the number on hand as of September 15.

10. On July 1 the Hat Rack started with an inventory of 370 hats. Shipments of 54, 67, and 52 were sent out on July 12, August 17, and September 12, respectively. Receipts of 63, 114, and 37 were received on July 20, August 25, and September 15, respectively. Find the number on hand as of September 15.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Streif Incorporated, a local retailer, has provided the following data for the month of June: Merchandise inventory, beginning balance $ 46,000 Merchandise inventory, ending balance $ 52,000 Sales $ 260,000 Purchases of merchandise inventory $ 128,000 Selling expense $ 13,000 Administrative expense $ 40,000 The cost of goods sold for June was: a)128,000 b)181,000 c)122,000 d)134,000
Marigold Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 405 @ $13 17 210 @ $10 25 220 @ $9 29 230 @ $15 Marigold maintains a periodic inventory system. According to a physical count, 265 units were on hand at January 31.The cost of the inventory at January 31, under the LIFO method is: $2385. $2530. $2650. $2120.
The Corton Company uses a periodic inventory system. For the month of October, the beginning inventory consisted of 4,800 units that cost $12 each. Two purchases were made in October, one for 2,000 units at $13 each, and one for 8,000 units at $13.50 each. Additionally, Corton sold 8,600 units during the month. If the FIFO method is used, the ending inventory is a.) $74,400. b.) $75,800. c.) $80,292. d.) $83,700.
Vegas uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $12 each. During the month, the company made two purchases: 500 units at $13 each and 2,000 units at $13.50 each. Vegas also sold 2,150 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month?
Checkers uses the periodic inventory system. For the current month, the beginning inventory consistedof 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at$13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using theFIFO method, what is the ending inventory?A. $120,438.B. $111,600.C. $125,550.D. $113,700.
Assume that in September, Joplin Designs customers actually return$150,000 of inventory. Using the same cost of goods sold percentage, the companywould make the following entries to record 1) the refunds and 2) cost of items returned.
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Dunne…
SUPERIOR Company had 20,000 units of bottles on hand at January 1, costing P35 each. Purchases of these products during the month of January were: January 5 13,000 units @ P32 unit cost January 14 12,000 units @ P 36 unit cost and January 25 8,000 @ P37 unit cost A physical count on January 31 shows 26,000 units on hand. What amount should be reported as cost of the inventory under the FIFO method?