220 units at $50 eachanswer only last two subparts with proper formulas thanks Purchases during Q4:Purchase, 10/22; 650 units @ $55Purchase, 11/5; 700 units @$58Purchase, 11/2; 1,100 units @ $62Purchase, 12/5; 430 units @ $60Purchase, 12/30; 750 units @ $65The company made a sale of 900 units1. Determine cost of goods sold if the a2. Determine cost of goods sold if the3. Determine cost of goods sold if the4. Determine cost of goods sold if the Purchases during 04:Purchase, 10/22, 650 units @ $55Purchase, 11/5; 700 units @$58Purchase, 11/2: 1,100 units @ $62Purchase, 12/5; 430 units @ $60Purchase, 12/30; 750 units @ $65The company made a sale of 900 units on 11/15 and a sale of 700 units on 12/18.1. Determine cost of goods sold if the company uses a LIFO perpetual cost flow assumption.2. Determine cost of goods sold if the company uses a LIFO periodic cost flow assumption:3. Determine cost of goods sold if the company uses a weighted-average periodic sot flow assumption (do not round avera4. Determine cost of goods sold if the company uses a FIFO perpetual cost flow assumption.

Inventory is one of the important current asset being held by the business. There are several…

2. Determine cost of goods sold if the company uses a LIFO periodic cost flow assumption. 3. Determine cost of goods sold if the company uses a weighted-average periodic sot flow assumption (do not round avera 4. Determine cost of goods sold if the company uses a FIFO perpetual cost flow assumption.

2. Determine cost of goods sold if the company uses a LIFO periodic cost flow assumption. 3. Determine cost of goods sold if the company uses a weighted-average periodic sot flow assumption (do not round avera 4. Determine cost of goods sold if the company uses a FIFO perpetual cost flow assumption.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

See similar textbooks

Similar questions

Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Calculate the cost of goods sold dollar value for B67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.