4. Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 Purchased 500 units @ $25.00 cach. 4 Purchased 300 units @ $24.00 each. 6 Sold 400 units @ $38.00 each. 8 Purchased 700 units @ $23.00 cach. 13 Sold 450 units @ $37.50 each. 20 Purchased 250 units @ $25.25 each. 22 Sold 275 units @ $36.00 each. 27 Sold 300 units @ $37.00 cach. 28 Purchased 550 units @ $26.00 cach. 30 Sold 100 units @ $39.00 cach. Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO perpetual 2. FIFO periodic 3. LIFO perpetual 4. LIFO periodic 5. Average cost periodic (round average to nearest cent)

4. Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 Purchased 500 units @ $25.00 cach. 4 Purchased 300 units @ $24.00 each. 6 Sold 400 units @ $38.00 each. 8 Purchased 700 units @ $23.00 cach. 13 Sold 450 units @ $37.50 each. 20 Purchased 250 units @ $25.25 each. 22 Sold 275 units @ $36.00 each. 27 Sold 300 units @ $37.00 cach. 28 Purchased 550 units @ $26.00 cach. 30 Sold 100 units @ $39.00 cach. Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO perpetual 2. FIFO periodic 3. LIFO perpetual 4. LIFO periodic 5. Average cost periodic (round average to nearest cent)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

See similar textbooks

Similar questions

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 Purchased 500 units @ $25.00 each. 4 Purchased 300 units @ $24.00 each. 6 Sold 400 units @ $38.00 each. 8 Purchased 700 units @ $23.00 each. 13 Sold 450 units @ $37.50 each. 20 Purchased 250 units @ $25.25 each. 22 Sold 275 units @ $36.00 each. 27 Sold 300 units @ $37.00 each. 28 Purchased 550 units @ $26.00 each. 30 Sold 100 units @ $39.00 each. Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO perpetual 2. FIFO periodic 3. LIFO perpetual 4. LIFO periodic 5. Average cost periodic (round average to nearest cent)
Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 Purchased 500 units @ $25.00 each 4 Purchased 300 units @ $24.00 each 6 Sold 400 units @ $38.00 each 8 Purchased 700 units @ $23.00 each 13 Sold 450 units @ $37.50 each 20 Purchased 250 units @ $25.25 each 22 Sold 275 units @ $36.00 each 27 Sold 300 units @ $37.00 each 28 Purchased 550 units @ $26.00 each 30 Sold 100 units @ $39.00 each Calculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost Periodic Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places. 3. LIFO Perpetual$fill in the blank 9$fill in the blank 10$fill in the blank 11 4. LIFO Periodic$fill in the blank 12$fill in the blank 13$fill…
Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 Purchased 500 units @ $25.00 each 4 Purchased 300 units @ $24.00 each 6 Sold 400 units @ $38.00 each 8 Purchased 700 units @ $23.00 each 13 Sold 450 units @ $37.50 each 20 Purchased 250 units @ $25.25 each 22 Sold 275 units @ $36.00 each 27 Sold 300 units @ $37.00 each 28 Purchased 550 units @ $26.00 each 30 Sold 100 units @ $39.00 each Calculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost Periodic Total Sales (not dependent on inventory method) $fill in the blank 1 Total Merchandise Available for Sale (round to the nearest cent) $fill in the blank 2 Round your final answers to two decimal places. In your computations, round the average cost per unit to…
4. The purchases of Chicken Wings Inc. during the year are as follows: 1st quarter- P1,368,000 2nd quarter- P1,320,000 3rd quarter- P2,175,000 4th quarter- P840,000 The entity’s physical count revealed the following balances of cost and NRV, respectively: January 1- P20,000; P19,000 June 30- P40,000; P38,500 December 31- P35,000; P34,600 The gross profit ratio for the year is 35%. If the company uses the allowance method, how much is the loss on inventory write-down to be recognized in the 2nd quarter?
Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $668,000; Raw Materials Inventory, $69,000; Work in Process Inventory, $32,000; Finished Goods Inventory, $61,000; Common Stock, $598,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. Paid $24,000 of research and development costs. Paid $65,000 for raw materials that will be used to make eBook readers. Placed $91,000 of the raw materials cost into the process of manufacturing eBook readers. Paid $67,000 for salaries of selling and administrative employees. Paid $104,000 for wages of production workers. Paid $83,000 to purchase equipment used in selling and administrative offices. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $13,000 salvage value and a…
Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $668,000; Raw Materials Inventory, $69,000; Work in Process Inventory, $32,000; Finished Goods Inventory, $61,000; Common Stock, $598,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. Paid $24,000 of research and development costs. Paid $65,000 for raw materials that will be used to make eBook readers. Placed $91,000 of the raw materials cost into the process of manufacturing eBook readers. Paid $67,000 for salaries of selling and administrative employees. Paid $104,000 for wages of production workers. Paid $83,000 to purchase equipment used in selling and administrative offices. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $13,000 salvage value and a…
Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $673,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $47,000; Common Stock, $588,000; and Retained Earnings, $217,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. Paid $25,000 of research and development costs. Paid $58,000 for raw materials that will be used to make eBook readers. Placed $88,000 of the raw materials cost into the process of manufacturing eBook readers. Paid $64,000 for salaries of selling and administrative employees. Paid $93,000 for wages of production workers. Paid $94,000 to purchase equipment used in selling and administrative offices. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $14,000 salvage value and a…
Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $671,000; Raw Materials Inventory, $69,000; Work in Process Inventory, $27,000; Finished Goods Inventory, $51,000; Common Stock, $599,000; and Retained Earnings, $219,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. Paid $24,000 of research and development costs. Paid $58,000 for raw materials that will be used to make eBook readers. Placed $96,000 of the raw materials cost into the process of manufacturing eBook readers. Paid $74,000 for salaries of selling and administrative employees. Paid $107,000 for wages of production workers. Paid $135,000 to purchase equipment used in selling and administrative offices. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $15,000 salvage value and a…
Alomar Corporation had a balance of $1,000 in Prepaid Supplies at the beginning ofthe year. The company purchased $700 of supplies during the year. At year end, PrepaidSupplies had a balance of $1,100. What is the amount of Supplies Expense that AlomarCorporation will recognize for the year?a. $600b. $700c. $800d. $1,100
During its first month of business, Dig the Dogs, Inc. purchased $700 of hotdogs of which it paid $300 and owes the rest. During the month, it sold 3/4 of its inventory for $1,000 on account. What is the amount of Cost of Goods Sold for the month ended?
Carson Print Supplies, Inc., sells laser printers and supplies. Assume Carson started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80 each). During the year, the company purchased 800 containers of ink at $9.80 and sold 600 units for $21.50 each. Carson paid operating expenses throughout the year, a total of $4,000. Ignore income taxes for this exercise. Prepare Carson’s income statement for the current year ended December 31 using the aver-age-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading.
Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement