ABC Traders had the following data for Product Pink on June 20X1: Beginning balance 100 boxes at P50 Purchases: June 4 90 boxes @ P55 June 14 110 boxes @ P60 Sales June 7 120 boxes June 20 80 boxes June 27 50 boxes How much is the cost of goods sold under average periodic? a. 13,598 b. 13,791 c. 13, 895 d. 14,000

ABC Traders had the following data for Product Pink on June 20X1: Beginning balance 100 boxes at P50 Purchases: June 4 90 boxes @ P55 June 14 110 boxes @ P60 Sales June 7 120 boxes June 20 80 boxes June 27 50 boxes How much is the cost of goods sold under average periodic? a. 13,598 b. 13,791 c. 13, 895 d. 14,000

Name: ABC Traders had the following data for Product Pink on June 20X1:Begin
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Description: ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the co

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 1PA: When prices are rising (inflation), which costing method would produce the highest value for gross...

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13.ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the cost of goods sold under average periodic? 13,598 13,791 13, 895 14,000
ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under average perpetual? a. 2,750 b. 2,758 c. 2,852 d. 3,000
16.ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under average perpetual? 2,750 2,758 2,852 3,000
ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under FIFO perpetual? a. 3,000 b. 2,758 c. 2,750 d. 2,700
25.ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under FIFO perpetual? 3,000 2,758 2,750 2,700
14) Use the following formulas: SELL THRU PERCENT (ST%) = SALES/BOH BOH = Beginning of week on hand inventory REC = Receipts EOH = Ending of week on hand inventory Below are the numbers for LAST week: SALES = 8,500 BOH = 56,700 REC = 4,500 EOH = 52,700 If a Buyer expected to have a 12% ST% NEXT week. How many dresses are they planning to sell?
The ABC Boutique had the following information at June 30, 20X1: Purchases, P180,000 Inventory, June 1, P8,000 Purchase returns, P2,000 Freight in, P4,000 Sales, P250,000 Sales discount, P20,000 If the gross profit is 25% of cost of sales. How much is the inventory at June 30? a. 6,000 b. 10,000 c. 17,500 d. 18,000
The ABC Boutique had the following information at June 30, 20X1: Inventory increased by P10,000 Purchase returns, P5,000 Freight in, P3,000 Sales, P300,000 Sales discount, P25,000 If the gross profit is 20% of net sales. How much is the gross purchases for June? a. 202,000 b. 212,000 c. 222,000 d. 232,000
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The Crystal Glass is a trader in chinaware décor . The following information is available at the end of 2010: Opening Inventory $31,400 Closing Inventory $20,400 Sales for December 2010 $90,000 Standard margin is 33 1/3 % Based on this information, what was the amount for the purchases? $22,500 $30,000 $49,000 $56,500
Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
JM Ltd had the following material transactions during November. 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 (WACO) cost method to the nearest dollar.