Answer only last two sub parts Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places.Gross ProfitEnding InventoryCost of Goods Sold1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost Periodic Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations..May 1 Purchased 500 units @ $25.00 each4Purchased 300 units @ $24.00 eachSold 400 units @ $38.00 eachPurchased 700 units @ $23.00 eachSold 450 units@ $37.50 each68132022272830Purchased 250 units @ $25.25 eachSold 275 units @ $36.00 eachSold 300 units @ $37.00 eachPurchased 550 units @ $26.00 eachSold 100 units $39.00 eachCalculate 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 PeriodicTotal Sales (not dependent on inventory method)Total Merchandise Available for Sale (round to the nearest cent)Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places.Ending Tunk

1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 4 6 8 13 20 22 27 28 30 Purchased 500 units @ $25.00 each. Purchased 300 units @ $24.00 each. Sold 400 units@ $38.00 each Purchased 700 units @ $23.00 each Sold 450 units @ $37.50 each Purchased 250 units @ $25.25 each Sold 275 units @ $36.00 each Sold 300 units @ $37.00 each Purchased 550 units @ $26.00 each 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 Perpetual 2. FIFO Periodic 3. LIFO Perpetual 4. LIFO Periodic 5. Average Cost Periodic Total Sales (not dependent on inventory method) Total Merchandise Available for Sale (round to the nearest cent)

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. May 1 4 6 8 13 20 22 27 28 30 Purchased 500 units @ $25.00 each. Purchased 300 units @ $24.00 each. Sold 400 units@ $38.00 each Purchased 700 units @ $23.00 each Sold 450 units @ $37.50 each Purchased 250 units @ $25.25 each Sold 275 units @ $36.00 each Sold 300 units @ $37.00 each Purchased 550 units @ $26.00 each 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 Perpetual 2. FIFO Periodic 3. LIFO Perpetual 4. LIFO Periodic 5. Average Cost Periodic Total Sales (not dependent on inventory method) Total Merchandise Available for Sale (round to the nearest cent)

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
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…
The Pink Lady Company incurred the following transactions during the month of June:04 June Purchased 1 500 units at R90 each10 June Issued 1 200 units16 June Issued 800 units20 June Purchased 2 000 units at a total value of R150 00025 June Issued 1 000 units28 June Issued 900 units30 June Purchased 1 000 units at R110 each The opening stock for June was 1 000 units at a total value of R100 000. The company uses a weighted average method to valuate their inventory and applies a perpetual accounting system. Required: Calculate the value of the closing stock at the end of June.
Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of 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 Sold 300 units @ $37.00 each 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: FIFO perpetual FIFO periodic LIFO perpetual LIFO periodic Average cost periodic (round average to nearest cent)
Deere manufacturing is in its first year of operations.On January 1, 2012 they purchased 175 units of inventory at a cost of $20 per unit.On March 23, 2012 they purchased another 400 units at a cost of $40 per unit.On April 25, 2012 they sold 250 units for $125 per unit.On July 11, 2012 they sold 300 units for $125 per unit.On August 8, 2012 they purchased 300 units at a cost of $50 per unit.On September 28, 2012, they purchased 400 units at a cost of $75 per unit.On December 28, 2012, they sold 450 units for $125 per unit.Deere manufacturing used a perpetual inventory system.Required:Determine Cost of Goods Sold and Ending Inventory using the following methods:a. FIFOb. Weighted Averagec. LIFO
Shepard Company sold 4,000 units of its product at $100 per unit during the year and incurred operating expenses of $15 per unit in selling the units. It began the year with 840 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory . 840 units @ $58 per unit Apr. 2 Purchase . 600 units @ $59 per unit June 14 Purchase . 1,205 units @ $61 per unit Aug. 29 Purchase . 700 units @ $64 per unit Nov. 18 Purchase . 1,655 units @ $65 per unit Total . 5,000 units Required 1. Prepare comparative income statements similar to Exhibit 6.8 for the three inventory costing methods of FIFO, LIFO, and weighted average. (Round all amounts to cents.) Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 40%. 2. How would the financial results from using the three alternative inventory costing methods change if the company had been experiencing decreasing prices in its…
X Inc. is a manufacturing company using the perpetual system. The beginning inventory of materials totaled P 150,000 & all debits to "materials account" amounted to P 400,000. The excess of beginning inventory over its ending inventory is P 60, 000. Conversion cost is 100,000. WIP inventory increased by 5,000 while Finished Goods inventory decreased by 3,000. GP rate is 30% based on cost. Compute the gross profit
ABC Corporation begins the month of April with 12.400 units of inventory recorded at total historical cost of 23040.During the month the company purchases 6800 additional units for total acquisition of 71808.What is the average cost per unit of inventory available for sale in the april a.10560 b.9600 c.10310 d.13940
1.Siam Paragon Corp. started their business this year and purchases the following inventory: 15,000 units in January @$10 each, 25,000 units in March @ $12 each, 35,000 units in May @ $12 each, 50,000 units in August @ $14 each, 20,000 units in October @ $15 each, 30,000 unit in November @ $16 each, and 25,000 units in December @ $18 each. During the year they sold 170,000 units of their product. Required: 1.Calculate the value of ending inventory and COGS utilizing the Average Cost, LIFO, and FIFO methods. Chonburi Corp. has just purchased new equipment for their business at a cost $18,000,000. They expect the equipment to have a useful estimated life of 4 years and a terminal value of $3,000,000 . In addition they feel they can get total production from the machinery of 5,000,000 units. Actual production was as follows: year one 1,000,000 units, year two 1,500,000 units, year three 1,500,000 units, year four 1,000,000 units . Required: 1.Calculate the depreciation each year…
1.Siam Paragon Corp. started their business this year and purchases the following inventory: 15,000 units in January @$10 each, 25,000 units in March @ $12 each, 35,000 units in May @ $12 each, 50,000 units in August @ $14 each, 20,000 units in October @ $15 each, 30,000 unit in November @ $16 each, and 25,000 units in December @ $18 each. During the year they sold 170,000 units of their product. Required: 1.Calculate the value of ending inventory and COGS utilizing the Average Cost, LIFO, and FIFO methods.