Required:unit costs to the nearest cent for inventory; show computations):GoodsSoldGrossEndingInventoryMarginIndependent Assumptionsa. FIFO .b. Weighted average, periodic inventorysystem .C. Moving average, perpetual inventorysystem........ Problem 3Inventory, CGS, Gross Margin - Inventory Cost Methods. The recordsof Cookie Company showed the following transactions, in the order given,relating to the major inventory item:UnitsUnit CostP6.901. Inventory..2. Purchase.3. Sales (at P15).4. Purchase.5. Sales (at P15)...6. Purchase..7. Sales (at P18)..8. Purchase..3,0006,0004,0005,0009,00011,0009,0006,0007.207.507:667.80

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Complete the following schedule for each Ending Inventory Required: unit costs to the nearest cent for inventory; show computations): Goods Sold Gross Margin Independent Assumptions a. FIFO . b. Weighted average, periodic inventory system . C. Moving average, perpetual inventory Durtom

Complete the following schedule for each Ending Inventory Required: unit costs to the nearest cent for inventory; show computations): Goods Sold Gross Margin Independent Assumptions a. FIFO . b. Weighted average, periodic inventory system . C. Moving average, perpetual inventory Durtom

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 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Required:
unit costs to the nearest cent for inventory; show computations):
Goods
Sold
Gross
Ending
Inventory
Margin
Independent Assumptions
a. FIFO .
b. Weighted average, periodic inventory
system .
C. Moving average, perpetual inventory
system.
.......

Problem 3
Inventory, CGS, Gross Margin - Inventory Cost Methods. The records
of Cookie Company showed the following transactions, in the order given,
relating to the major inventory item:
Units
Unit Cost
P6.90
1. Inventory..
2. Purchase.
3. Sales (at P15).
4. Purchase.
5. Sales (at P15)...
6. Purchase..
7. Sales (at P18)..
8. Purchase..
3,000
6,000
4,000
5,000
9,000
11,000
9,000
6,000
7.20
7.50
7:66
7.80

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( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Required: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all three methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
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( Appendix 6B) Inventory Costing Methods: Periodic FIFO Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Perpetual inventory using FIFO Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
Perpetual inventory using LIFO Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
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