I just need part (b)! thank you!Correct answer please Kingbird Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.Quantity Price/Cost3,1004,1004,6005,1004,300Date1/12/42/204/211/4TransactionBeginning inventoryPurchaseSalePurchaseSaleYour Answer Correct AnswerYour answer is correct.Weighted-average cost per unit$1827Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7613)$45355028.0488 (b)Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 4 decimal places, eg. 2.7631 and final answers toO decimal places, e.g. 6,548.)(a)(b)(c)(d)(e)(f)Periodic system, FIFO cost flowPerpetual system, FIFO cost flowPeriodic system, LIFO cost flowPerpetual system, LIFO cost flowPeriodic system, average-cost flowPerpetual system, moving average cost flow $eTextbook and Media$Save for LaterCost of goods soldAssistance UsedAttempts: 0 of 3 used Submit Answer

Cost of Goods sold - (a) Periodic System , Fifo Cost flow $226,000.00 (b)…

Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 4 decimal places, eg. 2.7631 and final answers to O decimal places, eg. 6,548) (a) (b) (c) (d) (e) M Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, average-cost flow Perpetual system, moving average cost flow ●Textbook and Medis $ Cost of goods sold Assistance lised

Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 4 decimal places, eg. 2.7631 and final answers to O decimal places, eg. 6,548) (a) (b) (c) (d) (e) M Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, average-cost flow Perpetual system, moving average cost flow ●Textbook and Medis $ Cost of goods sold Assistance lised

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blues inventory: Determine (a) the net realizable value for each item and (b the inventory value of each item using the lower of cost or net realizable value rule.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
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1. Given this information, what is the profit percent? Format your answer to two decimal places and add a %-sign (i.e. 4.52%) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 2. Given this information, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Net Sales $561,800 Cost of Goods Sold 275,280 Expenses 253,936 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140 5. Given the information below, what are…
The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?
Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of Goods Sold Gross Profit Side Note: Image 2 highlighted with pink (Table (c) Average Cost) is the only numbers/entries that are wrong and needs to be corrected.