Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginninginvantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDsOct 32,500Oct. 193,0002 $10Oct 93,50059Oct 254,000$11During October, 10,800 units were sold. Concord uses a'periodic inventary systam.(a)Determine the cost of goods availabla for sale.Cost of goods available for saleeTextbook and MedlaE ter LerAttempts: 0 of 5 usedSubrmit AnaAr(b1)Calculate cost per unit. Round answer to 2 decimal places, er 225)Cost per uniteTextbook and MedlaAttempts: 0 of 5 usedSubmit ArawerSave tor Lar eTextbook and MedlaSave for LaeerAttempts: 0 of 5 usedSubmit Anavwer(b2)Determine (1) the ending inventory and (2) the cost of goods sald under cach of the =ssumed cost fiaw mathods (FIFO, LIFO, andEverage-cost). (Round answers to O decimal places, eg1250)FIFOLIFOAVERAGE-COSTThe endinginventoryThe cost of gpodssoldeTextbook and MedlaSav For LaterAttempts 0 of 5 usedSubmit Anaer(c)Which costflow mathodresults in (1) the highestinventory amount for thebalance sheet and (2) the highest cost of poas soldfor the incoma statemant?(1)produces the highest imventory amount. S(2)produces tha highest cost of goods sold. S

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

Concord Distribution markcets CDs of the performing artist Unique. At the boginning of October,Concord had in beginning invantory 2,000 of Uniqud's CDz with a unit cost of $7. During October, Concord mada the followinE purchases of Unique's CDs Oct 3 2,500 S8 Oct. 19 3,000 $10 Oct 9 3,500 e S9 Oct. 25 4,000 $11 During Octobar, 10,800 units were sold. Concord uses a'periodicinvantary systam

Concord Distribution markcets CDs of the performing artist Unique. At the boginning of October,Concord had in beginning invantory 2,000 of Uniqud's CDz with a unit cost of $7. During October, Concord mada the followinE purchases of Unique's CDs Oct 3 2,500 S8 Oct. 19 3,000 $10 Oct 9 3,500 e S9 Oct. 25 4,000 $11 During Octobar, 10,800 units were sold. Concord uses a'periodicinvantary systam

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

See similar textbooks

Similar questions

During June 1, Company B sold a merchandise for P 1,440,000. The mark up on this kind of sale is at 25% of cost. Company B allocated P 60,000 for trade-in allowance while the balance will be paid in monthly basis within 20 months. The trade-in details are as follows:a. Estimated Selling Price 100,000b. Reconditioning Cost 6,000c. Cost to Sell 4,000d. Gross profit on trade-in 20% Compute for the realized gross profit for the year
Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17
On June 1, DD Company shipped twenty five DVD to BB View Store on consignment. The DVD is to be sold at an advertised price of P200 per item. The cost of each DVD to the consignor is P100. The consignor paid P75 to ship the merchandise. Commission is to be 25% of sales price. During the month, two DVD were returned. On June 30, BB View Store remitted the amount due to consignor after deducting commission of P400. The cost of inventory on consignment amounted to: The net income of the consignor for the month is: The cost of inventory on consignment amounted to:
Shaw company sells good that cost 600,000 to Charm company for 800,000 on January 2, 20x5. the sales price includes an installation fee, which is valued at 80,000. the fair value of the goods is 740,000. the installation is considered a separate performance obligation and is expected to take 6 months to complete. Prepare the journal entries to record the sale on January 2, 20x5. Shaw prepares income statement for the first quarter of 20x5, ending March 31, 20x5 (installation was completed on June 18, 20x5). How much revenue should Shaw recognize related to its sale to Charm?
Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale $109500 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $_______________ Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $____________ $____________…
DSWD purchased goods for distribution on account with list price amounting to P100,000. The supplier granted trade discounts of 20% and 10%, with credit terms of 5/10, n/30. Payment was made 15 days after the date of purchase. Compute the cost of purchased goods for distribution
Adiwele Ltd has a financial year end of 31 March. The entity manufactures Compact Discs for resale. The manufacturing cost per compact disc is R2 per unit. Finished units of the compact disc are sold at R2.5 per unit. On 31 March 2021, Adiwele Ltd had 100 500 units of compact discs in stock. To sell this products Adiwele Ltd will incur the following costs: Sales commission of 20 cents per unit, Additional designing costs of 25 cents per unit, Advertising and packaging costs of 23 cents per unit, Salaries for administrative staff of R6 000 per month. Adiwele Ltd measures inventory at lower of cost and net realisable value as per IAS 2, Inventories according to IFRS at year end. What is the value of the closing inventory on 31 March 2021 as per IAS 2? 1.251 250 2. 201 000 3. 208 035 4. 136 035 5. 244 215
Required information[The following information applies to the questions displayed below.]Shadee Corp. expects to sell 630 sun visors in May and 410 in June.Each visor sells for $24. Shadee’s beginning and ending finishedgoods inventories for May are 75 and 45 units, respectively. Endingfinished goods inventory for June will be 60 units.!Each visor requires a total of $4.00 in direct materials that includes an adjustableclosure that the company purchases from a supplier at a cost of $1.50 each. Shadeewants to have 31 closures on hand on May 1, 23 closures on May 31, and 20 closureson June 30. Additionally, Shadee’s fixed manufacturing overhead is $700 per month,and variable manufacturing overhead is $1.75 per unit produced. Each visor takes 0.80direct labor hours to produce and Shadee pays its workers $8 per hour.Additional information:Selling costs are expected to be 8 percent of sales.Fixed administrative expenses per month total $1,300.Required:Determine Shadee's budgeted selling and…
Excellent Company manufactures a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P20. Data with respect to the premium offer are summarized below: Sales Purchase of premium, P50 per plate Number of plates distributed as 3,800,000 4,000,000 380,000 560,000 premium 4,500 8,000 Estimated number of plates to be distributed in subsequent period 2,500 3,500 Distribution cost P10 per plate Required: Prepare journal entries that would be made in 2020 and 2021 to record sales, premium purchases and redemptions, and year-end adjustments.
Accounting for Special TransactionsConsignment Sales PROBLEM 3: EXERCISE Publisher Co. delivers 1,000 books to Bookstore Co. under a consignment arrangement. The cost per book is P300. Publisher Co. pays freight of P22 per book. Bookstore Co. is entitled to a 20% commission based on the Publisher's suggested retail price. However, Bookstore Co. marks up the Publisher's suggested retail price anyway for another 15%. Six (6) months after the end of the semester, Bookstore Co. remits P245,700 to the Publisher for the sale of 700 books, after deduction of P69,300 for the following: 2% withholding tax based on the publisher's suggested retail price. Bookstore's commission. Requirements: Compute for the amounts to be presented in Publisher's statement of profit or loss? How much is the ending inventory to be presented in Publisher's statement of financial position? How much income is recognized by the Bookstore?
ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is Php50 per unit The credit term is 2/10, n/30 After 15 days, 2,000 units were returned 20 days after date of sale, ABC collected the amount due Prepare the journal entrry on date of return using gross method
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $31,413, $30,349, and $34,668, respectively. Round to the nearest penny, two decimal places.