How much should it report as Cost of Goods Sold? Constructor Inc. sells sacks of cement. The inventory records show the following:DateTransactionNumber Unit Cost Total Costof SacksMay 1 Beginning BalancePurchaseP200 P120,000189,000600900210Sales1,3001,4001,2001,0001,20014Purchase190266,00015Sales24Purchase200200,00028SalesIf the entity uses the FIFO method to cost inventories, how much should it report as Cost ofGoods Sold?O P735,457P775,000P735,000O P735,25657

Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost Date Transaction of Sacks May 1 Beginning Balance P200 P120,000 189,000 600 5. Purchase 900 210 7 Sales 1,300 1,400 1,200 1,000 1,200 14 Purchase 190 266,000 15 Sales 24 Purchase 200 200,000 28 Sales If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold? O P735,457 P775,000 O P735,000 O P735,256

Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost Date Transaction of Sacks May 1 Beginning Balance P200 P120,000 189,000 600 5. Purchase 900 210 7 Sales 1,300 1,400 1,200 1,000 1,200 14 Purchase 190 266,000 15 Sales 24 Purchase 200 200,000 28 Sales If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold? O P735,457 P775,000 O P735,000 O P735,256

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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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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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual 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.)
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
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The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
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