June 1 Balance 299 units @ $13 June 10 Sold 198 units @ $32 11 Purchased 804 units @ $16 15 Sold 495 units @ $33 20 Purchased 500 units @ $17 27 Sold 305 units @ $36
Q: Snyder’s ending inventory using the FIFO method would be:a. $1,500.b. $1,800.c. $7,400.d. $9,200.
A: Units in ending inventory = Units in beginning inventory + Purchases - Sales…
Q: 5. Hemming Co. reported the following current-year purchases and sales for its only product. Date…
A: Since it is a multiple question, only first question (Ques. 5) is solved as per company's policy.…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: une 1 Balance 450 units @ $11 June 15 Sold 200 units @ $24…
A: Date Purchase Cost of goods sold Balance Inventory Quantity Cost per Unit (In $) Total Cost…
Q: 1. Unit product costs, profit and cost of ending inventory. Northern Bicycle produces an inexpensive…
A: Absorption costing represents the calculation of unit cost that includes the variable cost well as a…
Q: Date Activities Units Acquired at Cost 300 units $14.00 - $ 4,200 Units Sold at Retai Jan. 1…
A: 1. Computation of ending inventory and Cost of Goods sold under FIFO (Perpetual) Date Goods…
Q: Date Activities Units Acquired at Cost 10 units @ $10 August 1 Beginning inventory = $100 August 3…
A: Under the perpetual method, the inventory is tracked continuously. Alternatively, a perpetual…
Q: 76. Gannon Company had the following information at December 31:Finished goods inventory, January 1$…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: purchased 19 Sobs construction company nad a beginning inventory of 15,000 during the year. Sales…
A: Using FIFO method, the inventory that were purchased first are to be sold at first and ending…
Q: Units Unit Cost Total Cost 1/1 Beginning Inventory 104 $6 $624 1/20 Purchase 416 $7 2,912 7/25…
A: The inventory can be valued using various methods as, FIFO, LIFO, and average method. Using FIFO…
Q: Date Transaction # of Units Per Unit Apr. 3 $225 270 |Inventory Purchase Sale Sale Purchase Sale…
A: The journal entries are prepared to record day to day transactions of the business.
Q: .25 per unit 9 Sal
A: The income statement is given as,
Q: Date Transaction Per Unit Total of Units Jan. 1 Inventory 2,500 $60.00 $150,000 10 Purchase 7,500…
A: LIFO Method:
Q: 5.19 A firm has the following transactions with its product R. 1 January 20X1 1 February 20X1 11…
A: Periodic Weighted Average Cost:-This is the easiest method of calculating inventory as the…
Q: Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1…
A: The answers for the multiple choice questions and relevant working are presented hereunder :…
Q: During June, the following changes in inventory item 27 took place: 1,400 units @ P24 800 units @…
A: The question is related to Inventory Management. The FIFO method of material issue means first in…
Q: Question No1: LLP sells copiers. At December 31, 2001. LLP's inventory amounted to $400,000. During…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Units Acquired at Cost 3ee units $14.00 - $ 4,200 Date Activities Units Sold at Retail Jan. 1…
A: Under the FIFO method, goods purchased are sold first.
Q: Question is pinned below
A: b) Journalize the entries using the perpetual inventory system:
Q: om the following transactions: March1 Beginning Inventory 2160 units @ $15 per unit • 14 Purchase…
A: Solution: Ending inventory units are computed as deducting units sold from beginning and purchased…
Q: Date Purchased Cost Cost Sales Expenses 174,000 01/Jan $4.70 15,510 34,000 35,340 64,890 3,300…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: 3) A company purchased inventory as follows: 200 units at $6.50 300 units at $6.20 The average…
A: The average cost strategy allocates an expense to stock things dependent on the complete expense of…
Q: Ünits Ünit Total Net Õperating Date Purchased Cost Cost Sales Expenses 174,000 01/Jan 3,300 6,800…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
Q: Vati-Vati CC produces and sells only one product. The following data is available: nventory levels…
A: Finished Goods Inventory refers to when Goods Are completed and Stored before sale is known as…
Q: QUESTION 2 Bukit Group has the following beginning inventory, purchases, sales and ending inventory…
A: As per periodical inventory method the ending inventory and COGS is determined by the physical…
Q: JO What is the cost of goodš sold 10r a. 960,000 b. 880,000 c. 980,000 d. 950,000 What is the…
A: 3) Cost of Goods Sold of June Therefore, Option C is the Correct answer i.e. 980,000
Q: Use the following information (M) from Marvel Company for the month of July to answer the question:…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…
Q: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @…
A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Inventory valuation refers to valuation of closing stock in hand which is reflected in Balance Sheet…
Q: Use the following information (M) from Marvel Company for the month of July to answer the question:…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct.…
A: Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…
Q: Required: How much is the cost of the ending inventory on January 31 under: 1. FIFO method…
A: Formula: WAC per Unit = Cost of Goods Available for SaleUnits Available for Sale Ending Inventory=…
Q: 5 Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.…
A: A journal entry is prepared by the company to record the non-economic & economic transactions of…
Q: Date Activities Units Acquired at Cost 295 units @ $13.80 Units Sold at Retail Jan. 1 Beginning…
A: Solution: (1).
Q: FIFO METHOD On 1 August L&T Co. had a balance in inventory of 120 units at AED14.25 per unit. The…
A: The cost of goods sold include the total cost of goods that are sold during the period. FIFO stands…
Q: . The Vanity, Inc., had the following inventory transactions in January: 1/1 Purchased 200 units @…
A: The inventory valuation is an important aspect in preparing the financial statements. The inventory…
Q: Revenue is assumed at 400 @$50.00 20,000 Cost of sales Beginning inventory 100 units @$15.00 110…
A: Given the following information: Sales: 400 units @ $50 each = $20,000 Beginning Inventory: 100…
Q: de during June are shown below: June 1 Inventory 6000 units @$2.00 per unit 4 Purchases 4500 units…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Purchases during Q4: Purchase, 10/22; 650 units @ $55 Purchase, 11/5; 700 units @$58 Purchase, 11/2;…
A: First in first out (FIFO) = It implies to an inventory valuation method in which the inventory…
Q: Date Activities Units Acquired at Cost Units Sold at Retail Apr. I Beginning inventory 20 units @…
A: As per the LIFO method, the goods received last are dispatched first. So, the ending inventory…
Q: Use the following to answer questions 7– 17 During September, KC Company sells 730 mountain bikes…
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under…
Q: Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000…
A: First-in, first-out method: Under the first-in-first-out method goods that are brought at earlier…
Q: Date Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28…
A: Formulas that are used:- Note:- I have used the weighted average method to calculate the per-unit…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: March 1 Beginning inventory = 29 units @ $5.90 March 3 Purchased 15 units @ 3.70 March 9 Sold 23…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Activities Units Acquired at Cost 170 units @ $12 230 units @ $14 Date Units Sold at Retail May 1…
A: Using LIFO method, The goods purchased at last are sold first, old units are left in inventory.
LIFO :
CGS
Ending value.
Step by step
Solved in 2 steps with 1 images
- March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414Beginning inventory, 100 units @P1.50;purchases: Jan 24 – 300 units @P1.56 Jun 11-150 units @P1.60 Oct 15- 150 units @P1.70Units sold: Feb 8 – 80 units @P2 Mar 18 – 140 units @ P2.50 Aug 18 – 130 units @P3.00 Sept 6 – 110 units @P3.50 Dec 29 – 140 units @P5.1. P1,037.13 will be the gross profit of the company under?2. Purchases made by the company amounted to?3. this is the cost of sales on December 29 under perpetual, FIFO?3. Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso? a. 201b. 210c. 230d. 204
- Sales per unit P15.00Variable production cost 8.00Annual fixed production cost 35,000.00Variable selling expense (unit) 3.00Annual fixed selling expense 15,000.00Produced 12,500 units during the periodNo inventory at January 1 (beg.)Sold 10,000 units 21. The ending inventory under direct costing isa. P25,000 b. P27,500 c. P20,000 d. P32,500 22. Ending inventory under absorption costing isa. P32,500 b. P20,000 c. P25,000 d. P27,000EA6. LO 10.2 Akira Company had the following transactions for the month. Number of Units cost per unit Beginning inventory 150 $1,500 Purchased Mar. 31 160 1,920 Purchased Oct. 15 130 1,950 Total goods available for sale 440 5,370 Ending inventory 50 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A first-in, first-out (FIFO). B. last-in, first-out (LIFO) C. weighted average (AVG)Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.
- 24.2 Jabu manufactures and sells Product X. During the most recent financial period, he sold 500 units at R750 each. There were no units of Product X in opening or closing inventory. Sales people are paid a commission of 5% on sales. The following additional information is available for this sales level: Fixed administrative cost per unit R90.00 Total fixed manufacturing overhead R120 000 Total fixed marketing cost R50 000 Direct material usage per product 2 kg Direct material price per kilogram R14.50 Total direct labour cost R47 500 Required: All manufacturing cost increases with 10%. The marketing director estimates that sales volume will increase with 5% if an advertising campaign of R10 000 is undertaken. What is the operating income for Jabu? Refer to above. Do you think that it is viable for Jabu to…June 1 Balance 450 units @ $11 June 15 Sold 200 units @ $24 jun11 Purchased 950 units @ $13 june15 Sold 575 units @ $25 june20 Purchased 525 units @ $14 june27 Sold 324 units @ $27 prepare the adjusting journal entries to record cost of goods sold for the month of June for the perpetual inventory method only.March1 Beginning inventory = 29 units @ $5.90 March3 Purchased 15 units @ 3.70 March9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO? Date Transaction Numberof Units UnitCost March 1 Beginning inventory 930 7.22 March 10 Purchase 550 7.64 March 16 Purchase 760 8.14 March 23 Purchase 580 8.54 2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be: 3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:
- 47. Vincenzo Cassano Company sells one product, which it purchases from various suppliers. The trial balance at December 31, 2020, included the following accounts: Sales (100,000 units at P150) P15,000,000 Sales discount 1,000,000 Purchases 9,300,000 Purchase discount 400,000 Freight in 100,000 Freight out 200,000 The inventory purchases during 2020 were as follows: Units Unit cost Total cost Beginning inventory, January 1 20,000 P60 P 1,200,000 Purchases, quarter ended March 31 30,000 65 1,950,000 Purchases, quarter ended June 30 40,000 70 2,800,000 Purchases, quarter ended Sept. 30 50,000 75 3,750,000 Purchases, quarter ended Dec. 31 10,000 80 800,000 150,000 P10,500,000 Vincenzo Cassano’s accounting policy is to report inventory in its financial statements at the lower of cost or market, applied to total inventory. Cost is determined under the first-in, first-out method. Vincenzo Cassano has determined that, at December 31, 2020, the replacement cost of its inventory…Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 645 units @ $45.00 per unit February 10 Purchase 490 units @ $42.00 per unit March 13 Purchase 245 units @ $27.00 per unit March 15 Sales 980 units @ $75.00 per unit August 21 Purchase 145 units @ $50.00 per unit September 5 Purchase 545 units @ $46.00 per unit September 10 Sales 690 units @ $75.00 per unit Totals 2,070 units 1,670 units Required: Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.QUESTIONS FOURThe following information was provided by Dzemkple Limited for the two weeks month ofAugust, 2018 for material ZorklaleyStock on 01/08/2018 100 units @ GHc 5 per unitDATE PURCHASES DATE ISSUES05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 unitsYou are required to calculate using FIFO and Weighted Average methods of pricing issues:(a) The value of materials consumed during the period(b) The value of stock of materials on the 31/08/2018