June 4 June 11 June 18 June 25 A. $2.30 C. $2.26 Units Received 70 30 60 40 Unit Cost You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. $3.00 $2.10 $2.40 B. $2.10 D. $2.22
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- pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)EA10. LO 6.4Record the journal entries for the following sales transactions of Apache Industries. Nov. 7Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21The customer paid their account in full from the November 7 sale.Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. Determine the gross profit for April and ending inventory on April 30 using the (a) first -in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c)weighted average cost method a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c
- qw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…HW Q 2 Current Attempt in Progress On June 10, Sunland Company purchased $ 10,000 of merchandise on account from Marigold Company, FOB shipping point, terms 1/10, n/30. Sunland pays the freight costs of $ 420 on June 11. Damaged goods totaling $ 300 are returned to Marigold for credit on June 12. The fair value of these goods is $ 75. On June 19, Sunland pays Marigold Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount…FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,200 units at 160 Sale 4,800 units at 300 First purchase 16,000 units at 168 Sale 12,000 units at 300 Second purchase 15,000 units at176 Sale 11,000 units at 300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (A) FIFO and (B) UFO?
- Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Description Inventory Quantity Market Value per Unit (Net Realizable Value) A54 37 56 C77 24 178 F66 30 132 H83 21 545 K12 375 5 Q58 90 18 S36 8 235 V97 140 20 Y88 17 744 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description Last Purchases Invoice Next-to-the-Last Purchases Invoice Quantity Purchased Unit Cost Quantity Purchased Unit Cost A54 30 60 40 58 C77 25 174 15 180 F66 20 130 15 128 H83 6 547 15 540 K12 500 6 500 7 Q58 75 25 80 26 S36 5 256 4 260 V97 100 17 115 16 Y88 10 750 8 740 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Description Unit Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) Total Cost Market LCM A54 37 30 60 56 1,800 1,680 7 58 56 406 392 2,206 2,072 2,072Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Capers Company during October of the current year: Oct. 1. Purchased merchandise from UK Imports Co., 14,448, terms FOB destination, n/30. 3. Purchased merchandise from Hoagie Co., 9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of 220 was added to the invoice. 4. Purchased merchandise from Taco Co., 13,650, terms FOB destination, 2/10, n/30. 6. Issued debit memo to Taco Co. for 4,550 of merchandise returned from purchase on October 4. 13. Paid Hoagie Co. for invoice of October 3. 14. Paid Taco Co. for invoice of October 4, less debit memo of October 6. 19. Purchased merchandise from Veggie Co., 27,300, terms FOB shipping point n/eom. 19. Paid freight of 400 on October 19 purchase from Veggie Co. 19. Purchased merchandise from Caesar Salad Co., 22,000, terms FOB destination, 1/10, n/30. 30. Paid Caesar Salad Co. for invoice of October 20 30. Paid UK Imports Co. for invoice of October 1 31. Paid Veggie Co. for invoice of October 19. Instructions Journalize the entries to record the transactions of Capers Company for October.
