Presented below is information related to Blowfish radios for the Waterway Company for the month of July.DateTransactionUnits InUnit CostTotalUnits SoldSelling PriceTotalJuly 1Balance190$4.00$ 7606.Purchase1,5204.106,232Sale570$6.90$3,93310Sale5707.204,10412Purchase7604.403,34415Sale3807.302,77418Purchase5704.502,56522Sale7607.305,54825Purchase9504.484,25630Sale3807.402,812Totals3,990$17,1572,660$19,171(a1)Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.76.)Weighted-average cost%24

Name: Presented below is information related to Blowfish radios for the Wat
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Description: Presented below is information related to Blowfish radios for the Waterway Company for the month of July.DateTransactionUnits InUnit CostTotalUnits SoldSelling PriceTotalJuly 1Balance190$4.00$ 7606.Purchase1,5204.106,232Sale570$6.90$3,93310Sale5707.

The weighted average unit cost is calculated as total cost of units available for sale divided by…

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Presented below is information related to Blowfish radios for the Waterway Company for the month of July. Units In Unit Cost Total Units Sold Selling Price Total Date Transaction July 1 Balance 190 $4.00 $ 760 6. Purchase 1,520 4.10 6,232 570 $6.90 $3,933 Sale 10 Sale 570 7.20 4,104 12 Purchase 760 4.40 3,344 15 Sale 380 7.30 2,774 18 Purchase 570 4.50 2,565 22 Sale 760 7.30 5,548 25 Purchase 950 4.48 4,256 30 Sale 380 7.40 2,812 Totals 3,990 $17,157 2,660 $19,171 (a1) Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Weighted-average cost %24

Presented below is information related to Blowfish radios for the Waterway Company for the month of July. Units In Unit Cost Total Units Sold Selling Price Total Date Transaction July 1 Balance 190 $4.00 $ 760 6. Purchase 1,520 4.10 6,232 570 $6.90 $3,933 Sale 10 Sale 570 7.20 4,104 12 Purchase 760 4.40 3,344 15 Sale 380 7.30 2,774 18 Purchase 570 4.50 2,565 22 Sale 760 7.30 5,548 25 Purchase 950 4.48 4,256 30 Sale 380 7.40 2,812 Totals 3,990 $17,157 2,660 $19,171 (a1) Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Weighted-average cost %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts:         5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units                             18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 280 units c. 320 units d. 450 units
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts:         5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units                             18th March: 150 units 30th March: 100 units Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,850 c. RO 1,285 d. RO 1,480
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts:         5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units                             18th March: 150 units 30th March: 100 units Use the above information and answer 32 MCQ 32. Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a.RO 765 b.RO 1,480 c.RO 1,285 d.RO 1,850
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQs 1-Identify the total number of units received during the month of March 2021 for Al Reem Manufacturing LLC. a. 320 units b. 220 units c. 280 units d. 450 units 2-Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a. 280 units b. 320 units c. 450 units d. 220 units 3-Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 1,285 b. RO 1,480 c. RO 765 d. RO 1,850
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units 1- Identify the total issues amount for the month of March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 2- Identify the total amount of balance on 12th March 2021 for Al Reem Manufacturing LLC. a. RO 765 b. RO 1,480 c. RO 1,285 d. RO 1,850 3- Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. a. 220 units b. 450 units c. 320 units d. 280 units
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The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 34 MCQ 34. Identify the total number of units on 12th March 2021 for Al Reem Manufacturing LLC. a.220 units b.320 units c.280 units d.450 units
Presented below is information related to Blowfish radios for the Hootie Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 100 $4.10 $ 410 6 Purchase 800 4.20 3,360 7 Sale 300 $7.00 $ 2,100 10 Sale 300 7.30 2,190 12 Purchase 400 4.50 1,800 15 Sale 200 7.40 1,480 18 Purchase 300 4.60 1,380 22 Sale 400 7.40 2,960 25 Purchase 500 4.58 2,290 30 Sale 200 7.50 1,500 Totals 2,100 $9,240 1,400 $10,230 Instructions a. Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. 1. FIFO. 2. LIFO. 3. Weighted-average. b. Answer the following questions. 1. Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why.…
Raffy Company, a manufacturer of small tools, provided the following information for the year endedDecember 31, 2019:Inventory at December 31 based on physical count 1,750,000Accounts payable at December 31 1,200,000Net sales 8,500,000Additional information:A. Included in the physical count were tools billed to a customer FOB shipping point on December31, 2019. These tools had a cost of P28,000 and were billed at P35,000. The shipment was inloading dock waiting to be picked by the common carrier.B. Goods were in transit from a vendor to Raffy Company on December 31, 2019. The invoice costwas P50,000 and the goods were shipped FOB shipping point on December 29, 2019.C. Work in process inventory costing P20,000 was sent to an outside processor for plating onDecember 30,2019.D. Tools returned by customers and held pending inspection in the returned goods area onDecember 31, 2019 were not included in the physical count. On January 8, 2020, the tools costingP26,000 were inspected and…
The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 45 units @ $21.50 March 15 Purchased 210 units @ $25.50 May 30 Sold 160 units @ $25.50 August 10 Purchased 275 units @ $26.50 November 20 Sold 345 units @ $40.75 Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.)
Supposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?
The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 210 units. (SHOW YOUR WORK) Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $ 12 January 31 Purchases 53 units at $14 Required: Calculate the cost of the ENDING INVENTORY and the COST OF GOODS SOLD using: a) FIFO b) LIFO c) Average Cost to two decimal places. Round answers to nearest dollar.