en.wileyplus.com/edugen/student/mainfr.uniYouTube MapsHWelcome, Joseph-..New TabKimmel, Accounting, 7eAssignment GradebookORIONDownloadable eTextbookcenentProblem 6-05A a1-a3You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold uses a periodic method for inventory.Unit Cost or Selling Price$26UnitsDescriptionBeginning inventoryDateOct. 155Oct. 9Purchase1402845Oct. 11Sale100Purchase10029Oct. 17Oct. 22Sale5550Oct. 25Purchase653111050Oct. 29SaleCalculate the weighted-average cost. (Round ansver to 3 decimal places, e.g. 5.125.)Weighted-average cost per unitCalculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round ansvers to 0 decimal place, e.g. 125.)LIFOFIFOAVERAGE-COSTThe ending inventoryEmas Policy2.2000-2021 lchr. ilgy.& Seng Jos, All Rights Reserved A Oivon of JahnN ASan InLType here to searchhpfsf6fg14412?&%24 TubeKimmel, Accounting, 7essignmentORIONDownloadable eTextbookGradebookriruAVENAGCLUDILurune ending inventory$4he cost of goods soldGross profit%24Calculate gross profit rate under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%)FIFOAVERAGE-COSTLIFOGross profit rateClick if you would like to Show Work for this question: Open Show WorkBy accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructorJahd Hois os.as Bolicy22000-2021 Jchn Wiley Sens Jns A Rights ReserDe here to searchhpd

Name: en.wileyplus.com/edugen/student/mainfr.uniYouTube MapsHWelcome, Josep
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: en.wileyplus.com/edugen/student/mainfr.uniYouTube MapsHWelcome, Joseph-..New TabKimmel, Accounting, 7eAssignment GradebookORIONDownloadable eTextbookcenentProblem 6-05A a1-a3You have the following information for Marigold Corp. for the month ended O

Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

Business

Accounting

Problem 6-0SA a1-a3 You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold uses a periodic method for inventory. Description Units Unit Cost or Selling Price Date Oct. 1 Beginning inventory 55 $26 Oct. 9 Purchase 140 28 Oct. 11 Sale 100 45 Oct. 17 Purchase 100 29 Sale 55 50 Oct. 22 Purchase 65 31 Oct. 25 Oct. 29 Sale 110 50 Calculate the wweighted-average cost. (Round ansver to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit Calculate ending inventory, cost of goods sold, gross profit under each of the follovring methods.

Problem 6-0SA a1-a3 You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold uses a periodic method for inventory. Description Units Unit Cost or Selling Price Date Oct. 1 Beginning inventory 55 $26 Oct. 9 Purchase 140 28 Oct. 11 Sale 100 45 Oct. 17 Purchase 100 29 Sale 55 50 Oct. 22 Purchase 65 31 Oct. 25 Oct. 29 Sale 110 50 Calculate the wweighted-average cost. (Round ansver to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit Calculate ending inventory, cost of goods sold, gross profit under each of the follovring methods.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

See similar textbooks

Similar questions

Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
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.
FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
Using the information provided in RE8-4, prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down if inventory.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year, the following information is available: Required: Prepare a schedule to compute Raynoldes cost of goods sold.
Perpetual and Periodic Inventory Systems Following is a partial list of account balances for two different merchandising companies. The amounts in the accounts represent the balances at the end of the year before any adjustments are made or the books are closed. Required Identify which inventory system, perpetual or periodic, each of the two companies uses. Explain how you know which systemeach company uses by looking at the types of accounts on its books. How much inventory should Company A have on hand at the end of the year? What is its cost of goods sold for the year? Explain why you cannot determine Company Bs cost of goods sold for the year from the information available.
Perpetual versus Periodic Inventory Systems Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred: Required: 1. Assume that Howard uses a perpetual inventory system. Prepare the journal entries to record the January inventory transactions. 2. Assume that Howard uses a periodic inventory system. Prepare the journal entries to record the January inventory transactions. Be sure to include any adjusting entries necessary. 3. Next Level Howards CEO states that a perpetual inventory system would result in a better inventory valuation. Evaluate this statement and provide a discussion of the benefits of each type of inventory system.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.