Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 430 units @ $ 7 = $3,010 230 units @ $ 9 = 310 units @ $12 = 120 units @ $14 = 2,070 3,720 1,680 During the year, The Shirt Shop sold 900 T-shirts for $23 each. quired Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the foll umptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final ans

Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 430 units @ $ 7 = $3,010 230 units @ $ 9 = 310 units @ $12 = 120 units @ $14 = 2,070 3,720 1,680 During the year, The Shirt Shop sold 900 T-shirts for $23 each. quired Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the foll umptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final ans

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Hagrid Gardening Corporation manufactures gardening products. The following information relates to the current period: DM Purchased $14,900 DM Inventory, Jan 1 $12,700 DM Inventory, Dec 31 $16,100 DL $6,400 MOH $16,700 Period Costs $10,500 WIP Inventory, Jan 1 $2,500 WIP Inventory, Dec 31 $8,000 FG Inventory, Jan 1 $19,500 FG Inventory, Dec 31 $4,800 A total of 5,000 products were sold for $25 each. Based on this information, please calculate the following: Cost of Goods Sold?
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1. At year-end, Photomath Permi Company purchased goods costing P500,000 FOB destination. These goods were received at year-end. The cost incurred in connection with the sale and delivery of goods were: Packaging for shipment P10,000, Shipping P10,000, Special handling charges P25,000. What total cost should be included in inventory at year-end?
Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company purchased 5,000 units of Class A inventory at P100 each and 10,000 units of Class B inventory at P80 each under credit terms of 3/10, EOM. The Class A type was paid on January 15 and the Class B type on January 25. Q1. Under the gross method, what amount of net purchases should be included in computing total goods available for sale?a. P1,300,000b. P1,261,000c. P1,285,000d. P1,276,000 Q2. Under the net method, what amount of net purchases should be included in computing total goods available for sale?a. P1,300,000b. P1,261,000c. P1,285,000d. P1,276,000
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar. 15 Sales 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $ 23,750 980 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending…
Juan Gabriel Company manufactures bath towels. The production comprises 70% of Class A, and 30%of Class B. Class A sells for P300 per dozen while Class B sells for P200 a dozen. During the currentyear, 50,000 dozens were produced at an average cost of P175 a dozen. The inventory at the end ofthe current year is as follows:3,000 dozens Class A at P175 P 525,0004,500 dozens Class B at P175 787,500Total Inventory P 1,312,500Using the relative sales value method, which management considers as a more equitable basis forcost distribution, compute1. the inventory's (cost) of the inventory? Hint: First, find the ratio using the relative sales valuemethod, then allocate this to the total production cost of P8,750,000 [50,000 dozens at P175].After that, divide it into the number of units of production per class to get the unit cost.
XYZ owns a branch in New York. During the year, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: Beg Inventory, P90,000 Ending inventory P108,000. On December 31, the home office holds inventories of P160,500 which included P10,500 held on consignment. Both locations use the periodic inventory method. Compute for the inventories in a combined Statement of Financial Position as of December 31.
Please solve the sub parts. ( The first three parts were solved) At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions: Units Unit Cost Cost Beginning Inventory 150 $640 $96,000 Purchase #1 150 $704 $105,600 Purchase #2 70 $760 $53,200 Purchase #3 30 $840 $25,200 During the current period, Haitijah sells 340 units. A. Assume Haitijah uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. B. Assume Haitijah uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. C. Assume Haitijah uses the average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. D. Compute LIFO reserve.
Zoola, Inc. provided the following information regarding its inventory for the current year, its second yearof operations.Transaction Units Unit CostBeginning inventory1/1 3,000 17.00Purchases, January 23 4,500 16.00Purchases, February 14 1,200 16.50Purchases, March 17 2,300 17.00 Units Sold-April 13 at 20 9,600Purchases, May 5 5,600 15.00Purchases, July 4 3,200 16.00 Unit Sold-October 31 at 19 8,700Purchases, November 22 1,400 15.00Instruction :1.1 Compute Zoola’s ending inventory and cost of goods sold under the following cost-flow assumptions assuming a perpetual inventory…
needed in 10 minutes ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3.Date Purchased Sold Balance of PurchaseJanuary 1 (Inventory beginning) 3,000 units @ P250PurchasesJanuary 24, 3,300 units @ P260June 11, 2,140 units @ P280SalesFebruary 8, 4,800 units @ P350March 16, 1,060 @ P350For the 6 months under weighted average cost (perpetual) determine the cost of goods sold (Sample answer: 345,678)
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At thedate of this sale, Hudson's perpetual inventory records included the following cost layers for theMillennium laptops: Purchase DateApr. 9May 1Total on hand Quantity Unit Cost 70 30 $1,500$1,600 100 Total Cost$105,000 48,000$153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assumethat Hudson Computing uses the:a. Specific identification method (62 of the units sold were purchased on April 9, and the tmaining units were purchased on May 1).b. Average-cost method.c. FIFO method.d. LIFO method.e. Discuss briefly the financial reporting differences that may arise from choosing the FlFOmethod over the LIFO method.
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?