BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
25th Edition
ISBN: 2818440044250
Author: Wild
Publisher: MCG
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Chapter 18, Problem 5PSA
Problem 18-5A Inventory computation and reporting C4 P1 Shown here are annual financial data taken from two different companies.
Musk World Wave-Board
Retail Manufacturing
Beginning inventory
Merchandise...................... $200,000
Finished goods..................... 1500,000
Cost of purchases..................... 300,000
Cost of goods manufactured............ 375,000
Ending inventory
Merchandise...................... 175,000
Finished goods..................... 225,000
Required
1. Compute the cost of goods sold section of the income statement for the year for each company.
Check (1) Wave-Board's cost of goods sold, $1,150,000
2. Identify the inventory accounts and describe where each is reported on the income statement and balance sheet for both companies.
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Students have asked these similar questions
Maintain inventory records
Fire fox manufacturing has the following information in relation to commodity for July inventory ................July1...................20 units at birr 50
Sales
July 7.........10 units
July 18.......... 10 units
July 27...........10 units
Purchase
july 3..............20 units at birr 51
July 20 ................. 15 units at birr 52
Required
Task 1: the company used perpetual inventory system and LIFO costing determine cost of goods sold and ending inventory
Task 2: if the company used periodic inventory system and FIFO costing method , determine costs of goods sold and ending inventory.
QUESTION 6
A company had the following purchases during its first year of operations:
Purchases
Sales
January
April
May
20 units at $7
30 units at $8
15 units at $14
The company uses the weighted-average method to determine the cost of its inventory.
a. What is the weighted average cost per unit in May (round to one decimal place if necessary)?
b. What is the cost of goods sold in May?
c. What is the cost of ending inventory in May?
Date
8-1
8-3
8-14
8-31
Transaction
Beginning Inventory
Purchase
Purchase
Purchase
Goods Available for Sale
$500
$602
$15
Units
5
14436
Unit
Cost
$100
125
130
135
Total
Cost
$500
500
520
405
$1,925
At the end of August, a physical count is taken and there are 5 units of inventory left on August 31.
Using the information found in the table above. If the firm uses a periodic system and the weighted average cost flow assumption, the value of the ending inventory (rounded
Chapter 18 Solutions
BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
Ch. 18 - Prob. 1QSCh. 18 - Prob. 2QSCh. 18 - Fixed and variable costs C2 Listed below are...Ch. 18 - Prob. 4QSCh. 18 - Prob. 5QSCh. 18 - Prob. 6QSCh. 18 - Prob. 7QSCh. 18 - Prob. 8QSCh. 18 - Prob. 9QSCh. 18 - Prob. 10QS
Ch. 18 - Prob. 11QSCh. 18 - Prob. 12QSCh. 18 - Prob. 13QSCh. 18 - Prob. 14QSCh. 18 - Prob. 15QSCh. 18 - Prob. 16QSCh. 18 - Prob. 17QSCh. 18 - Prob. 18QSCh. 18 - Prob. 19QSCh. 18 - Prob. 20QSCh. 18 - Prob. 21QSCh. 18 - Prob. 1ECh. 18 - Prob. 2ECh. 18 - Prob. 3ECh. 18 - Prob. 4ECh. 18 - Prob. 5ECh. 18 - Prob. 6ECh. 18 - Prob. 7ECh. 18 - Prob. 8ECh. 18 - Prob. 9ECh. 18 - Prob. 10ECh. 18 - Prob. 11ECh. 18 - Exercise 18-12 Components of accounting reports P2...Ch. 18 - Prob. 13ECh. 18 - Prob. 14ECh. 18 - Prob. 15ECh. 18 - Prob. 16ECh. 18 - Prob. 17ECh. 18 - Prob. 18ECh. 18 - Prob. 19ECh. 18 - Prob. 1PSACh. 18 - Prob. 2PSACh. 18 - Prob. 3PSACh. 18 - Prob. 4PSACh. 18 - Problem 18-5A Inventory computation and reporting...Ch. 18 - Prob. 1PSBCh. 18 - Prob. 2PSBCh. 18 - Prob. 3PSBCh. 18 - Prob. 4PSBCh. 18 - Prob. 5PSBCh. 18 - Prob. 18SPCh. 18 - Prob. 1AACh. 18 - Prob. 2AACh. 18 - Prob. 3AACh. 18 - Prob. 1DQCh. 18 - Prob. 2DQCh. 18 - Prob. 3DQCh. 18 - Prob. 4DQCh. 18 - Prob. 5DQCh. 18 - Prob. 6DQCh. 18 - Prob. 7DQCh. 18 - Prob. 8DQCh. 18 - Prob. 9DQCh. 18 - Prob. 10DQCh. 18 - Prob. 11DQCh. 18 - Prob. 12DQCh. 18 - Prob. 13DQCh. 18 - Prob. 14DQCh. 18 - Prob. 15DQCh. 18 - Prob. 16DQCh. 18 - Prob. 17DQCh. 18 - Prob. 18DQCh. 18 - Prob. 19DQCh. 18 - List the four components of a schedule of cost of...Ch. 18 - Prepare a proper title for the annual schedule of...Ch. 18 - Prob. 22DQCh. 18 - Prob. 23DQCh. 18 - Prob. 24DQCh. 18 - Prob. 25DQCh. 18 - Prob. 1BTNCh. 18 - Prob. 2BTNCh. 18 - Prob. 3BTNCh. 18 - Prob. 4BTN
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- Problem 14-6 (IAA) Airborne Company used the average cost retail inventory method. Cost Retail Beginning inventory Net purchases Departmental transfer - credit Net markup Inventory shortage - sales price Employee discounts Sales, including sales of P400,000 of items which were marked down from P500,000 1,650,000 3,725,000 200,000 2,200,000 4,950,000 300,000 150,000 100,000 200,000 4,000,000 What is the estimated cost of ending inventory? a. 1,950,000 b. 2,600,000 c. 1,924,000 d. 2,250,000arrow_forwardQ 10 -Eshaq Company's record of transactions concerning part X for the month of February was as follows. Date Transaction February 1 Beginning inventory 3.500 7 Purchase Units Amount $42,000 4,500 54,450 10 Sale 4,000 18 Sale 3,000 25 Purchase 4,000 $49,000 28 Sale 3,500 Instructions Compute the inventory at February 28 on each of the following bases. Assume that the company uses a periodic inventory system. (Carry unit costs to the nearest cent.) (a). Specific identification; ending inventory is comprised of 100 units from beginning inventory and 250 units from the April 26 purchase. (b). First-in, first-out (FIFO). (c). Moving-Average-cost.arrow_forwardQuestion 5 Opening and closing inventory balances and purchases for the month of May2020for CardiniaHearing Ltd are as follows: Units Per unit 7,000 $4.00 Inventory, 1 May Purchase, 3 May Purchase, 15 May Purchase, 20 May Inventory, 31May 8,000 4.10 11,000 4.20 15,000 4.25 20,000 Required: Determine the cost of goods sold for May under each of the following cost flow assumptions: (a) FIFO (b) Weighted average (c) LIFOarrow_forward
- Problem 11-6 (IAA) Total cost Unit cost Units 40. 400,000 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 10,000 5,000 15,000 18,000 25,000 12,000 January 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving averagearrow_forwardQUESTION 10 Hazards company had the following data: $380 Beginning inventory (on May 1) Purchases during May Cost of goods sold during May $5,400 $5,740 Based on the above data, calculate ending inventory as of May 30. O $5,740 $40 $340 O $380arrow_forward
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