Chapter 5, Problem 2.6C

Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.

(The given is in the photo.) Required: 1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020

Using the Cost of Goods Manufactured calculated in your sch cgm worksheet and adding data needed from the balance sheet, calculate the Cost of goods sold. Balance Sheet:   2/1/2021   2/29/2021 Cash $             200,000   $          1,595,310 AR $          1,000,000   $          1,487,096 Supplies $                20,000   $                20,000 Inventory RM $                75,860   $             296,190 Inventory WIP $             140,000   $             120,000 Inventory finished goods $             179,680   $             106,980 Equipment-office $                15,000   $                15,000 Accumulated depreciation $                (3,250)   $                (3,500) Equipment-sales $                10,000   $                10,000 Accumulated depreciation $                (2,167)   $                (2,333) Equipment-factory $                75,000   $                75,000 Accumulated depreciation $             (16,250)   $             (21,250)…

QUESTION The following information is available for work compan for 2019: Freigth-in  33,000 Purchase returns 65,000 Selling expenses 390,000 Ending inventory 180,000 the cost of goods sold is equal to 300% of selling expenses instruction what is the cost of goods available for sale?

Conversion cost during the period? Cost of goods available for sales? Cost of goods sold? If the product was sold P80 per unit, how much was its unit cost? Inventory value that should be shown in the Statement of Financial Position of 08/31/21?

Use the following date to answer the requirement of this item:Quantity (Product X) - 1,200.00Quantity (Product Y) - 1,800.00Purchase cost per unit (Product X) - 70.00Purchase cost per unit (Product Y) - 90.00Cash discount taken for both products – 10%Freight cost from supplier (Product X) 10.00Freight cost from supplier (Product Y) 30.00Estimated selling price (Product X) 120.00Estimated selling price (Product Y) 150.00Estimated selling costs (Product X) 22.00Estimated selling costs (Product Y) 35.00General and administrative (Product X) 15.00General and administrative (Product Y) 21.00Cost of goods sold per record – 385,800Inventory at year-end shall be carried at

B66's transactions involving inventory for the month are shown below. Calculate the dollar amount of Sales, Cost of Goods Sold, Gross Margin and Ending Inventory using the three cost allocation methods (FIFO, LIFO, and Weighted Average) with perpetual inventory updating.   Number of Units Unit Cost Sales Beginning Inventory 100 $66   Sold 50    $120 Purchased 80  $75   Sold 25   $125 Ending Inventory 105     Show your calculations and clearly label your solution. Submit your work as an attachment to this assignment.

PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O