1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Cost of Goods Sold Ending Inventory Average Cost per Unit Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00✔✔ $ 22,000.00✔ $ 7,200.00✔✔ $ 12,400.00✔✓ $ 46,600.00 # of units 100✔ 400✔ 120✔ 200✔ 820 Average Cost per unit $59.80 # of units sold 580 $59.80 $ < Required 1 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost of Goods Sold 34,684 # of units in ending inventory Required 2 > Average Cost per unit 240 $59.80 Ending Inventory $ 14,352

1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Cost of Goods Sold Ending Inventory Average Cost per Unit Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00✔✔ $ 22,000.00✔ $ 7,200.00✔✔ $ 12,400.00✔✓ $ 46,600.00 # of units 100✔ 400✔ 120✔ 200✔ 820 Average Cost per unit $59.80 # of units sold 580 $59.80 $ < Required 1 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost of Goods Sold 34,684 # of units in ending inventory Required 2 > Average Cost per unit 240 $59.80 Ending Inventory $ 14,352

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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Requlred Informatlon [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 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period.Date Activity Units Purchase Price (per unit)Sale Price(per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Cost of Goods Sold (units) Total COGS after…
Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
Using the specific identification method: Date Units purchased Cost per unit Ending inventory June 1 16 Echo Show’s 360 $ 268 5 Echo Show’s from June July 1 39 Echo Show’s 360 243 18 Echo Show’s from July August 1 55 Echo Show’s 360 233 15 Echo Show’s from August Calculate the cost of ending inventory. Calculate the cost of goods sold.
Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventory