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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22 PLEASE SOLVE!!
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 35 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.) Date Units purchased Costper unit Total cost January 1 50 $ 7.50 $ 375.00 April 1 45 6.75 303.75 June 1 60 6.50 390.00 September 1 55 7.00 385.00 Total 210 $ 1,453.75 Cost of goods sold Ending inventory FIFO LIFO Average Cost
I have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Can you help me figure this out? Date Transaction # of Units Unit Cost Total Cost Jan. 1 Beginning Inventory 300 $5 $1500 Jan. 19 Purchase 400 6.50 2600 Feb. 2 Purchase 600 7 4200 Mar. 30 Purchase 500 8.50 4250 Apr. 10 Purchase 350 9 3150 May 29 Purchase 700 9.50 6650 Total Purchases: 2550 units--$20850 Jun. 1 Sale 1000 units
Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 =1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2 Determine the cost assigned to…
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Solve the problem using the information given in the table and the weighted-average inventory method. Round the final answer to the nearest cent - do no round other calculation. Calculate the cost of goods sold. Answer: ($2,053.55) The answer is here but I need to know HOW to get the answer - the chart is attached.
Required:Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
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Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units e $ 6.00 cost 20 units e $12.00 cost 15 units e $14.00 cont Purchases on Decenber 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
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