10. On July 1 the Hat Rack started with an inventory of 370 hats. Shipments of 54, 67, and 52 were sent out on July 12, August 17, and September 12, respectively. Receipts of 63, 114, and 37 were received on July 20, August 25, and September 15, respectively. Find the number on hand as of September 15.
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- [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $5 on January 1, (2) 500 units at $9 on January 8, and (3) 910 units at $10 on January 29, Assume 1,110 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average CostA company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual Average Sales Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost 5,000 units were on hand at the end of the month. Sale - January 12 Subtotal Average Cost Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Number of units Purchases Unit Cost* $8 9 10,000 4,000 2,000 X 6,000 3,000 9,000 1,000 X Inventory on hand Cost per unit 7.0000 $ 28,000 0 8.0000 Answer is not complete. Inventory Value 28,000 24,000 52,000 Total Cost $…
- Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?The records for the Clothing Department of Sage's Discount Store are summarized below for the month of January. Inventory, January 1: at retail $24,900; at cost $16,600 Purchases in January: at retail $138,700; at cost $81,892 Freight-in: $7,000 Purchase returns: at retail $3,000; at cost $2,200 Transfers in from suburban branch: at retail $12,800; at cost $9,300 Net markups: $8,200 Net markdowns: $4,000 Inventory losses due to normal breakage, etc: at retail $400 Sales revenue at retail: $96,600 Sales returns: $2,400The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Jan. Feb. Mar. Transaction Number of Units 9,000 21,000 10,250 5,750 3,500 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 16 28 5 Purchase 14 25 30 Purchase Sale Sale Sale Purchase Sale 39,500 15,000 10,000 25,000 30,000 10,000 19,000 Per Unit $60.00 70.00 140.00 140.00 140.00 75.00 150.00 150.00 82.00 150.00 88.40 150.00 Total $540,000 1,470,000 1,435,000 805,000 490,000 2,962,500 2,250,000 1,500,000 2,050,000 4,500,000 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your…
- Please refer to the picture below for information and questions. Show the complete solution. Thank you so much.I Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic inventory system Perpetual inventory system Amount of shrinkageThe beginning inventory of the Designer Shoe Salon for August was 750 pairs of shoes. On the 9th, it received a shipment from the factory of 296 pairs. On the 23rd, another shipment of 166 pairs arrived. When inventory was taken at the end of the month, there were 641 pairs left. How many pairs of shoes were sold that month?pairs sold
- Please help meA company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…