10:50 PM Tue Mar 5DoneHomework Ch 66Part 4 of 40.83points01:08:24SkippedeBookPrintReferencesAAMcGrawHill1DateOctober 1October 4October 10October 13October 20October 28October 30Required informationProblem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]ezto.mheducation.comBrianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna'sBoutique uses a periodic inventory system.TransactionsBeginning inventorySalePurchaseSalePurchaseSalePurchaseProblem 6-1A (Algo) Part 4Ending inventoryCost of goods soldSavedUnits Unit Cost6$77045347a< Prev780790800S6Total Cost$4,620of 103,9004. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediatecalculations to 4 decimal places and final answers to 2 decimal places.)3, 160Help5,600$17,280Next >Save & Exit SubmitCheck my work* 56%

Ending inventory$6,283.64Cost of ending inventory$10,996.36Explanation:A weighted average is used in…

Answered: 10:50 PM Tue Mar 5 Done Homework Ch 6 6…

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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k 6 HW - Con O Young Thug - Livin It Up (with ezto.mheducation.com {3 Saved Help Save & Exit Check my E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year For the current year: 1,970 $6 Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,050 2,840 9. 4,130 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average Cost Ending inventory Cost of goods sold
g - EC X b cengage mindtao - B X b cengage mindtap - B x * My Home * CengageNOWv2 | O X cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes... The following journal entry was included in the accounting records of Jentzen Corp.: Oct. 15 Accounts Payable 4,000 Merchandise Inventory 40 Cash 3,960 Based on this information, it is likely that the company: Oa. Sold inventory for cash. Ob. Paid for inventory purchased on credit, and took advantage of a 1% purchase discount. Oc. Purchased inventory for cash. Od. Collected cash for inventory sold on credit, and recognized a 1% sales discount.
73 Ch5 Homework A NWP Assessment Player U Ô https://educatio. o NMDWS Login SIS Student and Parent.. * My Home Home O Pearson Sign In + Ch5 Homework Question 3 of 8 View Policies Current Attempt in Progress Carla Vista Company buys merchandise on account from Tamarisk Company. Th selling price of the goods is $1,230 and the cost of the goods sold is $710. Both companies use perpetual inventory systems Journalize the transactions onthe books of both companies. (If no entry is reguirec select "No Entry" for the account Utes cnd en e0 for the amounts. Credit account title are automatically indented when amourt senterec. Do not indent marually) Debit Account Titles and Explanation Carla Vista Tamarisk insert prt sc -> backspace 8. 6.
Check my workCheck My Work button is now enabled2 Item3 Item 3 Part 1 of 3 10 points Item Skipped Required information M7-11 to 13 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 220 units at $6 on January 1, (2) 490 units at $7 on January 8, and (3) 790 units at $8 on January 29. M7-11 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO [LO 7-3] Assume 950 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
CNOWv2 Student Help x + enow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locato... 시기 wsing Protection X Chapter 9 < Cost of merchandise sold Inventories: Beginning of year eBook Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: End of year 20Y4 20Y3 X Inventory Turnover 20Y4 Show Me How 20Y3 CengageNOWv2 | Online t X Search 20Y4 $3,598,900 593,000 648,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Print Item 20Y3 $3,015,630 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. OL 589,600 Days' Sales in Inventory days days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable 593,000 10 Q 813 PrtSc Insert S 1 3/
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.ll Verizon LTE 11:41 AM 1 0 77% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. 1 Inventory 270 units at $18 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 %24 b. Inventory on March 31 4. PE.07-04B O eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer…
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✓Browsing Protection eBook Perpetual Inventory Using FIFO X Chapter 9 Mar. 1 Cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locato... 9 13 Beginning inventory, purchases, and sales for Item Copper are as follows: Inventory Sale Purchase 25 Sale X Show Me How O Search 450 units at $7 390 units 410 units at $8 340 units CengageNOWv2 | Online t X 40 LA 00 LA L L Print Item CNOWv2 Student Help Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. a. Cost of merchandise sold on March 25 b. Inventory on March 31 0 시기 U x + | ☆== + 11:48 AM 3/11/2023

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