12. Records for Maxine's Beauty Supply show this opening balance and these units received for nail polish in December. At the end of the month, 12 bottles were on hand. a) the average cost per unit b) the value of the inventory using the average cost method. Date Units Received Unit Cost Total Cost Dec. 3 43 $1.49 Dec. 10 267 1.43 Dec. 20 200 1.44 TOTAL

12. Records for Maxine's Beauty Supply show this opening balance and these units received for nail polish in December. At the end of the month, 12 bottles were on hand. a) the average cost per unit b) the value of the inventory using the average cost method. Date Units Received Unit Cost Total Cost Dec. 3 43 $1.49 Dec. 10 267 1.43 Dec. 20 200 1.44 TOTAL

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Description: 12. Records for Maxine's Beauty Supply show this opening balance and these units received fornail polish in December. At the end of the month, 12 bottles were on hand.a) the average cost per unitb) the value of the inventory using the average cost m

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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During June, the following changes in inventory took place. DATE June 1 June 14 June 24 DATE June 8 June 10 June 29 EVENT Beginning Balance Purchase Purchase TOTAL AVAILABLE FOR SALE EVENT Sale Sale Sale TOTAL SALES UNITS 1,400 800 800 3,000 UNITS 400 1,000 600 2,000 COST PER UNIT $24 $36 $30 SELLING PRICE $50 $40 $54 TOTAL COST For the month of June, calculate the: (1) Cost of good sold (in $) under the perpetual FIFO method. Answer is (2) Ending inventory (in $) under the perpetual LIFO method. Answer is (3) Gross Profit (in $) under the periodic weighted-average. Answer is $33,600 $28,800 $24,000 $86,400 TOTAL SALES $20,000 $40,000 $32,400 $92,400
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Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used Please don't provide answer in image format thank you
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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…
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The following data on materials purchased and issued during the month of June were shown: the total units and cost of ending inventory under the periodic inventory system FIFO method should be:\ 2. The conversion cost is
Harry’s Haunting Halloween Decorations (Harry’s) began October with 3,900 units of inflatable yard decorations that cost $40 each. Harry’s uses the Perpetual inventory system. During the month, the company completed these inventory transactions: Date Number of Units Cost per unit 7 Purchased 6,000 $56 8 Sold 4,500 12 Purchased 7,500 $52 16 Sold 9,000 25 Purchased 10,500 $48 29 Sold 13,500 Harry’s sells the inflatable yard decorations for $85 each. Required – Part 1: Complete the Inventory tracking (using the tables on the following page) under the: FIFO Costing Method; and Average Costing Method (Remember: For the unit cost under average costing, round to 2 decimal points. Use this rounded value in your calculations. Ie. if value is $49.6969…use 49.70 for the following sales) Required – Part 2: Once the tables are completed in Part 1, use the information there (and from the question) to…
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost October 1 October 4 October 10 October 13 October 20 October 28 October 30 Beginning inventory Sale Purchase Sale Purchase Sale Purchase 6 4 5 3 4 7 7 $900 910 920 930 $ 5,400 4,550 3,680 6,510 $20,140 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 4. Using…
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 109 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 107 2,461 Totals 135 $14,229 (a) Your answer is correct. Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) (b) Ending inventory at September 30 $ eTextbook and Media FIFO 2779 $ LIFO 2688 $ AVERAGE-COST 2740 Attempts: 2 of 3 used Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ FIFO $ LIFO AVERAGE-COST $