13. The following information is available for November for BFC Company.Beginning inventoryNet purchasesNet sales$150,000450,000900,000Percentage markup on cost 66.67%Hurricane destroyed BFC's November inventory, leaving undamaged inventory with a cost of$9,000. Using the gross profit method, the estimated ending inventory destroyed by Hurricane isBeginning Inventory+ Purchases= COGS AvailableSales RevenueLess: Gross Profit (%)COGSEnding InventoryGoods that remainedEnding Inventory

The objective of this question is to estimate the cost of the inventory that was destroyed by the…

Answered: 13. The following information is…

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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Gross profit method - GPR based on sales - On Nov. 29, 20x1, a meteorite struck the warehouse of Unlucky Co. and destroyed the inventories contained therein. The following information was determined: Beginning inventory Accounts payable, Jan. 1 Accounts payable, Nov. 29 Payments to suppliers Purchase returns 80,000 30,000 60,000 480,000 3,000 Purchase discounts 4,000 Freight-in Sales from Jan. to Nov. 5,000 585,000 Sales returns 15,000 Sales discounts 117,000 Gross profit rate based on sales 25% Goods in transit, purchased FOB shipping point, from a vendor on Nov. 29, 20x1 were P28,000, while goods held by consignees were P32,000. The goods salvaged from the fire can be sold at a scrap value of P2,500. How much is the inventory loss?
Presented below is information related to Mantle Company. Cost Retail Beginning inventory $ 50,000 $ 70,000 Purchases 343,750 535,000 Markups 23,750 Markup cancellations 3,750 Markdowns 8,750 Markdown cancellations 1,250 Sales revenue 550,000 Required Compute the ending inventory using the conventional retail inventory method.
The following is information for Palmer Co. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending inventory 97,400 87,750 92,500 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2.
Compute for the cost of ending inventory using FIFO retail method. * The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000 300,000 150,000 200,000 1,200,000 14,700,000 Beginning inventory Purchases Freight in Purchase returns Purchase allowances Departmental transfer in Net markup Net markdown Sales Sales discounts Employee discounts Estimated normal shoplifting losses Estimated normal shrinkage 500,000 300,000 300,000 1,000,000 9,500,000 100,000 500,000 600,000 400,000
间用 (T) The periodic inventory records of Synergy Prosthetics indicate the following for the current year: Date Transaction Number of Units Unit Cost Total Cost Beginning Jan. 1 Inventory 20 $22 $440 Mar. 4 Purchase 25 21 525 Jun. 9 Purchase 30 20 600 Nov. 11 Purchase 30 18 540 Total 105 $2,105 For the entire year, the company sells 81 units of inventory for $30 each. What is the cost of ending inventory under average cost method? a. $1,623.86 b. $2,430 c. $432 Od. $481.14
Jasper & Williams made purchases of a particular product In the current year as follows: 1 Beginning inventory 7 Purchased Jan. 120 units e $2.10 @$2.20 @ $2.30 252 Mar. 250 units 55e July 28 Purchased 500 units 1,150 Oct. Purchased 69 units e$2.45 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units in ending Inventory were specifically identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.) Ending inventory Cost of goods sold
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!
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.)
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company; the company sells just one product: 200 Feb. 11 500 May 18 400 Oct. 23 100 Units Unit Cost $10 14 16 20 Beginning Inventory Purchases: At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first- out, and (c) the weighted-average cost method. Do not round until your final answers. Round your answers to the nearest dollar.
During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ P24 14 Purchased 800 units @ P36 700 units @ P30 24 Purchased 8 Sold 400 units @ P50 10 Sold 1,000 units @ P40 29 Sold 600 units @ P44 Find: a. Ending Inventory under FIFO b. Ending Inventory under LIFO c. COGS under FIFO d. COGS under LIFO e. Gross Profit under FIFO f. Gross Profit under LIFO
55.XXX Company uses the average cost retail method to estimate its inventory. Data relating to the inventory at December 31, 2020 are: Cost Retail Inventory, January 1 P 2,000,000 P3,000,000 Purchases 10,600,000 14,000,000 Net markups 1,600,000 Net markdowns 600,000 Sales 12,000,000 Estimated normal shoplifting losses 400,000 Estimated normal shrinkage is 5% of sales Trinidad’s cost of goods sold for the year ended December 31, 2019 is
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).

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