2. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale Date January 1 February 5 March 16 Activities Purchase Purchase Sale Units Acquired at Cost 100 units @ $10-$1,000 60 units@ $12= $720 Units Sold at Retail 40 units @ $16
Q: Laker Company reported the following January purchases and sales data for its only product. For…
A: A company may monitor stock levels, spot out-of-date or slow-moving commodities, and maximize…
Q: The following three identical units of Item JC07 are purchased during April: Item JC07 Units…
A: Calculation of gross profit and ending inventory:
Q: Silawing current-year purchases and sales for its only product. Date January 1 January 10 March 14…
A: The LIFO and FIFO method are the most important methods of Inventory valuation. The FIFO method…
Q: Three identical units of merchandise were purchased during July, as follows: Date July 3 10 24 Total…
A: The 'first in, first out' (FIFO) inventory approach operates on the presumption that the first items…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: Gross profit = Sales - Cost of goods sold Ending inventory = Total cost of goods available for sale…
Q: Laker Company reported the following January purchases and sales data for its only product. Date…
A: Solution- Weighted average method Date Goods…
Q: Laker Company reported the following January purchases and sales data for its only product. Date…
A:
Q: Required information [The following information applies to the questions displayed below.]…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: The transactions below are for Product A occurred during March: Date…
A: A. Calculate the following (a) through (f): Working notes:
Q: Question - Inventory Costing Methods The beginning balance of Sky Store's merchandise inventory,…
A: Weighted average means , the goods which are sold , are valued at weighted average where as FIFO…
Q: 4. Compute gross profit earned by the company for each of the four costing methods. For specific…
A: Under FIFO Method, units which comes in first will be sold first and the inventory will be out of…
Q: Three identical units of merchandise were purchased during July, as follows: Units Cost $15 18 Date…
A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…
Q: Three identical units of merchandise were purchased during July, as follows: Units Cost July 3…
A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product Basic H…
A: a) First-In, First-Out (FIFO)Under this the first goods purchased are the first to be sold.COGS :-…
Q: Grays Company has the following purchases and sales during the month of August. Using the FIFO…
A: Inventory valuation method includes: First in first out Last in first out Weighted average method…
Q: Three identical units of merchandise were purchased during July, as follows: July 3 10 24 Total…
A: Answer - Inventory Valuation - Inventory Valuation Methods refers to the methods used for…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: Sales Revenue = $51 Under the FIFO method, goods purchased at the earliest are sold first.…
Q: Assume that three identical units of merchandise were purchased during October, as follows: Units…
A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…
Q: Required: 1. Compute cost of goods available for sale and the number of units available for sale.…
A: LIFO is known as Last-in first-out in which method the inventory purchased last sold first. The main…
Q: Take2 Company reports the following purchases and sales data for its product Z for the month of…
A: In this scenario, Take2 Company has a mix of beginning inventory and purchases throughout the month,…
Q: Required information Use the following information for the Exercises below. [The following…
A: Beginning Inventory: 140 units @ $6.00 eachJanuary 10 Sales: 100 units @ $15.00 each (retail price,…
Q: Three identical units of merchandise were purchased during March, as shown: Steele Plate Units Cost…
A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased…
Q: Our company had the following balances and transactions during the current year related to…
A: Under LIFO method, goods bought in last are sold first . Out of total 150 units sold , units which…
Q: hree identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: Inventory valuation can be done using three methods; FIFO LIFO Average cost.
Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…
Q: Hemming Company reported the following current-year purchases and sales for its only product. Date…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. The gross margin…
Q: A company had the following purchases during its first year of operations: Purchases Sales January…
A: Introduction:- As per the FIFO method, First comes into inventory first goes out. which means first…
Q: Cost per unit $1.00 $1.05 Dec. 19 $1.10 Dec. 21 $1.12 The company sold 100 units at $2.00 per unit…
A: Under Perpetual inventory system the cost of good sold is updated simultaneously, that is after…
Q: Tree Seedlings has the following current-year purchases and sales for its only product. Date…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: A company had the following purchases during its first year of operations: Purchases Sales January…
A: FIFO method records its cost of goods sold at the initial purchase prices and that is why it is…
Q: Units Cost July 3 Purchase 1 $23 10 Purchase 1 26 24 Purchase 1 29 Total 3 $78 Average cost per unit…
A: In the above question we have asked to calculate gross profit, cogs and ending inventory using…
Q: Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: A company had the following purchases during its first year of operations: Purchases Sales 20 units…
A: Month Purchases Sales Jan 20 units at $7 April 30 units at $8 May 15 units at $14
Q: (a) Determine the cost assigned to ending inventory and to the cost of goods sold using: (i) (ii)…
A: FIFO Method - First In , First out Method. In this method, the valuation is done on the assumption…
Q: I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7…
A: Weighted Average method is used to calculate COGS (Cost of goods sold) and inventory when it is…
Q: S Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and…
A: Gross profit is the amount of money earned by the entity after deducting the cost of goods sold from…
Q: The following three identical units of Item PX2T are purchased during April: Item Beta Units…
A: Gross profit = Sales - cost of goods sold Ending inventory = Total cost of goods available for sale…
Q: Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during…
A: Perpetual and periodic inventory system Businesses utilize the accounting process of inventory…
Q: Cost Flow Methods The following three identical units of Item A are purchased during April: Item A…
A: First in first out (FIFO) Gross profit = Sales- Cost of goods sold =$118 -$68 =$50 Ending inventory…
Q: Laker Company reported the following January purchases and sales data for its only product. Date…
A: LIFO (Last-in-First-out) method is used for valuation of cost of goods sold and ending inventory. In…
Q: Laker Company reported the following January purchases and sales data for its only product. Date…
A: Specific Identification Method is an inventory management system where purchase price of each and…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: PLEASE LIKE THE ANSWER Gross profit COGS Ending Inventory ANSWERS:…
Q: Laker Company reported the following January purchases and sales data for its only product. Date…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Three identical units of merchandise were purchased during July, as follows: Date Product T Units…
A: Using First in first out method, the older inventory is sold and newer inventory is left in stock.…
Q: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 1 268 April 20 Purchase 272 Total $804…
A: The inventory is valued using various methods as: LIFO, FIFO and average cost
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 5 images
- The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?Sylvia's Designs Co. had the following inventory activity during April: Units Unit cost Beginning inventory 100 $10 Purchase (April 3) 50 12 Sale (April 10) 80 Purchase (April 18) 40 14 Purchase (April 23) 60 15 Sale (April 28) 120 Assuming Sylvia's uses a periodic FIFO cost flow assumption, cost of goods sold for April would be: a. $2,560 b. $750 c. $2,310 d. $500Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required:1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,300…
- 1) Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @$15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 80 units @$15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $ 1,950 180 units Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the…Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…The following information applies to the questions displayed below; Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 10 Sales March 14 Purchase March 15 Sales- July 30 Purchase October S October 26 Sales Purchase Totals 275 units 450 units 475 units Units Acquired at Cost $13.00- $18.00 $23.00- Units Sold at Retail $3,575 230 units $43.00 8,100 10,925 408 units 455 units $43.00 $43.00 175 units 1,375 units @$28.90 4,900 $ 27,500 1,885 units Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Beginning inventory Purchases March 14 July 30 October 28 Total b) Periodio LIFO Beginning inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold…
- A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold? Date Activities Units Acquired at Cost Units Sold at Retail February 1 Beginning inventory 10 units @ $10 = $100 February 3 Purchase 20 units @ $12 = $240 February 5 Sales 12 units sold Multiple Choice $120 $124 $128 $130 $140Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…The following three identical units of Item Alpha are purchased during April: Units Cost Apr. Purchase $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) eBook Cost Flow Methods Assume that one unit is sold on April 30 for $132. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit a. First-in, first-out (FIFO) Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average cost
- Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required:3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.4. Determine the cost assigned to ending inventory and to cost of…Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals LIFO Units Acquired at Cost Units Sold at Retail 230 units @ $2 = $ 460 @$8 @ $3 = Required C 372 units 280 units Ending Inventory 96 units 978 units @ $4 = Complete this question by entering your answers in the tabs below. $ 1,116 $ 1, 120 @$5 $480 $ Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Cost of Goods Sold 3,176 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 138 units 250 units 220 units 608 units @ $8 @ $8Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…