36. Inventory records for DD Incorporated revealed thefollowing:Number UnitDateTransactionof Units CostApr. 1 Beginning inventory 100 $82.00Apr. 10 Purchase1,500 S84.00DD sold 1,550 units of inventory during the month. Endinginventory assuming LIFO would be $37. Inventory records for MM Company revealed thefollowing:NumberUnitDateTransactionof UnitsCostMar. 1 Beginning inventory 100 $25.00Mar. 6 Purchase400 $25,50Mar. 16 Purchase500 $25.70Mar, 23 Purchase400 $26.00MM sold 1,370 units of inventory during the month. Endinginventory assuming FIFO would be $38. Inventory records for SC Company revealed thefollowing:NumberUnitDateTransactionof UnitsCostMar. 1 Beginning inventory 100 $38.00Mar. 3 Purchase600 S39.00Mar. 23 Purchase300 $40.00SC sold 990 units of inventory during the month. Endinginventory assuming Weighted Average would be2$

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Description: 36. Inventory records for DD Incorporated revealed thefollowing:Number UnitDateTransactionof Units CostApr. 1 Beginning inventory 100 $82.00Apr. 10 Purchase1,500 S84.00DD sold 1,550 units of inventory during the month. Endinginventory assuming LIFO

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36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 $84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $

36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 $84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $

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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Inventory records for Capetown, Incorporated revealed the following: Date April 1 April 20 Transaction Beginning Inventory Purchase Number of Units 570 330 Unit Cost $ 2.37 2.72 Capetown sold 590 units of inventory during the month. What is the amount of ending Inventory assuming weighted-average cost? (Round weighted-average unit cost to 4 decimals and round your final answer to the nearest whole dollar.) Multiple Choice $789 $774 $864 $742
The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm uses the weighted average cost method with a perpetual inventory system. Deteremine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43
Inventory records for Capetown, Incorporated revealed the following: Number of Date April 1 April 20 Transaction Units Unit Cost Beginning Inventory Purchase 460 310 $ 2.39 2.51 Capetown sold 630 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
27) Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning Inventory 1,000 $ 7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming FIFO would be: A) $5,140. B) $5,080. C) $5,060. D) $5,050.
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Numberof Units UnitCost Apr. 1 Beginning inventory 400 $ 2.11 Apr. 20 Purchase 380 2.65 Dunbar sold 580 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $422. $844. $1,007. $530.
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96) A company's inventory records indicate the following data for the month of January: Date January 1 Beginning inventory January 8 Purchase Activities January 12 January 17 Purchase Sale January 23 January 28 Purchase Sale A) $17,680. B) $18,080. C) $20,640. D) $15,040. E) $12,480. Units Acquired at Cost 360 units @ $18 = $6,480 340 units @ $20 = $6,800 400 units @ $22 = $8,800 460 units @ $24 = $11,040 Units Sold at Retail 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what is the value of cost of goods sold?
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 3 Inventory 25 1.200 30.000 8 Purchase 75 1.240 93.000 11 Sale 40 2.000 80.000 30 Sale 30 2.000 60.000 May 8 Purchase 60 1.260 76.500 10 Sale 50 2.000 100.000 19 Sale 20 2.000 40.000 28 Purchase 80 1.260 100.800 June 5 Sale 40 2.250 90.000 16 Sale 25 2.250 56.250 21 Purchase 35 1.264 44.240 28 Sale 44 2.250 99.000 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…
Case D Tompkins Company reports the following Inventory record for November. Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@ $53 per unit) Purchase Sale (@ $53 per unit) # of Units 135 320 Cost/Unit $ 18 19 245 525 21 520 Selling, administrative, and depreciation expenses for the month were $15,500. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under each of the following methods using periodic Inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its Inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that Inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for Inventory? Complete this question by…
LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory