Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1ActivitiesUnits Acquired at Cost100 units400 unitsUnits Sold at RetailMarch 5March 9Beginning inventoryPurchaseSales@ $50 per unit@ $55 per unit420 units @ $85 per unitMarch 18March 25@ $60 per unit@ $62 per unitPurchase120 units200 unitsPurchaseMarch 29Sales160 units@ $95 per unitTotals820 units580 unitsProblem 5-1A (Static) Part 44. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from theMarch 25 purchase. (Round weighted average cost per unit to 2 decimal places.)Gross MarginFIFOLIFOWeighted AverageSpecific IDSalesLess: Cost of goods soldGross profit

Under FIFO Method, units which comes in first will be sold first and the inventory will be out of…

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit

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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Assuming Average cost flow method is used, how much is the ending inventroy and cost of sales, respectively? A. 130,300 and 101,000 B. 101,000 and 130,000 C. 105,000 and 126,300 D. 126,300 and 105,000
Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date January 01 January 10 January 20 January 25 January 30 Date January 01 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Weighted Average Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Units Acquired at Cost Cost 195 290 605 Units 120 $11.00 155 per unit 135 $12.00 290 Cost of Goods Sold Cost per unit $10.50 Total cost $2,340.00 $1,320.00 $3,045.00 $6,705.00 Cost of goods sold $0.00 Units 155 135 290 Units 195 Units Sold at Retail Selling price per unit $21.00 $21.00 Inventory Balance Cost per unit $12.00 Total Sales $3,255.00 $2,835.00 $6,090.00 Total Cost $2,340.00
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 12,000 $ $ $ 1 $ 22,000 $ 14,000 $ 10,000 $ 26,000 $ 87,000 18 2 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income
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(b) Prove the cost of goods sold calculations. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Apr. 1 Apr. 12 Weighted Average Units Check of Cost of Goods Sold: $ Unit Cost units x $ $ $ Total Cost per unit = $
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
2. Below is the Statement of Cost of Goods Manufactured and the Income Statement for two separate companies. Determine the amounts for each of the missing items (the highlighted items). Hint: start with the cost of goods manufactured Statement of Net Income Snoopy Co. Woodstock Co. Sales 2,760,000 1,117,000 Cost of Goods Sold: Beginning Inventory - Finished Goods 316,800 136,000 Cost of Goods Manufactured 683,000 Cost of Goods Available for Sale Less: Ending Inv - Finished Goods 331,200 Cost of Goods Sold 701,000 Gross Profit Operating Expenses 360,000 Net Income 256,000 Statement of Cost of Goods Manufactured Snoopy Co. Woodstock Co. Direct Materials: Beginning Inventory - Direct Materials 187,200 118,000 Purchases of Direct Materials 475,200 228,000 Materials Available for Use Less: Ending Inv - Direct Materials 120,000 Total Direct Materials Costs 501,600 Direct Labor 705,600 Overhead 218,400 120,000 Total Manufacturing Costs Incurred 690,000 Beginning Inventory - WIP 360,000…
The following information relates to CEE Company: (Refer to image). Assume that the company uses the average cost approach. What is the cost ratio? Express your answer in percentage and round up to two decimal points. * Retail Cost 500,000.00 Inventory, 12/31/2021 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
gross profit questions. please explain steps used.
Requirements: Complete the Ending Inventory and Cost of Goods Sold schedules for each inventory costing method; FIFO, LIFO, WAVG. Complete the Income Statement and Cash Flow Statement under each inventory costing method. Explain the differences in Net Income under each inventory costing method. Notes: Operating Expenses and taxes were paid in cash. The company's beginning cash balance was $1,200. Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash) 100.0 16.0 Second Purchase (cash) 190.0 17.2 Total Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash)…
Calculate the missing information based on the format of the income statement. Cost of Goods Sold Operating Expenses Net Sales $336,500 Submit Answer $132,100 Gross Margin ($) $107,000 $ Net Profit ($)
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