4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermedia calculations. Round your final answers to 2 decimal places.)
Q: Required information (The following information applies to the questions displayed below.) Raleigh…
A: Working : Cost to retail percentage = (Goods available for sale at cost / Goods available for sale…
Q: Required information [The following information applies to the questions displayed below] Sparrow…
A: Retail inventory method is a method for calculating ending inventory based on the ratio of amount…
Q: REI I sell Assume
A: The inventory under periodic system is not updated after every sales transaction. It is evaluated at…
Q: Ayayai Company Inc. had a beginning inventory of 80 units of Product RST at a cost of $6 per unit.…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit…
A: Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…
Q: Required information [The following information applies to the questions displayed below] Sparrow…
A: According to the retail inventory accounting technique, the opening stock, purchases, and closing…
Q: Novak Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit.…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Question: Using weighted average costing method, what is the amount of inventory as of December 31?…
A: Weighted average method can be used to assign cost to ending inventory and sold goods. Under…
Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…
A: Using weighted method, the units cost is calculated as total cost of goods available for sale…
Q: Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.…
A: The cost of goods sold is the total amount paid by your company as a cost directly related to the…
Q: You have the following information for Novak Corp. for the month ended October 31, 2022. Novak Corp.…
A: Under the LIFO method, the newest products in inventory have been sold first.Under the FIFO method,…
Q: It says the answer is complete but not correct . Can you tell me the right answers
A: Firstly you have totaled cost of goods sold and the inventory in 26 January row. The total shouldn't…
Q: ne beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as…
A: The inventory using LIFO method is computed as new inventory is sold first and old units are left in…
Q: For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO The sum…
A: FIFO (First in first out) It is the method where we assume that the goods which are purchased…
Q: Compute the cost of the ending inventory under the average-cost method, assuming there are 100 units…
A: Given, Units in ending inventory = 100 units. First, compute the weighted average cost per unit as…
Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…
A: Ending inventory refers to value of goods readily available for sale and held by company at end of…
Q: Please do not give solution in image format thanku
A: The process of putting a monetary value on the commodities and products that a business keeps on…
Q: Current Attempt in Progress Sarasota Ltd. uses the perpetual inventory system and reports the…
A: The various methods for inventory valuation are classified as FIFO, LIFO and average cost method.…
Q: Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September…
A: Mainly ending inventory can be valued in three method namely FIFO, Weighted average cost and LIFO…
Q: Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory…
A: Ending inventory is the inventory in hand at the end of the period. It is reported in the balance…
Q: (a2) Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round per unit…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: Marin Company sells discounted shoes to the fashion-oriented consumer. The following schedule…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. The gross margin…
Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…
A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…
Q: Determine the inventory turnover for both companies. Round all calculations to one decimal place.…
A: Inventory turnover :— It is calculated by dividing cost of goods sold by average inventory. Day's…
Q: Inventory Costing Methods-Perpetual Method Using the data below, assume that Portet Corporation uses…
A: The various methods for inventory valuation are FIFO, LIFO and weighted average method. FIFO stands…
Q: Beginning inventory, purchases, and sales for WCS12 are as follows: 330 units at $10 160 units 330…
A: Ending inventory is the amount of inventory that an entity has in hand, at the end of the period.…
Q: Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and…
A: Since there are multiple subparts to the question, we will focus on the first 2 sub questions.…
Q: t whole dollar.)
A: 1) Calculation : 2021 2022 Estimated ending inventory at retail $453,800 $822,800…
Q: Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and…
A: Inventory is the value of goods or products held by a company for the motive of resale to customers…
Q: Garrett Company has the following transactions during the months of April and May: Date April 1 17…
A: "Since you have posted multiple questions with multiple sub parts,we will provide the solution only…
Q: Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the…
A: The objective of this question is to calculate the cost of goods sold (COGS), ending inventory, and…
Q: Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had…
A: Cost of goods available for sale means for for how much cost of goods can be sold in the particular…
Q: Steven & Company uses a perpetual inventory system. The following information is available for…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that the…
Q: Cost of Goods Sold (FIFO): Units Unit Cost
A: UnitsUnit costTotal 01-Apr 29 $ 9.00 $ 26112-Apr 39 $ 12.00 $…
Q: Pharoah Company uses a perpetual inventory system and reports the following for the month of June.…
A: FIFO stands for First-in-first-out. It refers to the method of valuing inventory in which goods…
Q: Compute the inventory at September 30 on each of the following bases. Assume that perpetual…
A: FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) are methods of inventory valuation. FIFO…
Q: Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1,…
A: The cost of goods sold refers to the cost of making the number of goods sold by an entity. But, it…
Q: (a) Calculate the cost of goods sold and ending inventory for the month using specific…
A: Methods of Valuation of Inventory 1. Weighted Average Cost: Under this method, an average cost of…
Q: Spotter Corporation reported the following for June In Its perlodic Inventory records. Date…
A: Date Description Units Unit cost Total cost June 1 Beginning 12 $8 $96 11 Purchase 38 9 342 24…
Q: Blossom Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The…
A: In lower of cost or market method of valuing inventory, inventory is write down to lower of cost or…
Q: Grouper Corporation opened a new store on January 1, 2024. During 2024, the first year of…
A: Weighted average method of inventory valuation is a method where inventory is measured at weighted…
Q: Gale Company has the following inventory and purchases during the fiscal year ended December 31,…
A: FIFO-FIFO stands for First-in-first-out. It is a method of inventory valuation. Under this method…
Q: Carla Vista Limited is a company that produces machinery to customer orders, using a normal…
A: SolutionWorking notes-Calculation of under or over applied manufacturing…
Q: The company uses the perpetual inventory method. It began the month of March with 100 units of…
A: Calculation of weighted average cost per unit : Date Particulars Calculation Per Unit Cost…
Q: Solve the problem using the information given in the table and the weighted-average inventory…
A: Number of Units Sold 67 units Date of Purchase Units Cost per unit Beginning Inventory 25…
Q: (b2) Your Answer Determine (1) the ending inventory and (2) the cost of goods sold under each of the…
A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…
Q: Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and…
A: Average cost method assigns a cost to inventory items based on the total cost of goods purchased or…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- to.mheducation.com/ext/map/index.html?_con=con&external_browser=U&launchUn=htt Assignment 3- COGM Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel) Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing Direct materials Work in process Finished goods Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Beginning $ 7,120 $1,395,100 248,390 267,500 37,500 28,100 50,400 95,000 64,500 46,000 45,000…Please do not give solution in image format thankuInstructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
- Please explain . ASAP. I will do thumbs up. ThanksProblem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…Subject: accounting
- Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000Please don't not give image format