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: Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory…
A:
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: 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: XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation.…
A: Income tax is a direct tax levied by the government on the income of the individuals when it crosses…
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: (a) Prepare an incremental analysis for the special order. (Round computations for per unit cost to…
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed…
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: Splish Company is a multiproduct firm. Presented below is information concerning one of its…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
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: Second: Production and Inventory (finished goods):- Total estimated sales units for product (E) will…
A: To prepare the suitable budgets based on the provided data, we will create the following…
Q: Telamark Company uses the moving weighted average method for inventory costing. Required: The…
A: Under this method, a company totals all the inventory and its cost of it and calculates the average…
Q: t whole dollar.)
A: 1) Calculation : 2021 2022 Estimated ending inventory at retail $453,800 $822,800…
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: am. 123.
A: Part 2: Explanation:1. The maximum gain is determined by the difference between the strike price 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: You have the following information for Swifty Inc. for the month ended June 30, 2022. Swifty uses a…
A: Periodic Inventory system is a system where inventory is maintained in different methods as per the…
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 April 30 on each of the following bases. Assume that perpetual inventory…
A: The FIFO (first in, first out) method of inventory valuation is a cost flow assumption that the…
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: accou method at the end of each period, as if it uses a periodic inventory system. Assume its…
A: Given : Transactions Units Unit Cost Beginning inventory, January 1 200 $ 30 Transactions…
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: 1 ( Calculate cost of goods sold for July using weighted - average) 2 ( Calculate cost of goods sold…
A: Weighted Average Cost per unit = Total Cost of Purchases + Cost of Beginning InventoryTotal number…
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…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending BalanceSolve the problem using the information given in the table and the weighted-average inventory method. Round the final answer to the nearest cent - do no round other calculation. Calculate the cost of goods sold. Answer: ($2,053.55) The answer is here but I need to know HOW to get the answer - the chart is attached.(b2) Your Answer Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) (c) Correct Answer (Used) The ending inventory The cost of goods sold (1) (2) FIFO 38,000 71,500 LA ta produces the highest inventory amount, $ LIFO produces the highest cost of goods sold, $ 23,500 86,000 LA LA Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? AVERAGE-COST 31,025 78,475
- Please provide the average cost for each of 4 blanks. Please indicate answers CLEARLY. There should be 4 answers for each of the blanks. Also, please provide clear explanations of how you go your answers WITHOUT using Excel.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
- Problem 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: accountingGlasgow 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.