51 tents purchased in February at a cost of $213 each and 92 tents purchased in March at a cost of $227 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 74 $418 10 199 $275 17 238 418 24 287 284 30 208 418 (a) Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold $ Ending inventory $

51 tents purchased in February at a cost of $213 each and 92 tents purchased in March at a cost of $227 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 74 $418 10 199 $275 17 238 418 24 287 284 30 208 418 (a) Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold $ Ending inventory $

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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Adler Inc. has the following information for four inventory items, reported using the retail method, on July 31. The normal profit margin is 20% of selling price. Cost to Sell Cost per Replacement Cost Item Selling Price per No. Quantity Unit per Unit Unit per Unit #101 80 $20 $5 $15 $12 #102 50 22 4 14 15 #211 30 35 5 30 28 #212 40 40 8 28 35 Required Determine the inventory cost to report on the balance sheet on July 31 assuming that the company applies the lower of cost or market value rule to each individual inventory item. Note Do not use any negative signs with your answers. Per Unit Total Total Cost Cost to Cost Replacement Total Sell per Replacement Ceiling Floor Market Cost Lower of Selling Price Item per per No. Quantity Unit Unit Unit per Unit Cost #101 80 $20 $5 $15 $12 $ 0 $ #102 50 22 #211 30 35 45 14 15 0 30 28 0 #212 40 40 8 28 35 0 000 O 0 ос 00 Cost or Market 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0
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Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold
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Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer
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