A company has beginning inventory of 300 units at $ 16.75 each; They purchased 400 units at $ 6.51 each on June 2; On June 15, they also purchased 200 units at $ 12.62 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method? Round your answer to the nearest dollar.

A company has beginning inventory of 300 units at $ 16.75 each; They purchased 400 units at $ 6.51 each on June 2; On June 15, they also purchased 200 units at $ 12.62 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method? Round your answer to the nearest dollar.

Name: A company has beginning inventory of 300 units at $ 16.75each; They p
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A company has beginning inventory of 300 units at $ 16.75each; They purchased 400 units at $ 6.51 each on June 2; OnJune 15, they also purchased 200 units at $ 12.62 each. Aphysical count of merchandise inventory at the end of themonth revealed that

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? $
A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?
Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April: Purchases Sales Units Unit Cost Units Selling Price/Unit 4 Purchase 300 18 12 Sale 240 $32 21 Purchase 100 24 29 Sale 165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations. (a) Perpetual Inventory Record––FIFO PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…
Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7100 units that cost $14.00 each. During the month, the company made two purchases: 2800 units at $15.00 each and 11900 units at $15.50 each. Sheffield also sold 13000 units during the month. Using the FIFO method, what is the ending inventory?
Zonkey Enterprises uses LIFO with a periodic inventory system to keep track of its inventory. It began the year with 100 units that cost $10 each. It made the following purchases: January 7, 100 for $12 each; January 22, 100 for $13 each. During the month it sold 120 units. How much ending inventory should be reported on the balance sheet, COGS on the January income statement, and cost of goods available for sale during the month? How is ending inventory being calculated?
A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11 units at $16 per unit. On May 12, they purchased 18 units at $17 per unit. On May 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at May 15 after the sale?
Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?
Please help me
What is The inventory, turnover ratio and days to sell inventory ratio? (a) Larkspur Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Larkspur Hands uses the periodic inventory system and the following limited information relates to Larkspur Hands Ltd. `s inventory transactions during the month of May: Units sold were priced at $63.00. Calculate Larkspur Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. Cost of goods sold $ Gross margin $ Ending inventory $