Here are the inventory purchases and sales for Fraser Company: **Inventory Layers Available for Sale:** - **October 1: Beginning Inventory** 14 units @ $16 each = $224 - **October 5: Purchased** 20 units @ $18 each = $360 - **October 9: Purchased** 5 units @ $19 each = $95 - **October 20: Purchased** 30 units @ $20 each = $600 **Retail Sale of Goods:** - **October 30: Sale of 56 units** @ $30 each **Questions:** a. What is the Cost of Goods Sold using the **LIFO** method? b. What is the Cost of Goods Sold using the **FIFO** method? c. What is the Cost of Goods Sold using the **Weighted Average Cost** method? This scenario presents the inventory data and asks for the calculation of the Cost of Goods Sold (COGS) using different inventory methods: LIFO (Last-In, First-Out), FIFO (First-In, First-Out), and Weighted Average Cost. Each method can affect the financial outcomes and tax liabilities of a business.

Here are the inventory purchases and sales for Fraser Company: Inventory Layers Available for Sale: - October 1: Beginning Inventory 14 units @ $16 each = $224 - October 5: Purchased 20 units @ $18 each = $360 - October 9: Purchased 5 units @ $19 each = $95 - October 20: Purchased 30 units @ $20 each = $600 Retail Sale of Goods: - October 30: Sale of 56 units @ $30 each Questions: a. What is the Cost of Goods Sold using the LIFO method? b. What is the Cost of Goods Sold using the FIFO method? c. What is the Cost of Goods Sold using the Weighted Average Cost method? This scenario presents the inventory data and asks for the calculation of the Cost of Goods Sold (COGS) using different inventory methods: LIFO (Last-In, First-Out), FIFO (First-In, First-Out), and Weighted Average Cost. Each method can affect the financial outcomes and tax liabilities of a business.

Name: Here are the inventory purchases and sales for Fraser Company:**Inven
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Description: Here are the inventory purchases and sales for Fraser Company:**Inventory Layers Available for Sale:**- **October 1: Beginning Inventory** 14 units @ $16 each = $224- **October 5: Purchased** 20 units @ $18 each = $360- **October 9: Purchased*

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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Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.
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es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
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Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
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Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.
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