Activity 1 Directions: Compute for the Cost of Goods Sold. Write your solutions and answers on a separate sheet of paper. Beginning Inventory, Jan Add: Purchases Total goods available Less: Ending Inventory, Dec 31 Cost of Goods Sold P500,000 100,000 600,000 200,000 Activity 2 Directions: Compute the cost of goods sold using the COGS formula. Write your solutions and answer on a separate sheet of paper. Martha's Laundry business is using the calendar year for recording inventory. Beginning inventory is recorded on January 1st, and ending inventory is recorded on December 31. Martha's Laundry has a beginning inventory of P90,000, makes purchases valued at P15,000, and is left with an ending inventory of P20,000.

Activity 1 Directions: Compute for the Cost of Goods Sold. Write your solutions and answers on a separate sheet of paper. Beginning Inventory, Jan Add: Purchases Total goods available Less: Ending Inventory, Dec 31 Cost of Goods Sold P500,000 100,000 600,000 200,000 Activity 2 Directions: Compute the cost of goods sold using the COGS formula. Write your solutions and answer on a separate sheet of paper. Martha's Laundry business is using the calendar year for recording inventory. Beginning inventory is recorded on January 1st, and ending inventory is recorded on December 31. Martha's Laundry has a beginning inventory of P90,000, makes purchases valued at P15,000, and is left with an ending inventory of P20,000.

Name: Activity 1Directions: Compute for the Cost of Goods Sold. Write your
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Description: Activity 1Directions: Compute for the Cost of Goods Sold. Write your solutions and answers on aseparate sheet of paper.Beginning Inventory, Jan 1Add: PurchasesP500,000100,000Total goods availableLess: Ending Inventory, Dec 31Cost of Goods Sold600,00

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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Assume that J R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JR Toys uses the perpetual inventory system. More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 7 14 13 units @ $ 8 each units @ $18 each units @ $ 16 each units @ $ 18 each. - X Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?
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You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…
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Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Using the information below. Jacob's Footwear Inc. For the Month Ended January 31, 2022 Month Description Units Unit Cost Total Cost Jan. 1 - Beginning Inventory 300 $9 $2,700 Jan. 10 - Purchase 100 $8 $800 Jan. 15 - Purchase 200 $12 $2,400 Jan. 20 - Purchase 150 $11 $1,650 Jan. 25 - Purchase 250 $12 $3,000 Total 1,000 $10,550 The amount of units still left on-hand is 375. less