(ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2 Purchase 700 units @ Php 158 April 6 Sale April 12 Purchase 800 units @ Php 164 April 18 Sale April 24 Purchase 500 units @ Php 170 600 units @ Php 200 700 units @ Php 220 There was no inventory of this particular product at the start of April. REQUIRED: A. Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 1. FIFO 2. LIFO 3. Weighted average (SHOULD BE EXCEL FORMAT WITH FORMULA)

(ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2 Purchase 700 units @ Php 158 April 6 Sale April 12 Purchase 800 units @ Php 164 April 18 Sale April 24 Purchase 500 units @ Php 170 600 units @ Php 200 700 units @ Php 220 There was no inventory of this particular product at the start of April. REQUIRED: A. Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 1. FIFO 2. LIFO 3. Weighted average (SHOULD BE EXCEL FORMAT WITH FORMULA)

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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ompany reported... Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Activities Date May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 178 units @ $10 = $ 1,780 248 units @ $12 = $ 2,976 May 10 Sales May 15 Purchase 128 units @ $13 = $ 1,664 May 24 Sales Multiple Choice $3,560 $2,740 $2,870 $3,550 $3,680
Urmilaben
Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Gross profit $ Purchases Purchases Sales Your answer is incorrect. Units 1,370 FIFO 2,430 I (2,540 ) 4,070 1,400 (5,230) Unit Cost/Price $6 G $ 7 12 Show Transcribed Text Average Cost 8 9 15 Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Total Cost $8,220 17,010 32,560 12,600
PLEASE HELP ME ANSWER IT AS SOON AS POSSIBLE Baron Company uses a periodic inventory system. For February, when the company sold 630 units, the following information is available 1. Fill the Total cost column in the table (attached)2. Compute the February 28 inventory and the February cost of goods sold using:a) the average-cost method b) FIFO method
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Ashvin
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Sales Cost of goods sold Gross profit LAKER COMPANY For Month Ended January 31 Weighted Average Units Acquired at Cost $ 7.50 = Specific Identification 150 units @ 80 units 0 $ 0 $ 200 units 430 units @ @ 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? FIFO $ 6.50 = Compute gross profit for the month of January for Laker…
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 190 units @ $10 = $1,900 May 5 Purchase 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21 $3,500 $3,340 $3,370 $3,110 $3,380
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[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Req 1 Req 2 to 4 Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. Specific Identification $ LAKER COMPANY For Month Ended January 31 Weighted Average $ Units Acquired at Cost 185 units @ $11.00 = 5,600 100 units @ 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that…