Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.

Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.

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

Compute cost of goods sold using the following information. Merchandise inventory, beginning Cost of merchandise purchased Merchandise inventory, ending $12,200 45.200 18,200 Cost of Goods Sold is Computed an Cost of goods sold $ Heip have t Subit
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
1) Compute cost of goods sold and gross profit using the FIFO inventory costing method and using the LIFO inventory costing method. 2)Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 3)Which method results in the largest gross profit, and why?
You are given the following information for Sandhill Company for the month ended November 30, 2024 Date Description Units Unit Cost Nov. 1 Beginning inventory 61 352 9 Purchase 100 46 15 Sale (120) 22 Purchase 145 43 29 Sale (150) 30 Purchase 42 42 -/1 Sandhill Company uses a perpetual inventory system. All sales and purchases are on account, Calculate the cost of goods sold and the ending inventory using weighted average (Round the weighted average cost per unir and final answers to 2 decimal places, eg 5,275.75)
Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number of Units Per Unit Total $60.00 70.00 140.00 Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 21,000 10,250 5,750 3,500 39,500 15,000 10,000 $540,000 1,470,000 1,435,000 140.00 805,000 140.00 490,000 75.00 2,962,500 150.00 2,250,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000
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 $- $- $-
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Explain the step by step instructions given the following data for the items 1, 2, 3, 4 and 5 below. Units Price Beginning Inventory 200 $1.20 First Purchase 400 $1.30 Second Purchase 250 $1.40 Sales 550 $2.00 Assuming a FIFO cost flow, the amount of cost of goods sold reported on the income statement would be what? Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be what? Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be (round the final answer to the nearest dollar) would be what? In a period of rising prices, which inventory cost flow method results in the lowest balance sheet figure for inventory? In a period of rising prices, which inventory cost flow method results in the lowest income tax liability, all other things being equal?
HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 $600 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
Hellow tutor provide Answer with calculation and explanation
Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method. Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory: