Assume the following data for Burnette Merchandising for 2023: View the data. On December 31, a physical count reveals 15 units in ending inventory. Assume a perpetual inventory system and all sales occurred prior to October 30th. Under the FIFO method, cost of goods sold on the income statement would be: OA. $375. OB. $537. OC. $162. D. $420. Data Beginning inventory March 18 purchase June 10 purchase October 30 purchase Print 10 units at $7 each 15 units at $9 each 20 units at $10 each 12 units at $11 each Done X

Assume the following data for Burnette Merchandising for 2023: View the data. On December 31, a physical count reveals 15 units in ending inventory. Assume a perpetual inventory system and all sales occurred prior to October 30th. Under the FIFO method, cost of goods sold on the income statement would be: OA. $375. OB. $537. OC. $162. D. $420. Data Beginning inventory March 18 purchase June 10 purchase October 30 purchase Print 10 units at $7 each 15 units at $9 each 20 units at $10 each 12 units at $11 each Done X

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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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
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Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
Akira Company had the following transactions for the month. Total Cost Beginning inventory Purchased Mar. 31 Number of Units A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 130 180 150 460 Purchased Oct. 15 Total goods available for sale Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 70 $1,300 2,160 2,250 5,710 Gross Margin ?
Cullumber Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 12 23 30 (a1) Explanation Units June 1 Inventory Purchase Purchase June 12 Inventory June 15 June 23 June 27 $ $ $ $ $ 130 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) eTextbook and Media Save for Later 370- 200 250 Unit Cost $5 6 7 Total Cost $650 2,220 1,400 Attempts: 0 of 10 used Submit Answer
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)