At Best of the West Steakhouse, an inventoryrecord card for beef tenderloin shows thefollowing details in 2021. Date Purchases SalesBalance Quantity Cost Quantity Cost QuantityCost Dec 1 47 $66 Dec 5 35 $66 12 $66 Dec 9 147$77 12 $66 147 $77 Dec 13 12 $66 96 $77 51 $77Dec 22 31 $80 51 $77 31 $80 Dec 26 51 $77 24 $80 7 $80 Dec 28 55 $84 7 $80 55 $84 Required Thecompany uses the FIFO cost method forinventory valuation under the perpetualinventory system. Calculate the cost of goodssold for the month, and the value of endinginventory at the end of December. Do not enterdollar signs or commas in the input boxes. Costof Goods Sold $Answer 16341 EndingInventory = $

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Answered: At Best of the West Steakhouse, an…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 70BPSB

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Question He ass N Go, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Charlotte, North Carolina, location follow (Click the icon to view the purchases and sales.) ead the requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Nov. 2 O Requirements - X A More Info - X 6. 81 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent. $X XX) Nov. 2 Purchased 12 gallons @ $1.90 each 6 Purchased 3 gallons @ $2.20 each 8 Sold 4 gallons of milk to a customer 13 Purchased 2 gallons a $2 35 each 14 Sold 6…
Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost Beginning inventory January 1 Аpril 14 August 22 October 29 $1,036 2,040 3,776 37 Purchase 68 30 Purchase 118 32 Purchase 83 34 2,822 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 2. What amount would Sylvester calculate for ending inventory and cost of…
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Assume that a Mega Burger restaurant has the following perpetual inventory record for hamburger patties: Date Purchases Cost of Goods Sold Merchandise Inventory on Hand Jul. 9 $450 $450 Jul. 22 $280 170 Jul. 31 320 490 At July 31, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $440. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balance sheet at what value on July 31? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts Debit Credit Jul. 31…
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Problem 1 Use the following data to answer the question below about actual food and beverage costs for the Marina Bay Grill for July: Ending Inventory (Food) $68,000 Ending Inventory (Beverage) $23,470 Food Purchases $305,000 Beverage Purchases Beginning Inventory (Food) Beginning Inventory (Beverage) $24,700 $72,400 $19,700 Transfers to Bar $3,870 $510 Beverage Theft/Pilferage Food Over-Portioning Expense $615 Transfers from Bar $4,100 $2,160 Complimentary Food Complimentary Beverages Employee Meal Cost Food Revenues $890 $11,225 $878,000 $116,500 Beverage Revenues What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.
Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List TradeDiscounts ExtendedTotal 150 ea. Blenders $49.95 20/15/15 $ 300 ea. Toasters $37.88 20/10/10 $ 18 doz. Coffee Mills $244.30 30/9/7 $ 12 doz. Juicers $440.00 25/10/5 $ Invoice subtotal $ Extra 5 1 2 % volume discount on total order − $ Invoice total $
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Question Content Area Use the information below to answer the following question.The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to the nearest dollar according to the average cost method? a.$655 b.$690 c.$620 d.$659
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