At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 710 units on account for $10 each. Purchased 1,000 units on account for $8 per unit. Sold 790 units for cash at $9 each.
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A: Purchases= Cost of goods sold + Ending inventory - Beginning inventory Cost of goods sold =…
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A: Requirement 1: FIFO method:
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A: 1. First In First Out (FIFO): Under this method, inventory is valued assuming that the units…
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A: aCost of goods available for sale$ 15,195…
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A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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A: LIFOLIFO stands for last in, first out. LIFO is an inventory accounting method where it is assumed…
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A: The schedule is calculated as,
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A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
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A: Hi student Since there are multiple questions, we will answer only first question.
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- Seminole Company began the year with 23,000 units of product in its January 1 inventory costing $15.60 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 41,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 34,000 units @ $18.60 each 36,000 units @ $22.60 each 26,000 units @ $24.60 each 36,000 units @ $27.60 each Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during the year. Total units available for sale Total cost of units available for sale unitsAt the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to…During the month of January, Sundown Corporation had sales of $480,000 and a cost of goods available for sale of $960,000. The company consistently earns a gross profit rate of 44%. Using the gross profit method, the estimated inventory at January 31 amounts to: Multiple Choice $268,800, $748,800. $211,200, $691,200.
- Archer Industries prepares quarterly financial statements. During the fourth quarter the following occurred: Purchases: Quantity 9,000 units* 21,000 units 24,000 units 10,000 units 64,000 units Unit Value Total Value $ 54,000 168,000 240,000 160,000 $622,000 $6/u $8/u Oct. 1. Oct. 10 Nov. 20 $10/u Dec. 30 $16/u Available *Beginning Inventory Sales: Unit Value Quantity 11,000 units 10,000 units 31,000 units 52,000 units Total Value Oct. 18 Nov. 12 Dec. 21 Units Sold 18/u $198,000 200,000| 775,000 $1,173,000 20/u 25/u The tax Selling and administrative expenses for the period were $359, 000. rate is 30 percent. A. Calculate the value of ending inventory, the cost of goods sold, and determine reported income (after taxes) under the LIFO periodic method: Optional Work Space For Calculations Ending Inventory Cost of Goods Sold Net Income After Taxes B. If the company had been on the FIFO method, how much more or less would it have paid in income taxes? C. Determine the maximum amount Archer…Monroe Company had a beginning inventory of 355 cans of paint at $12.50 each on January 1 at a cost of $4,437.50. During the year, the following purchases were made: February 15 April 30 July 1 285 cans at $14.50 130 cans at $15.00 120 cans at $15.50 Monroe marks up its goods at 30% on cost. At the end of the year, ending inventory showed 150 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory. Note: Round your intermediate calculations and final answer to the nearest cent. Answer is complete but not entirely correct. Amount of sales s 10,297.50Marian Company reported the following items for the month of July: $476,300 Cost of goods sold $73,900 Ending inventory Days' inventory outstanding is: (Round intermediate numbers to two decimal places, final answer to the nearest day) Sales revenue Beginning inventory A. 131 days B. 123 days C. 365 days D. 115 days $235,000 $84,100
- A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual Average Sales Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost 5,000 units were on hand at the end of the month. Sale - January 12 Subtotal Average Cost Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Number of units Purchases Unit Cost* $8 9 10,000 4,000 2,000 X 6,000 3,000 9,000 1,000 X Inventory on hand Cost per unit 7.0000 $ 28,000 0 8.0000 Answer is not complete. Inventory Value 28,000 24,000 52,000 Total Cost $…Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?At August 1 of the current year, there are 4,000 units at $15.10 each of merchandise inventory. During August, the following transactions occurred: August 2, purchased 5,000 units at $15.15 each; August 5, sold 4,000 units; August 8, sold 2,600 units; August 12, purchased 6,000 units at $15.20 each; August 16, sold 4,200 units; August 20, sold 3,800 units; August 24, purchased 6,000 units at $15.25 each; August 28, sold 2,200 units; and August 31, sold 3,600 units. Under the moving average using perpetual inventory system, what is the average unit cost of inventory at August 31? $15.25 $15.26 $15.16 $15.24
- On December 31 of last year, Wolfson Corporation had 660 units in inventory of its product, which cost $17 per unit to produce. During January, the company produced 970 units at a cost of $20 per unit. Assuming Wolfson Corporation sold 1, 160 units in January, what was the cost of goods sold (assume FIFO inventory method)? Cost of goods soldA company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84Keep Calm Company provided the following information for the current year: Accounts receivable, January 1 2,100,000 Accounts receivable, December 31 2,700,000 Collections of accounts during the year 9,000,000 Inventory, January 1 4,500,000 Purchases during the year 5,800,000 All sales are made on account. The mark up on cost is 20% What is the estimated inventory at December 317
