Attempt in Progress The following information relates to Larkspur Ltd's inventory transactions during the month of August. August 1 (a) 6 16 8 20 i. Beginning inventory 30 ii. Purchase Sale Purchase 26 Purchase Sale Sale FIFO Weighted-average Units Cost/Unit $1,900 All of the units sold were priced at $3,800 per unit. eTextbook and Media 15 $ 35 $ 5 10 40 5 10 $1,520 Larkspur Ltd. uses the perpetual inventory system. Calculate Larkspur's cost of goods sold, gross margin, and ending inventory for the month of August using: $1,887 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.g. 61,052.50.) $1,672 Amount $28,500 53,200 Cost of Goods Sold 18,870 8,360 $ $ Gross Margin $ Ending Inventory

Attempt in Progress The following information relates to Larkspur Ltd's inventory transactions during the month of August. August 1 (a) 6 16 8 20 i. Beginning inventory 30 ii. Purchase Sale Purchase 26 Purchase Sale Sale FIFO Weighted-average Units Cost/Unit $1,900 All of the units sold were priced at $3,800 per unit. eTextbook and Media 15 $ 35 $ 5 10 40 5 10 $1,520 Larkspur Ltd. uses the perpetual inventory system. Calculate Larkspur's cost of goods sold, gross margin, and ending inventory for the month of August using: $1,887 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.g. 61,052.50.) $1,672 Amount $28,500 53,200 Cost of Goods Sold 18,870 8,360 $ $ Gross Margin $ Ending Inventory

Name: Attempt in ProgressThe following information relates to Larkspur Ltd'
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Description: Attempt in ProgressThe following information relates to Larkspur Ltd's inventory transactions during the month of August.August 1(a)616820i.Beginning inventory30ii.PurchaseSalePurchase26 PurchaseSaleSaleFIFOWeighted-averageUnits Cost/Unit$1,900All o

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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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
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Sunland has the following inventory information. July 1 Beginning Inventory 15 units at $270 $18 7 Purchases 75 units at $21 1575 22 Purchases 10 units at $23 230 $2075 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is O $1280. O $1230. $1256. O $1237.
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Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each Purchase 100 units @ $7.45 each 60 units @ $7.30 each 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.
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