Based on the following data, determine the cost of merchandise sold for November:$ 14,500Increase in estimated returns inventoryMerchandise inventory, November 1Merchandise inventory, November 3028,00031,500Purchases475,000Purchases returns and allowances15,000Purchases discounts9,000Freight in7,000

Cost of Goods SoldCost of goods sold indicates the costs involved for the inventory sold by the…

Answered: Based on the following data, determine…

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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Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $426,000 $576,000 Transactions during August: Purchases (net) 4,902,000 6,624,000 Sales 6,814,000 Ranchworks Co. Merchandise inventory, March 1 $258,000 Transactions during March through November: Purchases (net) 3,425,000 Sales 5,998,000 Estimated gross profit rate 42% 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $191,900 of merchandise was on hand. What was the estimated loss of…
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Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
Calculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances The following amounts are known for Adams Gift Shop: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 78,000 Purchases returns and allowances 3,900 Purchases discounts 6,000 Freight-in 350 Assume the business makes estimates for sales returns and allowances at year-end. The balances for estimated returns inventory are shown. Beginning estimated returns inventory $2,000 Ending estimated returns inventory 1,600 Prepare the cost of goods sold section of the income statement.
The following information was available from the inventory records of Jun Company for January: Unit Cost Total Cost $9.77 $87,930 Units Balance at January 19,000 Purchases: Sales: January 6 January 26 6,000 8,100 January 7 January 31 10.30 10.71 61,800 86,751 (7,500) (11,100) Balance at January 31 4,500 Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar? Group of answer choices $192,516. $190,413. $189,861. $188,286.
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $16,700 32,100 334,200 11,400 6,700 4,700
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 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. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units at $15 each May 5 Purchased 270 units at $17 each May 20 Purchased 300 units at $22 each Sold 800 units There was no beginning inventory. Calculate Cost of Goods Sold and Ending Inventory under (a) FIFO, (b) LIFO, and (c) Weighted Average.
Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 10 $8.00 Purchase 1, Dec. 2 22 8.80 Purchase 2, Dec. 5 26 9.05 Sale 1, Dec. 7 19 $20.00 Sale 2, Dec. 10 25 20.00 Purchase 3, Dec. 12 12 9.80 Sale 3, Dec. 14 20 20.00 Anderson's uses a perpetual inventory system. All purchases and sales were for cash. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations.) Round your answers to the nearest cent. Cost of goods sold $fill in the blank b442affb1fd1044_5 Cost of ending inventory $fill in the blank b442affb1fd1044_6 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. If required, round your answers to the…
Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ Ending inventory $ %24 %24
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $248,000 $344,000 Transactions during August: Purchases (net) 2,848,000 3,956,000 Sales 4,070,000 Ranchworks Co. Merchandise inventory, March 1 $215,000 Transactions during March through November: Purchases (net) 2,863,000 Sales 4,472,000 Estimated gross profit rate 35% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31 Cost Retail $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3 fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6 $fill in the blank 4c1a98f55fecf8b_8 $fill in…

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