Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed cooters at the following dates and acquisition costs: Purchase Date Units Unit Cost Total Cost an 1 3. $4,150 $12,450 an 22 3 4,650 13,950 Mar 3 3 4,850 14,550 6. $40,950 Dn April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a eriodic inventory system. equired: 1. Compute the ending inventory value at April 30, 2022 and the cost of goods sold through this date under each of the periodic costing procedures 1. Average cost 2. FIFO

Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed cooters at the following dates and acquisition costs: Purchase Date Units Unit Cost Total Cost an 1 3. $4,150 $12,450 an 22 3 4,650 13,950 Mar 3 3 4,850 14,550 6. $40,950 Dn April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a eriodic inventory system. equired: 1. Compute the ending inventory value at April 30, 2022 and the cost of goods sold through this date under each of the periodic costing procedures 1. Average cost 2. FIFO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Wildhorse Co. purchased equipment on January 1 at a list price of $155000, with credit terms 3/10, n/30. Payment was made within the discount period. Wildhorse paid $6500 sales tax on the equipment, and paid installation charges of $2100. Prior to installation, Wildhorse paid $3500 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment?
Crane Marine Products began the year with 10 units of marine floats at a cost of $13.60 each. During the year, it made the following purchases: May 5, 30 units at $19.80; July 16, 15 units at $24.20; and December 7, 20 units at $29.50. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Crane uses the periodic approach. FIFO LIFO Average-cost $ LA LA tA $ Cost of Goods Sold
Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend $60,900 to make these goods. Destiny has 30 days to return the goods for any reason. On July 1, Destiny returns $8,000 worth of goods that had cost Legend $5,600. Legend expects to be able to resell these goods for a profit. Prepare the following entries on the books of Legend Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is used
Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $ 93,000 207 93,000 210 96,000 During 2021, each of the three autos sold for $123,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 93,000 $ 123,000 212 93,000 126,000 213 94,500 not sold 214 96,000 129,000 215 99,000 133,500 216 97,500 not sold 217 102,000 138,000 218 99,300 139,500 219 105,000 not sold How do you calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system?
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $57,000 207 57,000 60,000 210 During 2021, each of the three autos sold for $87,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Selling Price $ 87,000 Cost 211 $57,000 57,000 58,500 60,000 63,000 64,500 66,000 66,300 69,000 212 90,000 213 not sold 214 93,000 97,500 215 216 217 218 not sold 102,000 103,500 219 not sold 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.
Radakrishnan Corporation begins business in 20X5, decides to use LIFO costing, and makes the following purchases in 20X5: Purchase Date Units Purchased February 12 May 4 July 18 September 11 November 1 December 8 Total AO B 600 C 2,300 2,900 2,200 $128,423 4,800 $112,874 1,100 13,900 $122,481 Unit Cost $105,741 $32 $34 $35 $38 $40 $44 Total Cost $19,200 Radakrishnan's 20X5 year-end physical count yields 4,600 units, and its 20X6 physical count yields 3,100 units. What is Radakrishnan's 20X6 ending inventory? When calculating the cost per unit, round the calculated result to two decimal places (for example, $30.10). 78,200 101,500 83,600 192,000 48,400 $522,900
BC Company purchased inventory for $50,000 and incurred additional costs of $5,000 for transportation and storage. If the company expects to sell 1,000 units and wants to include a 20% markup on the cost, what should be the selling price per unit?
Hagrid Gardening Corporation manufactures gardening products. The following information relates to the current period: DM Purchased $14,900 DM Inventory, Jan 1 $12,700 DM Inventory, Dec 31 $16,100 DL $6,400 MOH $16,700 Period Costs $10,500 WIP Inventory, Jan 1 $2,500 WIP Inventory, Dec 31 $8,000 FG Inventory, Jan 1 $19,500 FG Inventory, Dec 31 $4,800 A total of 5,000 products were sold for $25 each. Based on this information, please calculate the following: Cost of Goods Sold?