Beginning Inventory260$120Sold160$160Purchased500123Sold400162Purchased420130Sold370194Ending Inventory250AVG (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory Remaining#unitsUnit CostTotal Cost#unitsUnit CostTotal Cost#unitsUnit CostTotal CostBeginning$4$4SalePurchase$$SalePurchaseSaleTotal Purchases$4Total COGS$4Gross Margin, AVG perpetualSalesCOGSGross MarginPrevCheck My WorkitAll work saved.MacBook Pro00 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating.Provide calculations for weighted average (AVG). Round "Unit Cost" answers to 2 decimal places and other answers to the nearest dollar amount.Numberof UnitsUnit CostSalesBeginning Inventory260$120Sold160$160Purchased500123Sold400162Purchased420130Sold370194Ending Inventory250AVG (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory RemainingUnit CostTotal Cost#unitsUnit CostTotal Cost#unitsUnit CostTotal Cost#units$4Beginning2$SalePurchaseSalePurchaseSale$Total COGSTotal PurchasesGross Margin, AVG perpetualSalesPreviousMacBook ProSC&$2#4Y

Answered: Beginning Inventory 260 $120 Sold 160…

Beginning Inventory 260 $120 Sold 160 $160 Purchased 500 123 Sold 400 162 Purchased 420 130 Sold 370 194 Ending Inventory 250

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Beginning Inventory
260
$120
Sold
160
$160
Purchased
500
123
Sold
400
162
Purchased
420
130
Sold
370
194
Ending Inventory
250
AVG (perpetual) Inventory
Cost of Goods Purchased
Cost of Goods Sold
Cost of Inventory Remaining
#units
Unit Cost
Total Cost
#units
Unit Cost
Total Cost
#units
Unit Cost
Total Cost
Beginning
$4
$4
Sale
Purchase
$
$
Sale
Purchase
Sale
Total Purchases
$4
Total COGS
$4
Gross Margin, AVG perpetual
Sales
COGS
Gross Margin
Prev
Check My Work
it
All work saved.
MacBook Pro
00

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating.
Provide calculations for weighted average (AVG). Round "Unit Cost" answers to 2 decimal places and other answers to the nearest dollar amount.
Number
of Units
Unit Cost
Sales
Beginning Inventory
260
$120
Sold
160
$160
Purchased
500
123
Sold
400
162
Purchased
420
130
Sold
370
194
Ending Inventory
250
AVG (perpetual) Inventory
Cost of Goods Purchased
Cost of Goods Sold
Cost of Inventory Remaining
Unit Cost
Total Cost
#units
Unit Cost
Total Cost
#units
Unit Cost
Total Cost
#units
$4
Beginning
2$
Sale
Purchase
Sale
Purchase
Sale
$
Total COGS
Total Purchases
Gross Margin, AVG perpetual
Sales
Previous
MacBook Pro
SC
&
$
2#
4
Y

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Advice the closing inventory value as at July 31st Qty On Hand Cost $0.05 $0.20 $2.00 $6.20 $2,500.00 $1.50 Product NRV $1.00 $0.90 $1.60 $6.18 $2,550.00 $1.55 WJ01 225 WJ02 114 WJ03 74 WJ04 35 WJ05 WJ06 58
Please do not give solution in image format thanku
A2
Just fill in all the blanks there are 10 of them
A-5
Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
BI 420 $200 Sold 150 $401 Pur. 250 $205 Sold 275 $421 Pur. 200 $215 Sold 260 $441 EI 185 PB10. LO 10.3Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Question: 23 A company has one unit of each of the following items in its ending inventory: Item Cost Market A $ 300 $ 320 B $ 350 $ 360 C $ 280 $ 260 If the lower-of-cost-or-market method is applied to the individual items in the above inventory, its cost is: (a) $960 (b) $930 (c) $910 (d) $940
None
QUESTION 2 Bukit Group has the following beginning inventory, purchases, sales and ending inventory infomation for the year ended 31 December 202X: Number 202X FIFO Unit cost of units 20,000 20 1-Jan Beginning inventory 15-Feb Purchases 30,400 21 25-Mar Sales 8,900 2-Apr Purchases 10,500 22 9-Jul Purchases 50,000 23 20-Oct Sales 65,000 20-Nov Purchases 12,200 24 31-Dec Ending Inventories COS REQUIRED: [Show all your workings] Determine the cost of goods sold, and the cost of ending inventory as at 31 December 202X under the following methods: (a) The FIFO method when the group adopts a periodic inventory system; The weighted average cost method when the group adopts a periodic inventory system. (b)
Answer full question.
Product Total Cost 101 $ 150,000 102 105,000 103 104 75,000 45,000 Total Net Realizable Value $ 115,000 125,000 65,000 65,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV Inventory Value 101 $ 150,000 $ 115,000 102 105,000 125,000 103 75,000 65,000 104 45,000 65,000 $ 375,000 $ 0