Beginning inventory $72600 Add: Cost of goods purchased 560000 Cost of goods available for sale 632600 Less: Ending inventory 99000 Cost of goods sold $533600 The average days to sell inventory for Sunland is (Round intermediate calculations to 1 decimal place, e.g. 52.7.) 55.8 days. O 58.9 days. 67.6 days. 49.3 days.

Beginning inventory $72600 Add: Cost of goods purchased 560000 Cost of goods available for sale 632600 Less: Ending inventory 99000 Cost of goods sold $533600 The average days to sell inventory for Sunland is (Round intermediate calculations to 1 decimal place, e.g. 52.7.) 55.8 days. O 58.9 days. 67.6 days. 49.3 days.

Name: Beginning inventoryAdd: Cost of goods purchased$72600560000Cost of go
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Description: Beginning inventoryAdd: Cost of goods purchased$72600560000Cost of goods available for sale 632600Less: Ending inventory99000Cost of goods sold$533600The average days to sell inventory for Sunland is (Round intermediate calculations to 1 decimal pla

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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Q9
pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
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Q5
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Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
number of days' sales in inventory ratio, Cost of goods sold Beginning inventory Ending inventory $722,000 53,000 67,000
Recording Inventory ActivitiesPerpetual SystemQuestion 1: Shipped merchandise that cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days.Dr Account Dr AmountCr Account Cr AmountDr Account Dr AmountCr Account Cr Amount
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
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