The inventory records for Radford Company reflected the followingBeginning inventory on May 1First purchase on May 7second purchase on May 17Third purchase on May 23Sales on May 31What is the amount of gross margin assuming the FIFO cost flow method is used?Multiple ChoiceO$2,920$4,020$3,000100 units @ $4.00300 units @ $4.40500 units @ $4.60100 units @ $4.80900 units @ $7.80$3,420

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Description: The inventory records for Radford Company reflected the followingBeginning inventory on May 1First purchase on May 7second purchase on May 17Third purchase on May 23Sales on May 31What is the amount of gross margin assuming the FIFO cost flow method

Answer :Gross margin = Total sales - cost of good sold Total sales = 900 * $7.80 = $7,020 Cos of…

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Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 Sales on May 31 100 units @ $4.00 300 units @ $4.40 500 units@ $4.60 100 units@ $4.80 900 units@ $7.80 hat is the amount of gross margin assuming the FIFO cost flow method is use

Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 Sales on May 31 100 units @ $4.00 300 units @ $4.40 500 units@ $4.60 100 units@ $4.80 900 units@ $7.80 hat is the amount of gross margin assuming the FIFO cost flow method is use

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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The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43
Current Attempt in Progress Sunland Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $2 $300 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) FIFO LIFO Moving-Average Cost The cost ending inventory $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount The cost of goods sold $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount eTextbook and Media
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The inventory records for Radford Company reflected the following Beginning inventory on May 1 1,200 units @ $4.00 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 Sales on May 31 What is the amount of cost of goods sold assuming the LIFO cost flow method is used?
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The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units@ $4.40 Sale on May 31 3,900 units @ $5.90 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 dec Multiple Choice $10.920 $17160 $6,513 O $5.850