Beginning Merchandise Inventory 5.000 units purchased at TL 8 per unit, and beginning Cash TL 170.000 5 July: Purchased with cash 10.000 units merchandise at TL 10 per unit. 10 July: Sold for cash 7.000 units merchandise at TL 12 per unit. 15 July: Sold on account 2.000 units merchandise for TL 15 per unit. 20 July: Purchased on account 3.000 units merchandise at TL 14 per unit. 25 July: Sold on account 8.000 units merchandise at TL 20 per unit.

Beginning Merchandise Inventory 5.000 units purchased at TL 8 per unit, and beginning Cash TL 170.000 5 July: Purchased with cash 10.000 units merchandise at TL 10 per unit. 10 July: Sold for cash 7.000 units merchandise at TL 12 per unit. 15 July: Sold on account 2.000 units merchandise for TL 15 per unit. 20 July: Purchased on account 3.000 units merchandise at TL 14 per unit. 25 July: Sold on account 8.000 units merchandise at TL 20 per unit.

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

Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3 Purchase 62 $40 3/4 Sales 72 $60 3/10 Purchase 202 $45 3/16 Sales 82 $70 3/19 Purchase 42 $50 3/25 Sales 122 $70 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.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the value of the inventory on hand at the end of the period would be
The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the value of the inventory on hand at the end of the period would be a. $2,730. b. $8,570. Oc. $2,750. Od. $2,570.
Please complete the gross profit chart
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase $17 10 Purchase 24 Purchase Total 1 a. First-in, first-out b. Last-in, first-out C. Average 1 1 3 20 23 $60 Average cost per unit Assume one unit sells on July 28 for $30. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last in, first-out, and (c) average cost flow methods. Gross Profit Cost of Goods Sold Ending Inventory $20
Recelved into store Price paid to suppler Date Issued to retail outiets Unit price units units 01-May 120 30 3,600 19-May 60 34 2,040 22-May 80 30-May 70 Total 150 180 5,640 Required: (a) Calculate the cost of goods issued to retail stores during May under FIFO, LIFO and Cumulative Weighted Average. (b) Calculate the cost of inventory held in the warehouse at the end of May under FIFO, LIFO and. CumulativWeighted Average. (c) Using an example explain how we use consistency and prudence concept in valuing inventory. (4) Calculate gross profit using FIFO method.
Subject : Accounting
Journalize the purchase of the putters on account on the 8th. Accounts and Explanation Date Sep. 8 Merchandise Inventory Accounts Payable To record purchase of merchandise inventory on account. Debit Credit
HUUW OL UE enu UI e aun aLUu U eUu, LELem aL Unit Cost $ 45 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 (S160 each) 1, 600 2, 300 (1, 250) 1,000 (1,500) 49 75 Assuming that for Specific identification method (item id) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out b. Weighted average cost. c First-in, first-out. d. Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the…
The inventory data for an item for November are: Nov. 1 Inventory 23 units at $21 4 Sale 10 Purchase 17 Sale 30 Purchase 9 units 29 units at $22 22 units 22 units at $23 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $673 b. $968 C. $659 d. $967