Blossom Retailers uses a perpetual inventory system. Data for athletic t-shirts include the following purchases:DateJune 6Aug. 20Numberof Units]64]44On July 9, Blossom sold 42 t-shirts, and on September 7, 54 more units.Prepare the perpetual inventory record for the above transactions using weighted average. (Round weightedaverage cost per unit to 3 decimals places e.g. 52.750 and total amounts to 2 decimal places e.g.5,275.25.)UnitCost$1210Units$Cost of Goods SoldCost|||$$TotalCCC Blossom Retailers uses a perpetual inventory system. Data for athletic t-shirts include the following purchases:DateJune 6Aug. 20DateJune 6July 9On July 9, Blossom sold 42 t-shirts, and on September 7, 54 more units.Prepare the perpetual inventory record for the above transactions using weighted average. (Round weightedaverage cost per unit to 3 decimals places e.g. 52.750 and total amounts to 2 decimal places e.g.5,275.25.)Aug. 20Sept. 7Numberof UnitsTotal6444UnitCost$1210Units$PurchasesCost$$Total

In Weighted average method Total cost of units divided by total number of units to get the Weighted…

Blossom Retailers uses a perpetual inventory system. Data for athletic t-shirts include the following purchases: Date June 6 Aug. 20 Number of Units ] 64 ] 44 On July 9, Blossom sold 42 t-shirts, and on September 7, 54 more units. Prepare the perpetual inventory record for the above transactions using weighted average. (Round weighted average cost per unit to 3 decimals places e.g. 52.750 and total amounts to 2 decimal places e.g. 5,275.25.) Unit Cost $12 10 Units $ Cost of Goods Sold Cost ||| $ $ Total C

Blossom Retailers uses a perpetual inventory system. Data for athletic t-shirts include the following purchases: Date June 6 Aug. 20 Number of Units ] 64 ] 44 On July 9, Blossom sold 42 t-shirts, and on September 7, 54 more units. Prepare the perpetual inventory record for the above transactions using weighted average. (Round weighted average cost per unit to 3 decimals places e.g. 52.750 and total amounts to 2 decimal places e.g. 5,275.25.) Unit Cost $12 10 Units $ Cost of Goods Sold Cost ||| $ $ Total C

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

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Plz explain in detail
kai.3
Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
pee Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Cost per Date Transactions Units Unit Total Cost $ 4,620 Beginning inventory Sale October 1 6. October 4 4. October 10 Purchase 780 5. October 13 October 20 October 28 October 30 Sale 3. Purchase 3,160 4. Sale Purchase 008 $17,280 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediat calculations. Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold
REI sell snowboards. Assume the following information relates to REI's purchases of snowbourds during tegnember During the same month, 100 snowboards were sold REloses a periodic inventory system Dale Sept. 1 Sept. 12 Sept 19 Sept. 26 Explanation Unit Unit Cont Inventory 15 $110 Purchases 48 113 Purchases 33 114 Purchases 24 115 Totals 140 Compute the ending inventory at September 30 using FIFO LIFO, and average-cost. (Round average cost per 3 decimal places eg. 125.153 and final answers to 0 decimal places 125 Ending inventory at September 30 eTextbook and Media FIFO Your answer is incorrect Cost of goods sold 2775 FIFO $1.630 5,424 6042 3.760 $15.876 13654 LIFO Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methock Mound average cost per unit to 3 decimal ploces, eg 125 153 end final enmers to 0 alecimal places, 1253 1344 UFD ETDA AVERAGE-COST $ 3402 AVERAGE-COST 130825
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Please help me
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…