Compute cost of goods sold, assuming Blue uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and finalanswers to 0 decimal places, e.g. 6,548.)(a)(b)(c)(d)(e)(f)Periodic system, FIFO cost flowPerpetual system, FIFO cost flowPeriodic system, LIFO cost flowPerpetual system, LIFO cost flowPeriodic system, average-cost flowPerpetual system, moving-average cost flow.$$$$$$Cost of goods sold Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.Date1/12/4Transaction4/211/4Beginning inventoryPurchase2/20 SalePurchaseSaleQuantity3,2004,2004,7005,2004,400Price/Cost$1827463550

Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,200 4,200 4.700 5,200 4,400 Price/Cost $18 27 46 35 50

Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,200 4,200 4.700 5,200 4,400 Price/Cost $18 27 46 35 50

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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Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 20 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Less Equals Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Activity Beginning Inventory Purchase Purchase Purchase b Gross Margin using Specific Identification of units 220 330 420 Units Acquired at Cost @$10.00- @$15.00- $20.00- @$25.00- 120 1,090 220…
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Ames Trading Company has the following products in its ending inventory Cost per Unit Product Mountain bikes. Skateboards Gliders Inventory Items Quantity 12 22 12 Mountain bikes Skateboards Gliders $ 580 330 960 Compute lower of cost or market for inventory applied separately to each product. Units Market per Unit $ 510 370 910 Per Unit Cost Market Cost Total Market LCM applied to each product
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Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 Cost per Unit $3.39 2.86 4.77 3.82 2.39 3.18 1.91 4.98 Cost to Replace $3.18 2.44 3.92 3.29 2.12 2.86 1.70 5.51 Estimated Selling Cost of Completion and Price Disposal $0.37 The amount of Skysong Company's inventory $ $4.77 3.71 5.30 3.39 3.45 4.03 2.65 6.36 From the information above, determine the amount of Skysong Company inventory. 0.53 0.42 0.27 0.85 0.42 0.80 0.53 Normal Profit $1.33 0.53 1.06 0.95 0.64 0.53 0.53 1.06
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The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…
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Whispering Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 10/31 (a) (b) (c) Transaction (d) Beginning inventory Sale Purchase Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 Compute cost of goods sold, assuming Whispering uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow (e) Periodic system, average-cost flow $29 (f) Perpetual system, moving-average cost flow 51 31 32 53 $ $ $ $ $ $ Cost of goods sold