Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each Sale 85 units at $8 each Purchase 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale

Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each Sale 85 units at $8 each Purchase 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale

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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Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Problem Date Activity Units Acquired at Cost Total Units Sold at Retail Unit Inventory Jan. 1 Beg. Inventory 400 units @ $14 = Jan. 15 Sale Mar. 10 Purchase Apr. 1 Sale May 9 Purchase Sep. 22 Purchase Nov. 1 Sale Nov. 28 Purchase Totals 200 units @ $15 = 300 units @ $16 = 250 units @ $20= 100 units @ $21 = $5,600 - $3,000 - 200 units @ $30 200 units 400 units $5,000 200 units @ $30 $4,800 - 400 units $2,100 - 200 units 500 units 750 units 300 units @ $35 450 units 550 units 1,250 units $20,500 700 units 550 units Additional tracking data for specific identification: (1) January 15 sale-200 units @ $14, (2) April 1 sale-200 units @ $15, and (3) November 1 sale-200 units @ $14 and 100 units @ $20. 1. What is the Cost of Good Available for Sale? How many units available for sale? 2. Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory…
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…
A company had the following purchases during its first year of operations: Purchases Sales January 6 units at $10 May 12 units at $9 September 26 units at $12 October 24 units at $20 What is the cost of goods available for sale before the sale of October? $322 $802 $378 $480
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
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Bonita Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 (a1) 11 18 26 30 280 @ 580 Average-cost per unit $ fel 480 @ 380 $5.90 6.00 380 @ 6.30 fel 6.30 780 @ 6.60 6.80 Sales April 5 12 27 28 480 380 1,160 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.)
(b2) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, eg. 1.250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ 5 $ Save for Later Attempts: 0 of 3 used (c) The parts of this question must be completed in order. This part will be available when you complete the part above. PRA Submit Answer
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
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