Bonita's Used Cars uses the specific identification method of costing inventory. During March, Indrisano purchased three cars for $11500, $14700, and $19100, respectively. During March, two cars are sold for a total of $35000. Bonita determines that on March 31, the $14700 car is still on hand. What is Bonita's gross profit for March? $5200 $1200 $8800 Ⓒ$4400
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- During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory 60 $69 $4,140 Purchase 265 72 19,080 November 3 Purchase 215 77 16,555 540 $39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Beginning Inventory 60 $ 69 $ Cost of Goods Available for Sale 4,140 Number of units Cost per Cost of Goods unit Number Sold of units Ending Inventory Cost per unit Ending Inventory $ 0 Purchases: May 5 265 $ 72 19,080 0 November 3 215 $ 77 16,555 0 Total 540 $ 39,775 $ 0 0 $ 0Marvin Company has a beginning inventory of 14 sets of paints at a cost of $1.60 each. During the year, the store purchased 6 sets at $1.70, 8 sets at $2.30, 8 sets at $2.60, and 12 sets at $3.10. By the end of the year, 32 sets were sold. a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted AverageDuring the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number Date Transaction of Units Unit Cost Total Cost $ 4,740 19,270 14,790 Jan. 1 $79 Beginning inventory Purchase 60 Мay 5 Nov. 3 235 82 Purchase 170 87 465 $ 38,800 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Average # of units Cost per Average # of units Cost per unit Cost of Goods Average Cost Goods Ending Inventory # of units Available unit for Sale Sold per unit Beginning Inventory $ $ $ Purchases: May 5 $ Nov. 3 $ Total
- GameGirl, Incorporated, has the following transactions during August. August 6 Sold 60 handheld game devices for $150 each to DS Unlimited on account, terms 3/10, net 60. The cost of the 60 game devices sold was $130 each. August 10 DS Unlimited returned four game devices purchased on August 6 since they were defective. August 14 Received full amount due from DS Unlimited. Required:Prepare the transactions for GameGirl, Incorporated, assuming the company uses a perpetual inventory system. The items returned on August 10 were considered worthless to GameGirl and were discarded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Marvin Company has a beginning inventory of 13 sets of paints at a cost of $1.90 each. During the year, the store purchased 5 sets at $2.00, 7 sets at $2.60, 7 sets at $2.90, and 11 sets at $3.40. By the end of the year, 28 sets were sold. Calculate the number of paint sets in ending inventory. Number of paint sets = 15 Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. ost of ending inventory under LIFO $28.70selected answer correct Cost of ending inventory under FIFO $49.00selected answer correct Cost of ending inventory under Weighted Average $ Please answer weighted average question.Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each. During the period, the company purchased inventory items as follows. Glasgow sold 300 units after purchase 3 for $10.20 each. Number of Purchase Items Cost 390 $ 2.50 2 105 2.60 3 55 3.00 If the company uses the FIFO cost flow method, Glasgow's cost of goods sold would be: Multiple Choice $720. $600.
- Concord's Used Cars uses the specific identification method of costing inventory. During March, Concord purchased three cars for $12700, $14600, and $19600, respectively. During March, two cars are sold for a total of $35300. Concord determines that at March 31, the $14600 car is still on hand. What is Concord’s gross profit for March? $1100. $8000. $2200. $3000.Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $40. The other, purchased in February, cost $52. One of the items was sold in March at a selling price of $140. Poole uses LIFO. Which of the following statements is true? Multiple Choice The balance in ending inventory would be $52. The amount of ending inventory would be $46. The amount of cost of goods sold would be $40. The amount of gross margin would be $88.During the year, Wright Company sells 320 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 $ 72 $ 3,600 May. 5 Purchase 200 75 15,000 Nov. 3 Purchase 100 80 8,000 350 $ 26,600 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) eighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold − Weighted Average Cost Ending Inventory − Weighted Average Cost # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 50 $3,600 Purchases:…
- During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 40 $65 $2,600 May 5 Purchase 285 68 19,380 November 3 Purchase 235 73 17,155 560 $39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.Anton Company uses the perpetual inventory method. Anton purchased 760 units of inventory that cost $7 each. At a later date the company purchased an additional 870 units of inventory that cost $9 each. If Anton uses the FIFO cost flow method and sells 1,150 units of inventory, the amount of cost of goods sold will be: Multiple Choice $10,350. $8,050. $10,420. $8,830.Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost