Bramble Company sells one product. Presented below is information for January for Bramble Company.Jan. 1 Inventory 114units at $5 each4 Sale 89units at $8 each11 Purchase 156units at $7 each13 Sale 126units at $9 each20 Purchase 158units at $7 each27 Sale 103units at $11 eachBramble uses the FIFO cost flow assumption. All purchases and sales are on account. Compute gross profit using the perpetual system.Gross profit%24 Assume Bramble uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indentmanually.)DateAccount Titles and ExplanationDebitCreditJan. 4Accounts Receivable712Sales Revenue712(To record the sale)Cost of Goods Sold445Inventory445(To record the cost of inventory)Jan. 11Inventory1092Accounts Payable1092Jan. 13Accounts Receivable1134Sales Revenue1134(To record the sale)>

Date Units Sales per unit Total sales 4 89 $8 $712 13 126 $9 1134 27 103 $11 1133 318…

Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

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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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 260 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 100 $ 75 $ 7,500 Purchase January 15 360 95 34,200 Purchase January 24 240 115 27,600 Required: Calculate the number and cost of goods available for sale. Calculate the number of units in ending inventory. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Planet Enterprises sells its product for $22.06 per unit and uses the Average Cost, perpetual method for tracking inventory costs. The following sequence of events has occurred during the month of September. Date Event Sep 1 Beginning Inventory: 80 units @ $12.37/unit Sep 3 Purchase 115 units @ $11.2/unit Sep 7 Sell 90 units Sep 11 Purchase 70 units @ $10.53/unit Sep 17 Sell 115 units Sep 23 Purchase 80 units @ $10.73/unit How much is total Cost of Goods Sold for the entire month of September? (round all calculations to the hundredths place; enter your answer rounded to the hundredths place) Answer:
Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300 $4 12 Purchase 450 $6 23 Purchase 750 $5 30 Ending Inventory 222 Compute the cost of the ending inventory and the cost of goods sold under • FIFO • LIFO average-cost method. Answer:
Donald Reagan Consulting Company had the following transactions completed during the month of December. Note: You must determine the cost of the goods based on a Perpetual, FIFO inventory system. DR began the month with 2,139 units of inventory that had the following purchase dates, costs, and units: * November 20, $11.99/unit, 129 units * November 30, $12.08/unit, 2010 units Using the following transactions, record journal entries for The DR Consulting Company. December 1 The company declared a cash dividend of $3,400 to stockholders' of record on December 16. The cash dividend will be paid on December 30. December 3 The company sold equipment that had an original cost of $19,900 with accumulated depreciation of $15,000. DR received $1,000 of cash and signed a note receivable for $3,200. December 5 DR purchased 1,000 units of inventory for $12.10 per unit with terms 2/5, n/20. December 7 DR sold 1,110 of the units in inventory for $23.00 per unit to Todd Red's with terms 1/10,…
Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.
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.
The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?
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.
Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1 Inventory 113 units at $4 each 4 Sale 92 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 112 units at $9 each 20 Purchase 154 units at $7 each 27 Sale 93 units at $11 each Sunland uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sunland uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 111 units Compute gross profit using the periodic system. Assume Sunland uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Compute gross profit using the…
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
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.
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available Unit Cost Units Total Cost 250 10 $2,500 April 1 Inventory April 15 Purchase 400 12 4,800 13 4,550 April 23 Purchase Compute the April 30 Cost of goods sold Balance utilizing the average cost method. 350

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Jan. 1	Inventory	114	units at $5 each
4	Sale	89	units at $8 each
11	Purchase	156	units at $7 each
13	Sale	126	units at $9 each
20	Purchase	158	units at $7 each
27	Sale	103	units at $11 each