BrightTech Co. accumulates the following cost and market data on December 31 for its inventory: • Laptops: Cost = $15,600, Market Value = $16,800 Tablets: Cost = $12,400, Market Value = $13,700 Smartphones: Cost = $18,900, Market Value = $17,500
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- The Holden Corp. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 130 units@ $51/unit March 28: 150 units @ $54/unit June 28: 150 units @ $50/unit The units have a selling price of $65.00 per unit. a) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Holden Corp. using the FIFO system. Cost of Goods Sold Ending Inventory Gross Profit Date b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on June 28, (b) The sale on July 17. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). 14 F Sales February 9:30 units July 17: 200 units FIFO E General Journal Account/Explanation Page GJB F…eMonroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
- Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April: Purchases Sales Units Unit Cost Units Selling Price/Unit 4 Purchase 300 18 12 Sale 240 $32 21 Purchase 100 24 29 Sale 165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations. (a) Perpetual Inventory Record––FIFO PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…Using FIFO, a company with beginning inventory of 200 units at $5 each and purchases of 300 units at $6 each sells 250 units. What is the cost of goods sold?Suppose The Style Fashions, a specialty retailer, had these records for evening gowns during 2018: (Click the icon to view inventory data.) Assume that The Style sold 120 gowns during 2018 and uses the LIFO method to account for inventory. The Style's income tax rate is 35%. Read the requirements. Requirement 1. Compute The Style's cost of goods sold for evening gowns in 2018. Unit price Total Units From beginning inventory From purchase in February From purchase in June From purchase in December LIFO cost of goods sold Requirement 2. Compute what cost of goods sold would have been if The Style had purchased enough inventory in December-at $1,325 per evening gown-to keep year-end inventory at the same level it was at the beginning of the year. Cost of goods sold without LIFO liquidation 18 $ 23 52 27 Units 950 1,225 1,275 1,325 $ 17,100 28,175 66,300 35,775 147,350 Unit price Total
- Dell Incorporated is the leading manufacturer of personal computers. In a recent year, it reported the following in millions of dollars: Net sales revenue Cost of sales Beginning inventory Ending inventory $ 76,141 58,344 1,700 1,880 Required: Determine the inventory turnover ratio and average days to sell inventory for the current year. Note: Use 365 days a year. Round "Inventory turnover" to 2 decimal places and "Average days to sell inventory" to 1 decimal place. Inventory turnover Average days to sell inventory daysThe following data are for elite furniture co. For... Please provide answer the accounting questionAssume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
- Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =Lady Gaga Company provided the following data for the current year: Inventory, January 1 - P2,000,000 Purchases P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the cost of goods sold? A P7,200,000 B P6,200,000 P9,000,000 P6,700,000What is the cost of goods sold?
