Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventoryupdating. Provide calculations for last-in, first-out (LIFO).Beginning inventorySoldPurchasedSoldPurchasedSoldEnding inventoryBeginningSalePurchaseSalePurchaseSaleNumberof Units Unit Cost Sales260160520400410370260Numberof Units520$130400133140Cost of Goods PurchasedUnit Cost$170Total Purchases172204133140Total Cost69,16056,000LIFO (perpetual) InventoryCost of Goods SoldNumberof Units160400370Unit CostTotal COGS$130133Total CostNumberof UnitsCost of Inventory RemainingUnit CostTotal Cost100000 BeginningSalePurchaseSalePurchaseSaleCOGSNumberof UnitsGross MarginCost of Goods Purchased520400Gross Margin, LIFO perpetualSalesUnit Cost$Total Purchases133140Total Cost69,16056,000LIFO (perpetual) InventoryCost of Goods SoldNumberof Units160400370Unit CostTotal COGS$130133Total CostNumberof UnitsCost of Inventory RemainingUnit CostTotal Cost00000

Last -In-Last -Out method is one of the inventory valuation method where materials received last are…

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 260 $130 160 EB 520 133 400 410 140 370 260 Sold Purchased Sold Purchased Sold Ending inventory $170 172 204

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 260 $130 160 EB 520 133 400 410 140 370 260 Sold Purchased Sold Purchased Sold Ending inventory $170 172 204

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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The following information is taken from a company’s records. Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? Cost per Unit Market Value per Unit Inventory item 1 (10 units) $ 36 $ 35 Inventory item 2 (25 units) $ 20 $ 20 Inventory item 3 (12 units) $ 6 $ 8 Pick the lower of the two and multiple by the number of units.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 110 $49 Purchased Mar. 2 170 51 Sold Mar. 31 for $70 per unit 87 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin $1 %24 %24
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.
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Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
please solve with the FIFO method ( question 2)
Subject: accounting
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