CostSalesMarch 1 Beginning inventory3,180 units$96,9907Purchase1,060 units42,4008Purchase1,590 units79,50015Sale3,710 units$333,90020Sale742 units55,65025Purchase530 units16,43027Sale1,272 units76,320 calculate cost of goods sold, gross margin and ending inventory using i) FIFO and ii) Weighted - average

The objective of this question is to calculate the cost of goods sold (COGS), gross margin, and…

Answered: Cost Sales March 1 Beginning inventory…

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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LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER…
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the…
Sales 10 11 9 12
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22
Problem 9-2 Part B The company uses the perpetual inventory method and started the month of November with 500 units of inventory at a cost of $3 each. Purchases November 5, 500 units at $5 each November 18, 500 units at $6 each November 29, 500 units at $9 each Sales November 12, 400 units sold at $14 each November 25, 900 units sold at $14 each 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Únits Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate cost of goods sold and ending inventory. 3. Calculate the company's gross margin based on using the average cost method.
Domestic
A1
A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions fo the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Sales Units * Includes purchase price and cost of freight. Average Cost Beginning Inventory Purchases: 5,000 6,000 11,000 Problem 8-5 (Static) Part 4 January 10 January 18 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Unit Cost* Purchases Number Unit of units Cost $9 10 Cost of Goods Available for Sale Cost of Goods Available for Sale 48,000 6,000 $8.00 $ 5,000 $9.00 6,000 $10.00 17,000 $ Total Cost $ 45,000 60,000 $ 105,000 45,000 60,000 153,000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold 0 Ending Inventory - Average Cost Number of…
Sales 3,200 units Beginning inventory Purchases, in chronological order.. 1,000 units @ $4 1,200 units @ $5 1,600 units @ $6 800 units @ $8
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Required:
Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 175 units @ $15 = $2,625 April 4 Purchase 150 units @ $16 = $2,400 April 7 Sales 160 units @ $30 April 10 Purchase 200 units @ $17 = $3,400 April 16 Sales 250 units @ $30 April 25 Purchase 160 units @ $18 = $2,880 April 28 Sales 150 units @ $32 A. Determine the cost assigned to ending inventory and cost of goods sold using FIFO. B. Determine the cost assigned to ending inventory and cost of goods sold using LIFO

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