Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocationmethods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2decimal places and final answers to the nearest dollar amount.Numberof Units Unit Cost SalesBeginning inventory870$60Purchased62062Sold400$80Sold35090Ending inventory740AVG (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory RemainingNumberNumberNumberof UnitsUnit Cost Total Cost of UnitsUnit Cost Total Cost of UnitsUnit Cost Total CostBeginningPurchaseSaleSaleTotal PurchasesTotal COGS

Under the weighted average method for the valuation of inventory, the weighted average cost per unit…

Answered: Calculate the cost of goods sold dollar…

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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Rockingham Communications reported the following figures in its annual financial statements: n to view the figures.) Question Viewer Compute the rate of inventory turnover and days' sales in inventory for Rockingham Communications. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover. (Enter the amount for average inventory to one decimal place, X.X. Round your answer to two decimal places, X.XX.) Data table + Print ÷ Cost of Goods Sold Beginning Merchandise Inventory Ending Merchandise Inventory Done C…... $ 18,200 560 420 X = = Inventory turnover times
LIFO, Perpetual and Periodic Riedel Company's inventory records showed the following transactions for the fiscal period ended June 30: Units Cost/Unit June 1 Inventory 700 $6.20 June 3 Purchase 400 6.40 June 15 Sales @ $12.00 300 June 22 Sales @ $12.50 600 June 30 Purchase 600 6.70 Required: 1. Compute the ending inventory and the cost of goods sold under the LIFO cost flow assumption assuming both a perpetual and a periodic inventory system. If required, round your answers to the nearest dollar. LIFO - periodic:Ending inventory $fill in the blank 1Cost of goods sold $fill in the blank 2 LIFO - perpetual:Ending inventory $fill in the blank 3Cost of goods sold $fill in the blank 4 2. Under which of the following assumptions may the cost of goods sold include the costs of the most latest purchases of the period, even though those purchases were made after the sales took place? Under which of the following…
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Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Numberof Units Unit Cost Sales Beginning inventory 900 $50 Purchased 600 52 Sold 400 $100 Sold 350 110 Ending inventory 750 AVG (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 Purchase 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 Sale…
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 Unit sales Beginning invengtory 240 $100 Sold 160 $140 Purchased 520 $103 Sold 400 $142 Purchased 400 $110 Sold 370 $144 Ending inventory 230
FLCL Company had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units, the following information is available. Units Unit Cost Total Cost October 1 inventory 600 $ 18 $ 10,800 October 8 purchase 1,200 19 22,800 October 25 purchase 600 22 13,200 2,400 $ 46,800 Compute the October 31 inventory and the October cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ %24
The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under last-in, first-out (LIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $6,975 $0 $5,625 Number of Units 100 80 50 25 105 Unit Cost $66 75 Sales $120 125
There are such data of the ABC Company’s activity. The company uses perpetual inventory updating. Number of Units Unit Cost, $ Sales prise, $ Beginning inventory 900 60 Purchased 700 65 Sold 1 900 100 Sold 2 200 120 Ending inventory Find ending inventory and its cost Calculate the cost of goods sold in units and in dollar value for Company ABC for the month. Provide calculations for first-in, first-out (FIFO) method. Find Gross margin for the 1-st and 2-d sells
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 58 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases Units Unit cost January 1 6 $ 1.60 April 10 9 2.10 May 15 13 2.60 July 22 14 2.85 August 19 19 3.60 September 30 19 3.80 November 10 33 4.00 December 15 15 4.40 1. Cost of ending inventory 2. Cost of goods sold
You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $23 June 4 Purchase 135 26 June 10 Sale 110 53 June 11 Sale return 15 53 June 18 Purchase 55 29 June 18 Purchase return 10 29 June 25 Sale 65 59 June 28 Purchase 35 33 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.

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