Answered: Calculate the cost of this inventory by…

Business

Accounting

Calculate the cost of this inventory by FIFO.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

See similar textbooks

Related questions

Q: Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at…

A: FIFO is first in first out method of inventory management and valuation, under which inventories…

Q: Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January…

A: Inventory Valuation Methods are used to determine the cost of goods sold and the cost of ending…

Q: Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started…

A: 1. Prepare perpetual inventory using FIFO.

Q: Shepherd Cycles started July with 15 bicycles that cost $75 each. On July 16, Shepherd purchased 25…

A: A perpetual inventory system is a system that tracks and keeps records of the inventory on a…

Q: Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at…

A: FIFO is first in first out method of inventory management and valuation, under which inventories…

Q: Oriole uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: First in First Out (FIFO) suggests pricing is based on the assumption that items received first at…

Q: Grouper Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May.…

A: Journal entry is an important tool in any organization whether its big organization or small because…

Q: The following data was obtained from the records of ABC Inc., for the current year. Sales during…

A: A.FIFO Cost of goods sold 80*8=640 65*10=650 55*12=660 10*14=140 Total 210 units= 2090 Cost of…

Q: The company is using the periodic inventory system, has merchandise inventory costing 140 on hand at…

A: The cost of merchandise sold is a term used for the cost incurred for the manufacturing of…

Q: Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at…

A: FIFO is first in first out method of inventory management and valuation, under which inventories…

Q: Sweet Acacia Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is…

A: Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Q: New Tech Cycles Purchases Unit Tot. Date QTY Cost Cost Oct. 1 Cost of Goods Sold Unit Tot. QTY Cost…

A: The inventory valuation method refers to the method used by a company to value its inventory for…

Q: Marvin Company has a beginning inventory of 14 sets of paints at a cost of $1.60 each. During the…

A: Calculation of no. of ending inventory: Opening stock 14 sets Add: purchase (6+8+8+12) 34 sets…

Q: GameGirl, Incorporated, has the following transactions during August. August 6 Sold 60 handheld…

A: In this question, we prepare Prepare the transactions for Game Girl, Incorporated, assuming the…

Question

A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.00 on October 1, 25 pairs at $39.00 on October 8, and 20 pairs at $49.00 on October 15. An inventory taken last week indicates that 32 pairs are still in stock. Calculate the cost of this inventory by FIFO.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
A sneaker outlet made the following wholesale purchase of new running shoes: 12 pairs at $45, 18 pairs at $40, and 20 pairs at $50. An inventory taken last week indicates that 23 pairs are still in stock. Calculate the cost of this inventory by FIFO.
A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.90, 25 pairs at $39.90, and 20 pairs at $49.90. An inventory taken last week indicates that 23 pairs are still in stock. Calculate the cost of this inventory by FIFO. Cost of ending inventory
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use LIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use FIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Assume 32 FitBits in inventory at the end of the year. Using FIFO the cost at ending inventory is 1404.80.
What is The inventory, turnover ratio and days to sell inventory ratio? (a) Larkspur Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Larkspur Hands uses the periodic inventory system and the following limited information relates to Larkspur Hands Ltd. `s inventory transactions during the month of May: Units sold were priced at $63.00. Calculate Larkspur Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. Cost of goods sold $ Gross margin $ Ending inventory $
Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more for $36each during the month. The company sold 80 units during the month. Autok used a periodic inventorysystem.Calculate cost of goods sold using:a) FIFOb) Weighted-average costc) LIFO
Great Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.
Contemporary Electronic Center began October with 90 units of merchandise inventory that cost $60 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Contemporaryuses the periodic inventory system, and the physical count at October31 indicates that 140units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO 11,880 9,400 LIFO Weighted-average 9,400 10,640 11,880 10,640 Requirement 2. Sales revenue for October totaled $27,000. Compute Contemporary's gross profit for October using each method. Gross profit FIFO Cost LIFO Cost Data table Weighted-average Oct. 3 60 units @ $80 each Oct. 12 70 units @ $82 each Oct. 18 60 units @ $89 each Print Done
Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases: 1st purchase: 500 units at $3 each 2nd purchase: 400 units at $4 each Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory