COGS
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Q: A1 plaese help......
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A: a.
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
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A: FIFO stands for first-in-first-out. It is a method of inventory valuation.. In this method the goods…
Q: Hull Company's record of transactions concerning part X for the month of April was as follows.…
A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or…
Q: Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of…
A: The cost of goods sold refers to the direct costs of making products sold by a company (COGS). This…
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A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000
COGS = Beginning inventory + COGM - Ending inventory
(Note: COGM stands for Cost of Goods Manufactured)
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- Please do not give solution in image format thanku and help me with correct answer thankuIf the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Ending Inventory $ (1) FIFO S (2) LIFO $ (3) Average-costRequlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
- Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.Please do not give solution in image format thankuExcerpts from Karla Salons' December 31, 20x2 and 20x1, financial statements are presented below: 20x2 Accounts receivable Merchandise inventory Net sales Cost of goods sold. Total assets Total shareholders' equity Net income Multiple Choice What is Karla's inventory turnover for 20x2? (Round your answer to 2 decimal places.) O O 3.90. $ 42,000 29,000 213,300 116,000 427,000 242,000 34,000 4.00. 20x1 $ 37,000 37,000 200,000 109,000 406,000 226,000 29,000
- Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)17 )Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.
- Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a.1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d.1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-InventoryPlease do not give solution in image format thankuQ1. Prepare Income statement in order to get gross profit and net profit/loss. Note: Use only your own words (NO COPY AND PASTE).