Concord Corp. had 1,900 units of part T on hand April 1, 2017, costing $8 each. During April, Concord made the following purchases of part 1. Units April 4 2,700 4.800 10 19 1.200 29 3,000 Unit Cost $8.25 8.40 9. 9.90 A physical count at April 30, 2017 showed 4,300 units of Part T on hand Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, eg 15.25 ond final answers to O decimal places, eg 1,620) FIFO LIFO Average Cost

Concord Corp. had 1,900 units of part T on hand April 1, 2017, costing $8 each. During April, Concord made the following purchases of part 1. Units April 4 2,700 4.800 10 19 1.200 29 3,000 Unit Cost $8.25 8.40 9. 9.90 A physical count at April 30, 2017 showed 4,300 units of Part T on hand Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, eg 15.25 ond final answers to O decimal places, eg 1,620) FIFO LIFO Average Cost

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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Vishnu
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a company merchandising business. The company is specialized in selling a specific brand of smartphones. The purchase cost per unit was OMR300. At the beginning of the month of May the company has inventory of 1,250 smartphones. During the month of May, the company purchased additional 1,000 smartphones. By the end of May, the company had 450 smartphones remaining in the store. The selling and general expenses for the company include wages and commissions, which include fixed monthly payment of OMR1,500 plus a OMR8 per unit sold; and depreciation of OMR2,000 per month. Assuming a selling price per unit of OMR600, calculate the total contribution margin. Select one: a. OMR525,600 b. OMR365,000 c. None of the given answers d. OMR522,100 e. OMR540,000
harshal
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average.
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285-unit purchase at $49 per unit; the second was a 380-unit purchase at $51 per unit. During the period, it sold 555 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average, (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Scott Manufacturing makes only one product with total unit manufacturing costs of $57, of which $39 is variable. No units were on hand at the beginning of 2015. During 2015 and 2016, the only product manufactured was sold for $89 per unit, and the cost structure did not change. Scott uses the first-in, first-out inventory method and has the following production and sales for 2015 and 2016 Units Manufactured Units Sold 2015 120,000 90,000 2016 120,000 130,000 Prepare gross profit computations for 2015 and 2016 using absorption costing. Absorption Costing 2015. 2016 Sales Cost of goods sold: Beginning inventory Production Goods available Less: Ending inventory Cost of goods sold Gross profit
Flounder Corp. had 2,000 units of part T on hand April 1, 2017, costing $ 8 each. During April, Flounder made the following purchases of part T. Unit Units Cost April 4 3,000 $ 8.25 10 4,000 8.40 19 1,000 29 2,900 9.90 A physical count at April 30, 2017 showed 4,100 units of Part T on hand. Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost %24 %24 %24
Company XYZ is a merchandising business. The company is specialized in selling a specific brand of smartphones. The purchase cost per unit was OMR320. At the beginning of the month of May the company has inventory of 1,270 smartphones. During the month of May, the company purchased additional 1,000 smartphones. By the end of May, the company had 430 smartphones remaining in the store. The selling and general expenses for the company include wages and commissions, which include fixed monthly payment of OMR1,700 plus a OMR10 per unit sold; and depreciation of OMR2,000 per month. Assuming a selling price per unit of OMR640, calculate the total contribution margin select option a. None of the given answers b. OMR588,800 COMR570.400 d. OMR566,700 e. OMR393,700
Company XYZ is a merchandising business. The company is specialized in selling a specific brand of smartphones. The purchase cost per unit was OMR250. At the beginning of the month of May the company has inventory of 1,200 smartphones. During the month of May, the company purchased additional 1,000 smartphones. By the end of May, the company had 500 smartphones remaining in the store. The selling and general expenses for the company include wages and commissions, which include fixed monthly payment of OMR1,000 plus a OMR2 per unit sold; and depreciation of OMR2,000 per month. Assuming a selling price per unit of OMR500, calculate the total contribution margin. Select one: O a. None of the given answers O b. OMR297,600 O c. OMR418,600 O d. OMR425,000 Oe. OMR421,600
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