Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginninginvantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDsOct 32,500Oct. 193,0002 $10Oct 93,50059Oct 254,000$11During October, 10,800 units were sold. Concord uses a'periodic inventary systam.(a)Determine the cost of goods availabla for sale.Cost of goods available for saleeTextbook and MedlaE ter LerAttempts: 0 of 5 usedSubrmit AnaAr(b1)Calculate cost per unit. Round answer to 2 decimal places, er 225)Cost per uniteTextbook and MedlaAttempts: 0 of 5 usedSubmit ArawerSave tor Lar eTextbook and MedlaSave for LaeerAttempts: 0 of 5 usedSubmit Anavwer(b2)Determine (1) the ending inventory and (2) the cost of goods sald under cach of the =ssumed cost fiaw mathods (FIFO, LIFO, andEverage-cost). (Round answers to O decimal places, eg1250)FIFOLIFOAVERAGE-COSTThe endinginventoryThe cost of gpodssoldeTextbook and MedlaSav For LaterAttempts 0 of 5 usedSubmit Anaer(c)Which costflow mathodresults in (1) the highestinventory amount for thebalance sheet and (2) the highest cost of poas soldfor the incoma statemant?(1)produces the highest imventory amount. S(2)produces tha highest cost of goods sold. S

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Concord Distribution markcets CDs of the performing artist Unique. At the boginning of October,Concord had in beginning invantory 2,000 of Uniqud's CDz with a unit cost of $7. During October, Concord mada the followinE purchases of Unique's CDs Oct 3 2,500 S8 Oct. 19 3,000 $10 Oct 9 3,500 e S9 Oct. 25 4,000 $11 During Octobar, 10,800 units were sold. Concord uses a'periodicinvantary systam

Concord Distribution markcets CDs of the performing artist Unique. At the boginning of October,Concord had in beginning invantory 2,000 of Uniqud's CDz with a unit cost of $7. During October, Concord mada the followinE purchases of Unique's CDs Oct 3 2,500 S8 Oct. 19 3,000 $10 Oct 9 3,500 e S9 Oct. 25 4,000 $11 During Octobar, 10,800 units were sold. Concord uses a'periodicinvantary systam

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
Ivanhoe center began opsratons on July 1. It uses a parpstual invantory system. Uuring July, the company had the following purchases and aales. Calsulate waighted-avarage unit cost (Round answers to 3 decimal places, eg. 15.251.) July 1$ July6 $ July 11$ July 14$ July 21$ July 27$ (a2) Determins the ending imentory under a perpatual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 3 decimal places, eg. 15.251 and ending inventory values to 0 decimal places, eg. 515.) Attempts: 0 of 3 used Using multiple attempts will impact your score. 2096 scors reduction after attempt 2 (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Glee uses a periodic inventory system. v (a) Determine the cost of goods available for sale. Cost of goods available for sale Open Show Work Click if you would like to Show Work for this question: LINK TO TEXT
Required information Skip to question [The following information applies to the questions displayed below.]Shadee Corp. expects to sell 650 sun visors in May and 420 in June. Each visor sells for $17. Shadee’s beginning and ending finished goods inventories for May are 85 and 55 units, respectively. Ending finished goods inventory for June will be 55 units. Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $1.50 each. Shadee wants to have 27 closures on hand on May 1, 21 closures on May 31, and 23 closures on June 30 and variable manufacturing overhead is $1.25 per unit produced. Suppose that each visor takes 0.50 direct labor hours to produce and Shadee pays its workers $7 per hour. Required:1. Determine Shadee’s budgeted manufacturing cost per visor. (Note: Assume that fixed overhead per unit is $1.50.) (Round your answer to 2 decimal places.)
Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system.
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
6. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
5. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Dream Big Pillow Co. purchase data December Month January 2018 February 2018 March 2018 2017 Purchases $31,908 $36,096 $33,603 $32,410 Calculate the payments made in February. Round to the nearest penny, two decimal places.
Required Informatlon [The following Information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptions