Constructor Inc. sells sacks of cement. The inventory records show the following:DateTransactionNumber Unit Cost Total Costof SacksMay 1 Beginning Balance600P200 P120,0005Purchase900210189,0007Sales1,3001,4001,2001,00014Purchase190266,00015Sales24Purchase200200,00028Sales1,200If the entity uses the FIFO method to cost inventories, how much should it report as Cost ofGoods Sold?

Name: Constructor Inc. sells sacks of cement. The inventory records show th
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Constructor Inc. sells sacks of cement. The inventory records show the following:DateTransactionNumber Unit Cost Total Costof SacksMay 1 Beginning Balance600P200 P120,0005Purchase900210189,0007Sales1,3001,4001,2001,00014Purchase190266,00015Sales24Pu

Inventory: Inventory refers to the goods which are purchased or manufactured to sell in the future.…

Business

Accounting

Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost of Sacks 600 Date Transaction May 1 Beginning Balance P200 P120,000 189,000 5 Purchase 900 210 7 Sales 1,300 266,000 1,400 1,200 1,000 1,200 14 Purchase 190 15 Sales 24 Purchase 200 200,000 28 Sales If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold?

Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost of Sacks 600 Date Transaction May 1 Beginning Balance P200 P120,000 189,000 5 Purchase 900 210 7 Sales 1,300 266,000 1,400 1,200 1,000 1,200 14 Purchase 190 15 Sales 24 Purchase 200 200,000 28 Sales If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold?

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

Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units Units Acquired at Cost 300 units @ $14.00 = @ $19.00 = @ $24.00 = @ $29.00 = 300 520 500 200 1,520 520 units 500 units 200 units 1,520 units Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 units from the October 26 purchase. Using the specific identification method, calculate the following. Cost Per # of units Unit sold MITSTRA 480 units @ $44.00 @…
Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. Year 2 $ 320 900 390 855 LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Current ratio Inventory turnover Days' sales in inventory Year 1 $ 270 840 380 450 180 Current ratio Inventory turnover Days' sales in inventory (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Numerator / Denominator 295 840 350 375 160 Numerator / Denominator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Ratio 0 0 0 Ratio 0 0 0
Submit it in excel form
Pacific Company sells electronic test equipment that it acquires from a foreign source. During the year, the inventory records reflected the following: Beginning inventory Purchases Sales (48 units at $24,668 each) P7-4 Part 3 Inventory is valued at cost using the LIFO inventory method. Units 21 40 Unit Cost $11,560 10,060 3a. How much did pretax income change because of the decision on December 31, current year? 3b. Assuming that the unit cost of test equipment is expected to continue to decline during the following year, is there any evidence of income manipulation? Complete this question by entering your answers in the tabs below. Req 38 Pretax income Req 3A How much did pretax income change because of the decision on December 31, current year? by Total Cost $ 242,768 402,400
Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 190,000 600,000 8,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 280,000 840,000 $ 20,000 4,000 800,000 Cost 190,000 $ 600,000 8,000 798,000 $ Retail 280,000 840,000 20,000 1,140,000 (4,000) 1,136,000 79,520 1,056,480 Cost-to-Retail Ratio 70.00 %
Given the following data, what is the cost of goods sold as determined under the LIFO method if ABC Home Improvements sold 350 air freshener systems for $28 per unit? Information Number of Units Unit Cost Beginning Inventory on 1/1 150 $14 Inventory Purchases on 1/5 250 $17 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 E3 4. 8. 80 96 5 图
The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Unit Cost Units 4,800 $7.80 9,600 8.10 6,700 8,600 8.40 14,400 16,400 8.56 14,400 9,600 8.70 1. 2. 3. 4. 5. 6. 7. Sale (at $19.80) 8. Purchase Inventory Purchase Sale (at $16.80) Purchase Sale (at $16.80) Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions a. FIFO b. Weighted average, periodic inventory system c. Moving average, perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 260 420 460 160 1,300 Units Acquired at Cost @$12.40 = @$17.40 = 260 units. 420 units 460 units 160 units 1,300 units Cost Per Unit $ 12.40 $17.40 $22.40 $ 27.40 3 @ $22.40 # of units sold @$27.40 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. = 0…
For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used. journal entry worksheet Purchased goods FOB shipping point. Transportation costs are $690. Sold goods FOB destination. Transportation costs are $290. Sold goods FOB shipping point. Transportation costs are $440. Purchased goods FOB destination. Transportation costs are $170.