Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 230 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 260-unit purchase at $50 per unit; the second was a 390-unit purchase at $52 per unit. During the period, it sold 570 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

Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 230 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 260-unit purchase at $50 per unit; the second was a 390-unit purchase at $52 per unit. During the period, it sold 570 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

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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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.
Entity A's monthly inventory requirement is 300 units. The ordering cost are P50 per order while the annual cost are expected to be P1.00 per unit. Requirement: 1. Compute the Economic Order Quantity. 2. Prepare the table which the entity can procure inventories in several lots as follows : 3,600 units; 1,800 units, 600 units and 360 units. Use this table Order Size Number of Total Cost to Average Total Cost to Total Cost to Orders Order Inventory Carry Order and Total Cost to Carry
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
Alpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. 8) What is the Direct Material cost per equivalent unit for the year? 9) What is the Conversion Cost per equivalent unit for the year? 10) How much is Cost of Goods manufactured for the year? 11) Assume beginning FG inventory was 0 (zero) and that Alpha sold 10% of what it manufactured this year. How much is COGS?
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Marvin Company has a beginning inventory of 13 sets of paints at a cost of $1.90 each. During the year, the store purchased 5 sets at $2.00, 7 sets at $2.60, 7 sets at $2.90, and 11 sets at $3.40. By the end of the year, 28 sets were sold. Calculate the number of paint sets in ending inventory. Number of paint sets = 15 Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. ost of ending inventory under LIFO $28.70selected answer correct Cost of ending inventory under FIFO $49.00selected answer correct Cost of ending inventory under Weighted Average $ Please answer weighted average question.
Company XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 55 smart phones and paid $800 for each one. The company managed to sell 50 smart phones during the same month for $1,100 each. The company incurred total Selling and Administrative costs of $4,000 of which 20% is fixed costs. ?Assume that XYZ did not have a beginning inventory during April, what was the gross margin ($) for April 7,800 a O 11,800 b O 15,000 .cO 11,000 d O None of the given answers .e O
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Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1
Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $40. The other, purchased in February, cost $52. One of the items was sold in March at a selling price of $140. Poole uses LIFO. Which of the following statements is true? Multiple Choice The balance in ending inventory would be $52. The amount of ending inventory would be $46. The amount of cost of goods sold would be $40. The amount of gross margin would be $88.
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Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…