Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Аpr. 2 Purchase 1. $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 + 3 units) Accuma that one unit ie cold on Anril 20 for 122 e assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. 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 methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Аpr. 2 Purchase 1. $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 + 3 units) Accuma that one unit ie cold on Anril 20 for 122 e assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. 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 methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Name: Piint itemCost Flow MethodsThe following three identical units of Ite
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Piint itemCost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnitsCostApr.2.Purchase$7614Purchase8128Purchase83Total3$240Average cost per unit$80 ($240 + 3 units)Accume that one unit ie cold on An

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

Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units sold
Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
vi.3
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 24 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Date January 1 April 1 June 1 September 1 Total Units purchased Cost per unit 42 32 54 47 175 FIFO. Cost of Goods Sold. Ending Inven LIFO Average cost Total cost $ 6.20 6.20 5.20 6.20 $260.40 198.40 280.80 291.40 $ 1,031.00
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date Units purchased Cost per unit Total cost January 1 56 $ 6.80 $ 380.80 April 1 51 6.05 308.55 June 1 66 5.80 382.80 September 1 61 6.30 384.30 Total 234 $ 1,456.45 FIFO cost of goods sold and ending inventory (2 answers) LIFO cost of goods sold and ending inventory (2 answers) Average cost cost of goods sold and ending inventory (2 answers)
Please do not give solution in image format thanku
Assume that three identical units of merchandise were purchased during October, as follows: Units Cost October 5 Purchase 1 $ 5 12 Purchase 13 28 Purchase 1 15 Total $33 Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the LIFO method.
HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 $600 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
weighted average
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
The following three identical units of Item A are purchased during April: Item A Units Cost $ 68 Apr. Purchase 1 Purchase 14 1 73 28 Purchase 75 1 Total $216 3 $ 72 ($216 + 3 units) Average cost per unit Assume that one unit is sold on April 30 for $118. 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 methods.