Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.Cost of goods sold+A Crane Company's record of transactions for the month of April was as follows.PurchasesSalesApril 1 (balance on hand)300 @ $5.10April 3250@ $10.004750 @5.209700 @10.0013828400 @5.5011300 @11.00600 @5.6023600 @11.0021350 @5.702722450@12.0029250 @5.902,3002,650(a1)Your answer is correct.Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimalplaces, e.g. 2.76.)Average-cost per unitEA5.46per unit6/10

Explanation: As per First In, First Out (FIFO) method, the inventory that has been…

Answered: Compute cost of goods sold assuming…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 14E: Guardian Services Inc. had the following transactions during the month of April: a. Record the June...

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Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
Transactions for the month of June were: Purchases Sales (balance) 1,200 @ $3.20 3,300 @ 3.10 1,800 @ 3.30 2,700 @ 3.40 750 @ 3.50 June 1 June 2 900 @ $5.50 2,400 @ 5.50 1,500 @ 5.50 600 @ 6.00 3 7 15 10 2,100 @ 6.00 300 @ 6.00 22 18 25 12. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $6,165. b. $6,240. c. $6,435. d. $6,705. 13. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $6,144. b. $6,357. c. $6,435. d. $6,483.
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150
am. 112.
Study the following data. Transactions for the month of June were: Purchases Sales June 1 (balance) 800 @ $3.20 June 2 600 @ $5.50 3 2,200 @ 3.10 6. 1,600 @ 5.50 7 1,200 @ 3.3O 1,000 @ 5.50 15 1,800 @ 3.40 10 400 @ 6.00 22 500 @ 3.50 18 1,400 @ 6.00 25 200 @ 6.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $
Selected accounts from the ledgers of Pharoah Company at July 31 showed the following. General Ledger Equipment No. 157 Date Ref. Debit Credit Balance July 1 G1 4,280 4,280 Accounts Payable No. 201 Date Ref. Debit Credit Balance July 1 G1 4,280 4,280 15 G1 385 4,665 18 G1 130 4,535 25 G1 105 4,430 31 P1 9,475 13,905 Inventory No. 120 Date Ref. Debit Credit Balance July 15 G1 385 385 18 G1 130 255 25 G1 105 150 31 P1 9,475 9,625 Accounts Payable Subsidiary Ledger Flaherty Equipment Co. Date Ref. Debit Credit Balance July 1 G1 4,280 4,280 Marsh Co. Date Ref. Debit Credit Balance July 3 P1 2,400 2,400 20 P1 1,760 4,160 Lange Corp. Date Ref. Debit…
Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 @ $5.80 570 @ 5.90 470 370 6.10 6.20 6.50 370 @ 6.70 770 @ Sales April 5 12 370 27 1,140 150 470 28
1. A record of transactions for the month of September was as follows: Purchases Sales May 1 400 @ $4.20 May 3 300 @ $7.00 4 1,300 @ $4.10 6 1,000 @ 7.00 8 800 @ $4.30 12 900 @ 7.50 14 700 @ $4.40 18 400 @ 7.50 22 1,200 @ $4.50 25 1,400 @ 8.00 Instructions Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO and at FIFO? Calculate Gross Profit under both LIFO & FIFO.
Subject: acounting
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Kingbird Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,500 @ $5.10 April 3 1,250 @ $10.00 4 3,750 @ 5.20 9 3,500 @ 10.00 8 2,000 @ 5.50 11 1,500 @ 11.00 13 3,000 @ 5.60 23 3,000 @ 11.00 21 1,750 @ 5.70 27 2,250 @ 12.00 29 1,250 @ 5.90 11,500 13,250 (a1) (a2) Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $enter a dollar amount rounded to 0 decimal places Average-cost

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