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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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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.
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
Subject: acounting
Marigold Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 480 @ $5.40 April 3 400 @ $10.00 4 1,200 @ 5.50 9 1,120 (a 10.00 640 @ 5.80 11 480 11.00 13 960 @ 5.90 23 960 (a) 11.00 21 560 @ 6.00 27 720 @ 12.00 29 400 @ 6.20 3,680 4,240 (a1) Your answer is correct. 6/10 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Average-cost per unit $ 5.76 per unit
Please help me
General accounting
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
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 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

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