Cullumber Company reported the following information for November and Decem November December Cost of goods purchased $537,000 $ 601,000 Inventory, beginning-of-month 140,000 201,560 Inventory, end-of-month 201,560 ? Sales revenue 849,000 1,000,000
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- Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $248,000 $344,000 Transactions during August: Purchases (net) 2,848,000 3,956,000 Sales 4,070,000 Ranchworks Co. Merchandise inventory, March 1 $215,000 Transactions during March through November: Purchases (net) 2,863,000 Sales 4,472,000 Estimated gross profit rate 35% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31 Cost Retail $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3 fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6 $fill in the blank 4c1a98f55fecf8b_8 $fill in…Based on the following data, determine the cost of merchandise sold for July: Increase in estimated returns inventory $22,000 Merchandise inventory, July 1 36,700 Merchandise inventory, July 31 70,500 Purchases 733,900 Purchases returns and allowances 25,000 Purchases discounts 14,700 Freight in 10,300A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions fo the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Sales Units * Includes purchase price and cost of freight. Average Cost Beginning Inventory Purchases: 5,000 6,000 11,000 Problem 8-5 (Static) Part 4 January 10 January 18 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Unit Cost* Purchases Number Unit of units Cost $9 10 Cost of Goods Available for Sale Cost of Goods Available for Sale 48,000 6,000 $8.00 $ 5,000 $9.00 6,000 $10.00 17,000 $ Total Cost $ 45,000 60,000 $ 105,000 45,000 60,000 153,000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold 0 Ending Inventory - Average Cost Number of…
- Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. 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. Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Goods available for sale Cost-to-retail percentage (conventional retail method) Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 54,000 $ 221,000 18,358 293,358 $ Retail 74,000 414,000 7,200 495,200 495,200 495,200 Cost-to-Retail Ratio %The January 28 (fiscal year-end) financial statements of Collette Inc. reported the following information (in millions). Year 2 Year 1 Cost of sales $2,276,096 $2,294,291 Inventories, net 878,646 820,118 LIFO reserve 6,518 6,141 If Collette had used the FIFO method of inventory costing, Year 2 inventory would have been: Select one: a. $872,128 million b. $760,278 million c. $879,023 million d. $885,164 million e. None of these are correct.A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 6,000 Purchases Unit Cost✶ $ 7 Total Cost January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 3,000 January 20 4,000 Total 10,000 10,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Average Cost per unit Cost of Goods Sold Cost of Goods Sold Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase -…
- The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 9,000 $ 60.00 $ 540,000 10 Purchase 21,000 70.00 1,470,000 28 Sale 10,250 140.00 1,435,000 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 10 Purchase 39,500 75.00 2,962,500 16 Sale 15,000 150.00 2,250,000 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 14 Sale 30,000 150.00 4,500,000 25 Purchase 10,000 88.40 884,000 30 Sale 19,000 150.00 2,850,000 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Determine the inventory on…A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost* Total Cost January 10 5,000 $ 9 $ 45,000 January 18 6,000 10 60,000 Totals 11,000 $ 105,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…Bernie Bird Company provided the following information for the current year: Inventory, January 1 2,000,000 Purchases 7,500,000 Purchase returns and 500,000 allowances Sales returns and 750,000 allowances Inventory, December 31 20% Gross profit rate on net sales What is the amount of gross sales for the current year? O P7,000,000 P7,750,000 O P8,500,000 O P9,125,000