**Calculate Average Cost for Each Unit****Instructions:** For the following dates, calculate the average cost for each unit. (For calculation purposes, assume the initial cost is $15.125.)| Date | Cost ($) ||----------|-------|| July 1 | [Input Field] || July 6 | [Input Field] || July 11 | [Input Field] || July 14 | [Input Field] || July 21 | [Input Field] || July 27 | [Input Field] |Please use the input fields provided to enter your calculations for each specified date. ### Inventory and Sales Data for JulyThe following table summarizes inventory purchases and sales for the month of July:| **Date** | **Units Purchased** | **Unit Cost** | **Sales Units** ||-----------|----------------------|---------------|-----------------|| **July 1** | 7 | $70 | - || **July 6** | - | - | 5 || **July 11** | 3 | $75 | - || **July 14** | - | - | 3 || **July 21** | 4 | $80 | - || **July 27** | - | - | 3 |### Explanation of the Table1. **Purchases:** - **July 1:** Inventory purchase of 7 units at a unit cost of $70. - **July 11:** Inventory purchase of 3 units at a unit cost of $75. - **July 21:** Inventory purchase of 4 units at a unit cost of $80.2. **Sales:** - **July 6:** Sale of 5 units. - **July 14:** Sale of 3 units. - **July 27:** Sale of 3 units.This table helps in tracking inventory management and sales performance over the month of July. The data shows the flow of goods purchased and sold, essential for maintaining accurate stock levels and financial accounting.

Proper inventory valuation ensures that the balance sheet accurately reflects the value of inventory…

Answered: Date July 1 July 6 July 11 July 14 July…

Business

Accounting

Date July 1 July 6 July 11 July 14 July 21 July 27 Units 7 3 4 Unit Cost $70 $75 $80 Sales Units 5 3 3

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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PROBLEM SET B Problem 21-1B Cost estimation using high-low method P1 Sun Co.'s monthly data for the past year follow. Management wants to use these data to predict future variable and fixed costs. Units Sold 1.... 2.... 195.000 125,000 3.... 105,000 4.... 155,000 5.... 95,000 6.... 215,000 Month Total Cost $ 97,000 87,000 73,000 89,000 81,000 110,000 Month 7 ... 8... 9... 10 ... 11 ... 12 ... Units Sold 145,000 185,000 135,000 85,000 175,000 115,000 Total Cost $ 93,000 105,000 85,000 58,000 95,000 79,000 Required 1. Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. 2. Use the answers for variable and fixed costs from part 1 to predict future total costs when sales volume is (a) 100,000 units and (b) 170,000 units. Analysis Component page 799 3. Use these data to prepare a scatter diagram. Draw an estimated line of cost behavior and determine whether the cost appears to be variable, fixed, or mixed.
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Question Content Area Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase 1 $20 10 Purchase 1 23 24 Purchase 1 26 Total 3 $69 Average cost per unit $23 Assume one unit sells on July 28 for $34. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. Line Item Description Gross Profit Cost of Goods Sold Ending Inventory a. First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b. Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c. Weighted average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
A 1 Chapter 7: Applying Excel 2 3 Data 4 Selling price per unit 5 Manufacturing costs: 6 7 8 Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead 9 10 Fixed manufacturing overhead per year 11 Selling and administrative expenses: 12 Variable per unit sold 13 Fixed per year 14 15 16 Units in beginning inventory 17 Units produced during the year 18 Units sold during the year 25 Units in beginning inventory 26 Units produced during the year 27 Units sold during the year 28 Units in ending inventory 29 30 Compute the Absorption Costing Unit Product Cost 31 32 Direct materials 33 Direct labor 34 Variable manufacturing overhead 35 Fixed manufacturing overhead 36 Absorption costing unit product cost 37 19 20 Enter a formula into each of the cells marked with a ? below 21 Review Problem 1: Contrasting Variable and Absorption Costing 22 23 Compute the Ending Inventory 24 46 Compute the Variable Costing Unit Product Cost 47 48 Direct materials 49 Direct labor…
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Exercise 5-12 The president of Normolle Mfg. Co. which manufactures only one product, requests an analysis of the causes of the change in gross profit. An investigation reveals the following: Sales Cost of Sales Gross Profit 2020 Amount P1,224,000 700,800 P523,200 Per Unit P10.20 5.84 P4.36 2019 Amount P1,000,000 600,000 P400,000 Per Unit REQUIRED: 1. A detailed analysis of the causes for the change in gross profit graphically. P10.00 6.00 P4.00
The Puyer Corporation makes and sells only one product called a Deb. The company is in the process of preparing its Selling and Administrative Expense Budget for next year. The following budget data are available: Sales commissions Shipping Advertising Executive salaries Depreciation on office equipment Monthly Fixed Cost Other Variable Cost Per Deb Sold $0.90 $ 1.40 $ 0.20 $ 50,000 $ 60,000 $ 20,000 $ 40,000 All of these expenses (except depreciation) are paid in cash in the month they are incurred. If the budgeted cash disbursements for selling and administrative expenses for April total $195,500, then how many Debs does the company plan to sell in April?
Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March March 10 purchased 20 sold May 13 purchased August 5 September 10 purchased sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 556 units @$179/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit…