Vishu DateMarch 1March 5March 9March 18March 25March 29TotalActivitiesProblem 5-1A (Algo) Part 1Beginning inventoryPurchases:March 5March 18March 25Beginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsRequired:1. Compute cost of goods available for sale and the number of units available for sale.# of units90Units Acquired at Cost90 units @ $50.80 per unit220 units @ $55.80 per unitCost of Goods Available for Sale2208014053080 units @ $60.80 per unit140 units @ $62.80 per unitCost perUnit530 unitsCost of Goods Availablefor SaleUnits Sold at Retail250 units @ $85.80 per unit120 units @ $95.80 per unit370 units

Name: Vishu DateMarch 1March 5March 9March 18March 25March 29TotalActivities
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Description: Vishu DateMarch 1March 5March 9March 18March 25March 29TotalActivitiesProblem 5-1A (Algo) Part 1Beginning inventoryPurchases:March 5March 18March 25Beginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsRequired:1. Compute cost of goods available

COST OF GOODS AVAILABLE FOR SALECost of Goods Available for Sale is the cost of Those Goods which…

Business

Accounting

Date March 1 March 5 March 9 March 18 March 25 March 29 Total Activities. Problem 5-1A (Algo) Part 1 Beginning inventory Purchases: March 5 March 18 March 25 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Required: 1. Compute cost of goods available for sale and the number of units available for sale. # of units Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 90 80 units @ $60.80 per unit 140 units @ $62.80 per unit Cost of Goods Available for Sale 220 80 140 530 530 units Cost per Cost of Goods Available Unit for Sale Units Sold at Retail. 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units

Date March 1 March 5 March 9 March 18 March 25 March 29 Total Activities. Problem 5-1A (Algo) Part 1 Beginning inventory Purchases: March 5 March 18 March 25 Beginning inventory Purchase Sales Purchase Purchase Sales Totals Required: 1. Compute cost of goods available for sale and the number of units available for sale. # of units Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 90 80 units @ $60.80 per unit 140 units @ $62.80 per unit Cost of Goods Available for Sale 220 80 140 530 530 units Cost per Cost of Goods Available Unit for Sale Units Sold at Retail. 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Vishu

Date
March 1
March 5
March 9
March 18
March 25
March 29
Total
Activities
Problem 5-1A (Algo) Part 1
Beginning inventory
Purchases:
March 5
March 18
March 25
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
# of units
90
Units Acquired at Cost
90 units @ $50.80 per unit
220 units @ $55.80 per unit
Cost of Goods Available for Sale
220
80
140
530
80 units @ $60.80 per unit
140 units @ $62.80 per unit
Cost per
Unit
530 units
Cost of Goods Available
for Sale
Units Sold at Retail
250 units @ $85.80 per unit
120 units @ $95.80 per unit
370 units

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Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 31,800 89,500 112,500. 10,700 278,500 $ 523,000 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share $ 129,900 98,500 163,500 131,100 $ 523,000 Current Year $ 411,225 209,550 1 Year Ago $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: 4 12,100 9,525 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 2 Years Ago 642,400 $ 31,100 $ 1.90 $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 $51,250 83,500 163,500 79,250 $ 377,500 1 Year Ago $ 345,500…