DateOct. 1Oct. 9Oct. 17Oct. 11 SaleOct. 22Oct. 25DescriptionBeginning inventoryPurchase(a1)PurchaseSalePurchaseOct.29 SaleUnits7012595957080105Unit Cost or Selling Price$26Weighted-average cost per unit $284029453145Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)11₁SI

Answered: Date Oct. 1 Oct. 9 Oct. 17 Oct. 11 Sale…

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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Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
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Excerpts from Karla Salons' December 31, 20x2 and 20x1, financial statements are presented below: 20x2 Accounts receivable Merchandise inventory Net sales Cost of goods sold. Total assets Total shareholders' equity Net income Multiple Choice What is Karla's inventory turnover for 20x2? (Round your answer to 2 decimal places.) O O 3.90. $ 42,000 29,000 213,300 116,000 427,000 242,000 34,000 4.00. 20x1 $ 37,000 37,000 200,000 109,000 406,000 226,000 29,000
-/ 1 Question 3 of 6 Pearl Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $ 520 12 Purchases 520 6 3,120 23 Purchases 325 2,600 30 Inventory 305 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-Cost The cost of the ending inventory The cost of goods sold !!! %24 %24 %24 %24 %24
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
7 3 ences Given the following: Mc Graw Hill January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units_ Note: Round the "average unit cost" and final answer to the nearest cent. AS
Aa 134.
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Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
PA4. LO 10.3 Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG). Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 Sold Mar. 11 for $120 per unit 110 140 $87 89 95 Solution А. Number of Units Dollar per Unit Value Cost of goods sold В. Number of Units Dollar per Unit Value Cost of goods sold C. Number of Units Dollar per Unit Value Cost of goods sold PA5. LO 10.3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions. Number Unit Cost of Units Beginning inventory Purchased Mar. 2 Sold Mar, 31 for $75 per unit 105 150 88…

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