Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050
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Q: Number
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A: The weighted average method is an inventory valuation method in which inventory is valued at average…
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- Problem 1 - Inventory Methods Magic Jelly Beans Company Operating information Sales Price per case $ 150.00 Unit Unit Extended Quantity $ Price Cost $$$ Beginning Inventory 2,000 $ 90.00 $ 180,000.00 Purchased Units 7,000 $ 110.00 $ 770,000.00 Sold 2,000 Sold 4,000 Purchased Units 10,000 $ 130.00 $ 1,300,000.00 Purchased Units 4,000 $ 135.00 $ 540,000.00 Sold 6,000 Sold Units 5,000 Fixed Selling General and Administrative costs $ 75,000.00 Income Tax rate 35% Requirement: Calculate the Cost Flow assumptions for Revenue, Cost of Goods Sold, SGA Income Tax, Net Income and Ending Inventory…Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.2
- Campbell Corporation Beginning inventory (30% complete as to Material B and 60% complete for conversion) Started this cycle Ending inventory (50% complete as to Material B and 80% complete for conversion) Beginning inventory costs: Material A Material B Conversion Current Period costs: Material A Material B Conversion Select one: O a. $47.59 b. $45.00 c. $43.03 d. $39.90 700 units 2,000 units O O 500 units $14,270 5,950 5,640 Material A is added at the start of production, while Material B is added uniformly throughout the process. Refer to Campbell Corporation. Assuming a weighted average method of process costing, compute the average cost per EUP for conversion. $40,000 70,000 98,100Sales 3,200 units Beginning inventory Purchases, in chronological order.. 1,000 units @ $4 1,200 units @ $5 1,600 units @ $6 800 units @ $8Ending inventory value? Using LIFO proces Activities Units Acquired at Cost e $ 6.00- Date Units sold at Retail January 1 January 10 January 20 January 25 January 30 $ 840 Beginning inventory Sales Purchase Sales Purchase 140 units e $ 15 e $ 15 100 units 60 units e $ 5.00 - 300 80 units 180 units e $ 4.50 - 810 Totals 380 units $ 1,950 180 units
- Transaction Date 1/1 Beginning Inventory 5/5 Purchase 8/10 Purchase 10/15 Purchase Multiple Choice $20,000. During the year, Harborview sold 750 laptop computers. What was ending inventory using the LIFO cost flow assumption? $22,500. $27,500. Number UI Units 100 200 300 200 $30,000. Cust per Unit $400 $450 $500 $550August 1 Inventory 400 units at P10 12 Purchase 600 units at P12 16 Issue 500 units 18 Purchase 300 units at P15 20 Issue 200 units 25 Purchase 400 units at P14 28 Issue 400 unitsRequired: Compute for the cost of ending inventory and cost of goods sold using: a. FIFO b. Moving average c. Weighted averagePeriodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer. Company B: Beginning inventory type your answer... and Ending inventory type your answer.
- Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $10 = $100 Purchases month #2 of 10 units @ $15 = $150 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the FIFO inventory method, calculate the cost of goods sold or cost of sales. Using your computation of FIFO cost of goods sold, and further assuming sales equal $500 and operating expenses equal $50, what is the gross profit amount?
