*E6.5 (LO 5) Howsham Ltd. reports the following for the month of June.DateExplanationUnitsUnit CostTotal Cost£1,0001.800200£SInventoryPurchasePurchaseJune !123006235003,50030Inventory160insiructionsa. Calculate the cost of the ending inverntory and the cost of goods sold for (1) FIFO and (2) moving-average cost, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 fora selling price of £8 and a sale of 440 units on Junc 27 for £9.E Why is the average unit cost noi £6 [(£5 + £6 + £7) ÷ 3 = £6]?*E6. 16 (LO S) Information about Zhu Boaids is presented in E6.4. Additional data regarding Zhu's satesof Xpert snowboards are provided below. Assume that Zhu uses a perpetual inventory system.DateExplanationUnitsUnit PriceTotal RevenueHKS1,990HKS 23,880Sept. 5Sept. 16Sept. 29Sale1250592,0302,090Sale101.500Sale123,310Totals121HK$248,690Instructionsa. Compute ending inventory at September 30 using FIFO and moving-average cost.a Which inventory cost flow method (FIFO, moving-average cost) gives the same ending inventoryvalue under both periodic and perpetual? Which method gives different ending inveniory values?

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Answered: *E6.5 (LO 5) Howsham Ltd. reports the…

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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From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
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 of Units Cost Beginning Inventory 110 $49 Purchased Mar. 2 170 51 Sold Mar. 31 for $70 per unit 87 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin $1 %24 %24
Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Gross profit $ Purchases Purchases Sales Your answer is incorrect. Units 1,370 FIFO 2,430 I (2,540 ) 4,070 1,400 (5,230) Unit Cost/Price $6 G $ 7 12 Show Transcribed Text Average Cost 8 9 15 Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Total Cost $8,220 17,010 32,560 12,600
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
am.105.
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Please help me. Thankyou.
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
please solve with the FIFO method ( question 2)
A & B please
Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158
A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...

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