EA 6. LO 10.2 Akira Company had the following transactions for the month.Cost per Unit$1,5001,9201,9505,370?Beginning inventoryPurchased Mar. 31Purchased Oct. 15Total goods available for saleEnding inventoryNumber of Units15016013044050Calculate the gross margin for the period for each of the following cost allocation methods, using periodicinventory updating. Assume that all units were sold for $25 each. Provide your calculations.A. first-in, first-out (FIFO)B. last-in, first-out (LIFO)C. weighted average (AVG)

Name: EA 6. LO 10.2 Akira Company had the following transactions for the mo
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Description: EA 6. LO 10.2 Akira Company had the following transactions for the month.Cost per Unit$1,5001,9201,9505,370?Beginning inventoryPurchased Mar. 31Purchased Oct. 15Total goods available for saleEnding inventoryNumber of Units15016013044050Calculate the

inventories valuation techniques are used to calculate the cost of products sold as well as the…

Business

Accounting

EA 6. LO 10.2 Akira Company had the following transactions for the month. Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Total goods available for sale Ending inventory Number of Units 150 160 130 440 50 Cost per Unit $1,500 1,920 1,950 5,370 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)

EA 6. LO 10.2 Akira Company had the following transactions for the month. Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Total goods available for sale Ending inventory Number of Units 150 160 130 440 50 Cost per Unit $1,500 1,920 1,950 5,370 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)

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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Akira Company had the following transactions for the month. Numberof Units Costper Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 15 Purchased Oct. 15 150 18 Ending Inventory 50 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
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Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
The following information is for the Vista Company for the year; the company sells just one product: Units Unit Cost $10 14 17 18 Beginning Inventory Jan. 1 Purchases: Feb. 11 May 18 Oct. 23 Sales: March 1 July 1 Calculate the value of ending inventory and cost of goods sold using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory $ Cost of goods sold $ 200. 500 400 100 400 380 B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0
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