Exercise 5-3A (Algo) Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 70 units at $30 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 162-unit purchase at $34 per unit; the second was a 200-unit purchase at $36 per unit. During the period, it sold 276 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 Req C Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. Total FIFO Units eee Unit Cost 0 < Req A1 = Cost of Goods Sold $ $ 0 0 0 0 Req A2 >

Exercise 5-3A (Algo) Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 70 units at $30 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 162-unit purchase at $34 per unit; the second was a 200-unit purchase at $36 per unit. During the period, it sold 276 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 Req C Determine the amount of product costs that would be allocated to cost of goods sold, assuming that Cortez uses FIFO. Total FIFO Units eee Unit Cost 0 < Req A1 = Cost of Goods Sold $ $ 0 0 0 0 Req A2 >

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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Problem 10-4 (IAA) Summer Company is a wholesaler of car seatcovers. At the heginning of the current year, the entity's inventory consisted of 90 car seatcovers priced at P1,000 each. During the current vear, the following events occurred: 1. Purchased 800 car seatcovers on account at P1,000 each. 2. Returned 50 defective car seatcovers to supplier and received credit. 3. Paid 600 of the car seatcovers purchased. 4. Sold 790 car seatcovers at P2,000 each. 5. Received 20 car seatcovers returned by a customer and gave credit. The goods were in excellent condition. 6. Received cash for 680 of the car seatcovers sold. 7. Physical count at year-end revealed 60 units on hand. Required: a. Prepare journal entries, including adjustments to record the above transactions assuming the company uses periodic system and perpetual system. b. Determine the cost of sales under each inventory system.
Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.
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Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.
3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.