Answered: Finished goods inventory, June 1 Cost…

Name: Finished goods inventory, June 1Cost of goods manufacturedCost of fin
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Finished goods inventory, June 1Cost of goods manufacturedCost of finished goods available for saleFinished goods inventory, June 30Cost of goods sold$ 116,600825,900(a)130,000(b)

Business

Accounting

Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold $ 116,600 825,900 (a) 130,000 (b)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
Bright Light Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (1) the budgeted unit costs of ending finished-goods inventory on December 31, 2020 (label it Schedule 6A) and (2) the ending inventories budget on December 31, 2020 (label it Schedule 6B). (1). Calculate the budgeted unit costs of ending finished-goods inventory on December 31, 2020 (label it Schedule 6A). (Round all dollar amounts to the nearest cent. Enter all input per unit of output amounts for direct manufacturing labor to two decimal places, and machine setup overhead to three decimal places.) Schedule 6A: Unit Costs of Ending Finished Goods-Inventory December 31, 2020 Metal Fabric Direct manufacturing labor Machine setup overhead Total Cosp per unit of input Knox Input per unit of output lbs. yard hours hours Total Product Ayer Input per unit of output lbs. yards hours hours Total
Recelved into store Price paid to suppler Date Issued to retail outiets Unit price units units 01-May 120 30 3,600 19-May 60 34 2,040 22-May 80 30-May 70 Total 150 180 5,640 Required: (a) Calculate the cost of goods issued to retail stores during May under FIFO, LIFO and Cumulative Weighted Average. (b) Calculate the cost of inventory held in the warehouse at the end of May under FIFO, LIFO and. CumulativWeighted Average. (c) Using an example explain how we use consistency and prudence concept in valuing inventory. (4) Calculate gross profit using FIFO method.
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.
Jigu9
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 %24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory (c) 3,400
Find COGS?
Given the following: FIFO method: 16 units left in inventory Jan 1 Beginning inventory 9 units at $105 = $945 April 13 Purchased 14 units at $120 = $1,680 Sept. 17 Purchased 20 units at $130 = $2,600 Dec. 10 Purchased 14 units at $140 = $1,960 The cost of goods sold is: A. None of these B. $4,965 C. $5,225 D. $10,000 E. $5,000
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
Instructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost. May 5th 100 units for $7 May 10th 70 units for $8 June 3rd 44 units for $5 July 5th 90 units for $6 July 8th 70 units for $4 Total units: 374 units Total cost: $2,300 Number of units sold: 300
Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total May 1 Balance 240 $3.70 $888 May 5 Receipt 440 $3.60 $1584 May 15 Issue 240 May 31 Issue 300 Using the FIFO inventory pricing method, what is the value of closing inventory on May 31? Show solution