Tube A Mapsoter 18 Homework3Wake Tech's Campuse X3:33:46ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FnewcorWake Tech's Campu... M Practical Business... M McGraw-Hill Connee to searchNew TabGiven the following:January 1 inventoryApril 1June 1November 1wwwCollege Calendar |...Cost of ending inventoryCoursesCost of goods sold10257Numberpurchased Cost per unit Total537363JELENEQuestion 3 - Chaptea. Calculate the cost of ending inventory using the FIFO (ending inventory shows 74 units).************KON***.**FEKSER10EVERTE JETEGÒSavedb. Calculate the cost of goods sold using the FIFO (ending inventory shows 74 units).$265584< Prev680$ 2,096Class Practical Busines3 of 15Next >

Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 53 73 63 68 257 Cost per unit $5 8 9 10 Cost of goods sold Total $ 265 584 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 74 units). 567 680 $ 2,096 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 74 units).

Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 53 73 63 68 257 Cost per unit $5 8 9 10 Cost of goods sold Total $ 265 584 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 74 units). 567 680 $ 2,096 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 74 units).

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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Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 42 62 52 57 213 Cost per unit $ 3 6 7 8 Cost of goods sold Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 63 units). $ 126 372 364 456 $ 1,318 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 63 units).
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Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
Use the last-in, first-out (LIFO) 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 120 $47 Purchased Mar. 2 165 49 Sold Mar. 31 for $70 per unit 84 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin
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Given the following: -0. F1 January 1 inventory April 1 June 1 November 1 Q Cost of ending inventory a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 55 units). Cost of goods sold @ 2 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 55 units). -6 F2 W Number purchased 34 #3 80 F3 54 44 49 181 E $ ਵ 4 Cost per unit $4 7 8 9 00 F4 R de LO % 5 Total $ 136 378 352 441 $1,307 F 84 F7 H * 00 8 U DII FB J ( 9 F9 C K
Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
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eAssignment/take AssignmentMain.do?invoker=&takeAssignments The inventory data for an item for November are: 17 units at $21 9 units 30 units at $22 20 units 21 units at $22 Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $621 Ob. $797 Oc. $629 Od. $858 MAR 8 9 All work saved. Calon- M tv ♫ 8 dise لله 9
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