Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will bereported as cost of goods sold for the 12 units that were sold?ActivitiesDateAugust 1August 3August 6Beginning inventoryPurchase.SalesMultiple Choice$570$568$604$620.$520Units Acquired at Cost10 units @ $50= $50020 units @ $52 = $1,040Units Sold at Retail12 units sold

The objective of the question is to calculate the cost of goods sold (COGS) using the FIFO (…

Answered: Grays Company has the following…

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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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $32 $800 June 16 Purchase 29 units @ $31 899 Nov. 28 Purchase 43 units @ $39 1,677 97 units $3,376 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is use a. Determine the inventory cost by the FIFO method. %24 b. Determine the inventory cost by the LIFO method. %2$ c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24
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Cullumber Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 12 23 30 (a1) Explanation Units June 1 Inventory Purchase Purchase June 12 Inventory June 15 June 23 June 27 $ $ $ $ $ 130 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) eTextbook and Media Save for Later 370- 200 250 Unit Cost $5 6 7 Total Cost $650 2,220 1,400 Attempts: 0 of 10 used Submit Answer
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135 per unit. Sales Mar. 15 430 units Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average
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