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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A company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21 Multiple Choice C O $2,860 $2,850 O $2,590 $2,460 $2,580
Sandhill Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase Purchase Inventory $ $ $ LA 120 380 210 265 Unit Cost 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 $8 and a sale of 45 units on June 27 for $9. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $5 6 7 Total Cost $600 2,280 1,470
A company's inventory records report the following in November of the current year: Beginning November 1 Purchase November 2 Purchase November 12 On November 8, it sold 12 units for $49 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice O O O $342 $248 $264 $378 5 units @ $19 10 units @ $21 6 units @ $23 $443
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units sold
The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale 4,000 units at $50 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Purchase 2,000 units at $56 Nov. 15 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Quantity Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 ☐ ☐ ☐ ☐ ☐ ☐ Dec. 31 Balances
ossom Company uses a perpetual inventory system and reports the following for the month of June. Date une 1 12 23 30 Explanation Units Unit Cost Inventory $5 Purchase Purchase Inventory June 1 June 12 June 15 June 23 June 27 $ $ 112 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 388 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations to 0 decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $ 336 190 200 6 Total Cost $560 2,016 1,330
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ces Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals Units Acquired at Cost Units Sold at Retail 685 units @$45.00 per unit 570 units @ $42.00 per unit 285 units @ $27.00 per unit 1,140 units @ $75.00 per unit 185 units 585 units @ $50.00 per unit @ $46.00 per unit 2,310 units 770 units @ $75.00 per unit 1,910 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units
A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $13 10 units @ $15 6 units @ $17 Purchase November 2 Purchase November 12 On November 8, it sold 12 units for $43 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice $176 $270 $317 $192 $234
Crane Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 June 23 Explanation Units Unit Cost Inventory Purchase June 27 Purchase Inventory $ $ $ eTextbook and Media 120 Save for Later 360 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 $9 and a sale of 50 units on June 27 for $10. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 170 200 $5 6 7 Total Cost $600 2,160 1,190 Attempts: 0 of 6 used Submit Answer

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