3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. !Required information[Ihe following intormation applies to the questions aisplayed below.JGreg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month ofMarch. Greg's Bicycle Shop uses a pericdic inventory system.DateTransactionsUnitsUnit CostTotal Cost$ 4,200Bcginning inventorySale ($320 each)March129$ 210March515MarchPurchase192302,300Sale ($3/0 each)PurchaseSale ($395 each)PurchaseMarch17March22192402,400March2712March3072601,820$10,720For the spccific identification mcthod, thc March 5 salc consists of bikes from beginning invcntory, the March 17 saleconsiss of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning Inventory andeight bikes from the March 22 purchase.3. Using LIFO. calculate ending inventory and cost of goods sold at March 31.Ending inventoryCost of goods sold

Inventory or Stock is the goods and material a business holds for resale. Before working on the…

Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a pericdic inventory system. Date Transactions Units Unit Cɔst Total Cost $ 210 $ 4,200 March 1 March Bcginning inventory Sole ($320 each) Purchase 29 5 15 March 19 230 2,300 March Sale ($3/0 each) Purchase Sale ($395 each) 1! March 22 March 27 March 30 19 240 2,400 12 Purchase 260 1,820 $10,720 For the spccific identification mcthod, the March 5 salc consists of bikcs from bcginning inventory, the March 17 sale consis:s of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. 3. Using LIFO. calculate endirg inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold

Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a pericdic inventory system. Date Transactions Units Unit Cɔst Total Cost $ 210 $ 4,200 March 1 March Bcginning inventory Sole ($320 each) Purchase 29 5 15 March 19 230 2,300 March Sale ($3/0 each) Purchase Sale ($395 each) 1! March 22 March 27 March 30 19 240 2,400 12 Purchase 260 1,820 $10,720 For the spccific identification mcthod, the March 5 salc consists of bikcs from bcginning inventory, the March 17 sale consis:s of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. 3. Using LIFO. calculate endirg inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold

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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1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Required:Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Ricardo is an engineer in a private company and earned salaries of $ 103,000 a year. During the current year, he started a vitamin sales business, in which he made a net loss of $ 4,000. How much is adjusted gross income?
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Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Subject: accounting
Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.