Harper Co. reported the following current-year purchases and sales data for its onlyproduct:Acquired at Cost132 units at $9DateActivitiesSold at RetailJanuary 1Beginning InventoryJan 10Sales119 units at $40March 14Purchase330 units at $14Mar 15Sales190 units at $40July 30Oct 5Oct 26Purchase528 units at $19Sales461 units at $40Purchase792 units @ $24Assume the ending inventory is made up of 120 units from the March 14 purchase, 100units from the July 30 purchase, and all units of the October 26 purchase.Using specific identification method, calculate:> Cost of goods sold, and> Gross profit in $

Name: Harper Co. reported the following current-year purchases and sales da
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Description: Harper Co. reported the following current-year purchases and sales data for its onlyproduct:Acquired at Cost132 units at $9DateActivitiesSold at RetailJanuary 1Beginning InventoryJan 10Sales119 units at $40March 14Purchase330 units at $14Mar 15Sales

Specific Identification Method: Beginning Inventory & Purchases Cost of…

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Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost Activities Beginning Inventory 132 units at $9 Sold at Retail Date January 1 Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 528 units at $19 July 30 Oct 5 Oct 26 Purchase Sales 461 units at $40 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $

Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost Activities Beginning Inventory 132 units at $9 Sold at Retail Date January 1 Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 528 units at $19 July 30 Oct 5 Oct 26 Purchase Sales 461 units at $40 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $

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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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 Activities Beginning inventory Sales Purchase Sales January 30 Purchase Totals Units Acquired at Cost 225 units @$ 15.00 = 180 units @ $ 14.00 = 385 units @ $ 12.00 = 790 units Units sold at Retail $ 3,375 2,520 4,620 $ 10,515 175 units 210 units 0 $ 24.00 $ 24.00 385 units Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to…
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Units Sold at Retail Activities Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 Date Beginning Inventory May 1 Purchase 5 140 units @$20.00 Sales 10 100 units @ $13.00 Purchase 15 Sales 90 units@ $21.00
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO,…
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Required:1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are…
The following information applies to the questions displayed below; Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 10 Sales March 14 Purchase March 15 Sales- July 30 Purchase October S October 26 Sales Purchase Totals 275 units 450 units 475 units Units Acquired at Cost $13.00- $18.00 $23.00- Units Sold at Retail $3,575 230 units $43.00 8,100 10,925 408 units 455 units $43.00 $43.00 175 units 1,375 units @$28.90 4,900 $ 27,500 1,885 units Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Beginning inventory Purchases March 14 July 30 October 28 Total b) Periodio LIFO Beginning inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold…
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 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 profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units-160 from each of the last three purchases. 1 Beginning inventory 7 Purchase Jan. 260 units @ $4.40 560 units @ $5.25 1, 200 units @ $4.90 1, 080 units @ $5.20 = 560 units @ $6.50 = $ 1,144 2,940 5, 880 5,616 Mar. July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 3,640 Totals 3,660 units $19,220 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO
[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 Units Sold at Retail Jan. 1 Beginning inventory 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Compute the gross margin for FIFO method. Sales revenue Less: cost of goods sold Gross Margin…
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Hemming Co. reported the following current-year purchases and sales for its only product.
Use the following information for questions 17-19 Maxwell Inc. uses the periodic inventory system. During its first year of operations, Maxwell made the following purchases, listed in chronological order of acquisition: 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units. 17. Ending inventory using the average cost method (rounded) is: A. $650 B. $1,000 C. $707 D. $600
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