Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7.Harry's Pottery is a merchandising company located in Hogwarts Station, MD.During his first month of operations Harry reported the following data related to his purchases for his only product:In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each.Purchases on March 7Purchases on March 14Purchases on March 21Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each.Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March30 if Harry uses the weighted average method to assign costs to inventory.(Round your per unit costs to 2 decimal places.)Weighted Average - Perpetual:DateMarch 7March 14Average costMarch 15March 21Average cost# ofunitsGoods purchasedCost perunit18 @ $20.0032 @ $30.0028 @$36.0018 units @ $20.00 cost32 units @ $30.00 cost28 units @ $36.00 costInventoryValue$==360.00$960.00$1,008.00# ofunitssoldCost of Goods SoldCost perunitCost ofGoods Sold$ 0.00Inventory BalanceCost perunit# of units@@@0@@InventoryBalance$ 30.00 =$36.00 =$0.00 !Required informationHarry Gryffindor incorporated Harry's Pottery on March 1, 20x7.Harry's Pottery is a merchandising company located in Hogwarts Station, MD.During his first month of operations Harry reported the following data related to his purchases for his only product:In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each.Purchases on March 7Purchases on March 14Purchases on March 21Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each.Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March30 if Harry uses the weighted average method to assign costs to inventory.(Round your per unit costs to 2 decimal places.)Weighted Average - Perpetual:DateMarch 7March 14Average costMarch 15Goods purchased# ofunitsCost perunit18 @ $20.0032 @ $ 30.0018 units @ $20.00 cost32 units @ $30.00 cost28 units @ $36.00 costInventoryValue$==360.00$960.00# ofunitssoldCost of Goods SoldCost perunitCost ofGoods Sold$ 0.00SInventory BalanceCost perunit# of units@@-InventoryBalance$ 30.00 =$0.00

Name: Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7.Harry'
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Description: Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7.Harry's Pottery is a merchandising company located in Hogwarts Station, MD.During his first month of operations Harry reported the following data related to his purchases for his only pr

The inventory can be valued using different methods: FIFO LIFO Weighted average method Using…

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Harry Gryffindor incorporated Harry's Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product: In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each. Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units @ $20.00 cost 32 units @ $30.00 cost 28 units @ $36.00 cost y Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each. uming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March Harry uses the weighted average method to assign costs to inventory. und your per unit costs to 2 decimal places.) hd Average - Perpetual: Inventory Balance

Harry Gryffindor incorporated Harry's Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product: In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each. Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units @ $20.00 cost 32 units @ $30.00 cost 28 units @ $36.00 cost y Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each. uming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March Harry uses the weighted average method to assign costs to inventory. und your per unit costs to 2 decimal places.) hd Average - Perpetual: Inventory Balance

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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Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12. Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49.350 Totals 120 HK$122.920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg 125) FIFO…
Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the Weighted Average method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the LIFO method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $
Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7. 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $18.00 cost Purchases on December 14 Purchases on December 21 Required: Monson sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 109 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 107 2,461 Totals 135 $14,229 (a) Your answer is correct. Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) (b) Ending inventory at September 30 $ eTextbook and Media FIFO 2779 $ LIFO 2688 $ AVERAGE-COST 2740 Attempts: 2 of 3 used Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold $ FIFO $ LIFO AVERAGE-COST $
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