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 Rowens Ravenclaw for $50 each Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units 32 units $20.00 cost $30.00 cost 28 units@ $36.00 cust Harry 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 March 30 if Harry uses LIFO to assign costs to inventory.

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 Rowens Ravenclaw for $50 each Purchases on March 7 Purchases on March 14 Purchases on March 21 18 units 32 units $20.00 cost $30.00 cost 28 units@ $36.00 cust Harry 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 March 30 if Harry uses LIFO to assign costs to inventory.

Name: JRequired informationHarry Gryffindor incorporated Harry's Pottery on
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: JRequired informationHarry Gryffindor incorporated Harry's Pottery on March 1, 20x7.Harry's Pottery is a merchandising company located in Hogwarts Station, MDDuring his first month of operations Harry reported the following data related to his purch

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 112 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a1) Explanation Units Inventory Purchases Purchases Purchases Totals ✓ Your answer is correct. September 1 September 5 September 12 (a2) September 16 $ $ $ $ September 19 $ September 26 $ 112 September 29 $ Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. Date Units Sept. 5 Sale 8 ⠀ Sept. 16 Sale 53 Sept. 29 Sale 51 Totals eTextbook and Media 15 49 55 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) The ending inventory $ 22 141 Unit Cost $105 108 109 110 105 105 107.625 107.625 108.929 109.223 FIFO Total Cost 109.223 $1,575 5,292 5,995 2,420 $15,282 Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places,…
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $35 each. Purchases on December 7 18 units @ $14.00 cost Purchases on December 14 33 units @ $21.00 cost Purchases on December 21 28 units @ $25.00 cost Required:Monson sells 28 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 23 units for $30 each. Purchases on December 7 13 units @ $12.00 cost Purchases on December 14 30 units @ $18.00 cost Purchases on December 21 23 units @ $22.00 cost Required:Monson sells 23 units for $30 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Between The Ears (BTE.com) is a popular Internet music store. During the current year, the company's cost of goods available for sale amounted to $472,000. The retail sales value of this merchandise amounted to $826,000. Sales for the year were $728,000. At year-end, BTE.com takes a physical inventory. The general manager walks through the warehouse counting each type of product and reading its retail price into a recorder. From the recorded information, another employee prepares a schedule listing the entire ending inventory at retail sales prices. The schedule prepared for the current year reports ending inventory at $26,491 at retail sales prices. Required: a. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inventory at the end of the year. b-1. Use the cost ratio computed in part a to reduce the inventory counted by the general manager from its retail value to an estimate of its cost. b-2. Determine the estimated shrinkage losses (measured…
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory Cost of goods sold FIFO 2240 13242 $ LIFO 2000 11018
Cheyenne sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Cheyenne's beginning inventory and purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Cheyenne uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $100 $1,300 Sept. 12 Purchases 43 103 4,429 Sept. 19 Purchases 49 104 5,096 Sept. 26 Purchases 19 105 1,995 Totals 124 $12,820 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 2$ $ $ Cost of goods sold %4 %24 %24
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $25 each. Purchases on December 7 20 units @ $10.00 cost Purchases on December 14 36 units @ $15.00 cost Purchases on December 21 30 units @ $18.00 cost Required:Monson sells 30 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit Inventory Value # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance December 7 December 14 Average cost…
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 500 units @ $ 7 = Purchased 300 units @ $9 = Purchased 380 units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 98 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Unit Cost $102 (a1) Inventory Purchases Purchases Purchases Totals Sale Sale Sale Totals September 1 September 5 September 12 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. September 16 September 26 $ September 29 $ Your answer is partially correct. $ September 19 $ $ Units $ 8 $ 46 44 12 98 44 48 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 30 134 105 106 107 Total Cost $1,224 4,620 102 5,088 3,210 $14,142
Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising cransactions occurred. June 1 Purchased books on account for $2,250 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $750. Received $50 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,400. The cost of the merchandise sold was $900. 20 Purchased books on account for $750 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,850. The cost of the merchandise sold was $750. 30 Granted General Bookstore $150 credit for books returned costing $45. Prepare a tabular summary to record the transactions for the month of…
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
Required information (The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 4800 units es 8 Purchased 200 units e $10 Purchased 280 units @ $13 Purchased 90 units @ $15 $3, 200 2, e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.