HW6#17a: Use the following data to answer the Chapter 6 ComprehensiveReview QuestionDEFROST Company sells snowmobiles using a periodic inventorysystem. January is their peak business season. Transactions forDEFROST during January 2018 include the following:DATEEVENTTRANSACTIONS1-Jan Beginning Inventory5-Jan|Purchases+ Freight13-Jan Sold18-Jan Sold23-Jan Purchases + Freight|25-Jan Sold8 Snowmobiles at $2,000 each5 Snowmobiles at $2,500 each9 Snowmobiles at $3,000 each3 Snowmobiles at $3,000 each7 Snowmobiles at $2,600 each3 Snowmobiles at $3,200 each4245 In-Class Exercises Reporting & Analyzing Inventory due at beginning of class on March 18 FIFO LIFO AVERAGE COSTSalesBeginning InventoryCost of Goods PurchasedCost of Goods Available for Sale(Ending Inventory)Cost of Goods Sold1/003,29Gross Profit

LIFO: Last in First out. Ending inventory includes the oldest cost. FIFO: First in First out. Ending…

Answered: HW6#17a: Use the following data to…

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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Question Content Area Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)? Sales on account during year $598,636 Cost of merchandise sold during year 212,753 Accounts receivable, beginning of year 44,419 Accounts receivable, end of year 53,126 Merchandise inventory, beginning of year 32,158 Merchandise inventory, end of year 39,584
petermine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases a. $363,000 b. $75,000 Oc$297,000 d. $57,000 $660,000 45% $75,000 $345,000
Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFO
Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number of Units Per Unit Total $60.00 70.00 140.00 Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 21,000 10,250 5,750 3,500 39,500 15,000 10,000 $540,000 1,470,000 1,435,000 140.00 805,000 140.00 490,000 75.00 2,962,500 150.00 2,250,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000
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.
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost of Cost per unit Cost per Ending per unit Inventory Goods Cost # of units # of units Goods # of units unit Available Sold for Sale Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit
Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 580 units at $ 8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost of Goods Cost per Goods Cost Cost per unit Ending per unit Inventory # of units # of units # of units unit Available Sold for Sale Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit

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