I→3Tremblay Company began June with 45 units of inventory that cost a total of $900. During June, Tremblay purchased and sold goods as follows:(Click the icon to view the transactions.)Calculate the gross margin amount using the weighted-average method. assuming Tremblay uses a periodic inventory system.JaveBefore we can calculate gross margin, we must first determine the cost of goods sold, using the periodic method of costing inventory. Start by determining the formula, and then enter the amounts.(Round your answers to the nearest whole dollar.)Cost of goods available for saleLess:Cost of goods soldMore infoJune 8Purchase: 65 units at $14.00June 14June 22Sale: 55 units at $32Purchase: 48 units at $16.00June 27Sale: 65 units at $37.00- X

Detailed explanation:Periodic system, weighted average method :Cost of Goods Available for sale…

Answered: I→ 3 Tremblay Company began June with…

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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Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse. Date Transaction Units Unit Cost Total Cost November 1 Beginning inventory 5 300 1,500 November 3 Sale 2 November 8 Purchase 9 320 2,880 November 10 Sale 4 November 17 Purchase 3 340 1,020 Compute the cost of goods sold for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Fancy Iron began August with 45 units of iron inventory that cost $24 each. During August, the company completed the following inventory transactions: Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) - X Cost of Goods Sold Inventory on Hand Requirements Unit Cost Unit Cost Purchases Unit Date Quantity Cost Aug. 1 3 81 21 30 Totals Total Cost Quantity Total Cost Quantity C Total Cost 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual…
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Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of units Unit cost Sales Beginning inventory 800 $ 50 purchased 600 52 Sold 400 $ 80 Sold 350 90 Ending inventory 650 Use this chart: FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning Purchase Sale…
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
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Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 860 $60 Purchased 650 62 Sold 400 $100 Sold 350 110 Ending inventory 760 AVG (perpetual) Inventory Cost of Goods Sold Cost of Inventory Remaining Cost of Goods Purchased Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Purchase Sale Sale Total COGS Total Purchases
Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. March 3 Cost of goods sold Answer March 20 Weighted-average cost per unit Answer Cost of goods sold Answer March 31 Total cost of goods sold Answer Ending inventory Answer
Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April: Purchases Sales Units Unit Cost Units Selling Price/Unit 4 Purchase 300 18 12 Sale 240 $32 21 Purchase 100 24 29 Sale 165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations. (a) Perpetual Inventory Record––FIFO PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…
How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?
Comprehensive Do it! 1 on page 280 showed cost of goods sold computations under a periodic inventory system. Now let's assume that Gerald D. Englehart Compam uses a perpetual inventory system. The company has the same inventory, purchas and sales data for the month of March as shown earlier: Inventory: March 1 Purchases: March 10 March 20 March 30 March 15 March 25 The physical inventory count on March 31 shows 500 units on hand 200 units @ $4.00 500 units @ $4.50 400 units @ $4.75 300 units @ $5.00 § SIM 2.250 1.900 1.500 500 units Sales: 400 units Instructions Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO. (b) LIFO. and (c average-cost.

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