In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 380 units at $4, (2) 480 units at $6, and (3) 580 units at $7. Sunland uses a periodic inventory system (a1) Calculate weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Weighted average unit cost $

In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 380 units at $4, (2) 480 units at $6, and (3) 580 units at $7. Sunland uses a periodic inventory system (a1) Calculate weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Weighted average unit cost $

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Description: In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 380 units at $4,(2) 480 units at $6, and (3) 580 units at $7. Sunland uses a periodic inventory system(a1)Calculate weighted-average

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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In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 355 units at $6, (2) 510 units at $7, and (3) 400 units at $8. Assuming there are 265 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sunland uses a periodic inventory system. (a) Cost of the ending inventory $ FIFO LIFO (b) Cost of the ending inventory $ 8900
n its first month of operations, Waterway Company made three purchases of merchandise in the following sequence: (1) 320 units at $8, (2) 440 units at $9, and (3) 240 units at $10. Calculate the average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Average unit cost $ Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory $ Click if you would like to Show Work for this question: Open Show Work
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580
In its first month of operations, Bramble Company made three purchases of merchandise in the following sequence: (1) 330 units at $6, (2) 430 units at $7, and (3) 210 units at $8. Assuming there are 380 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bramble uses a periodic inventory system. Cost of the ending inventory FIFO LIFO
In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following sequence: (1) 258 units at $6, (2) 344 units at $8, and (3) 604 units at $9. Assuming there are 172 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Ivanhoe uses a periodic inventory system. FIFO LIFO $ SA $ SA Ending Inventory
In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1) 380 units at $7, (2) 480 units at $9, and (3) 580 units at $10. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $enter an average unit cost in dollars SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of the ending inventory under the average-cost method, assuming there are 280 units on hand at the end of the period. (Round answer to 0 decimal places, e.g. 125.) The cost of the ending inventory $enter the cost of the ending inventory in dollars
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
In its first month of operations, Sheridan Company made three purchases of merchandise in the following sequence: (1) 300 units at $8, (2) 480 units at $9, and (3) 250 units at $10. Assuming there are 380 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sheridan uses a periodic inventory system. Cost of the ending inventory $ FIFO $ LIFO
Inventory records for Eliza Company revealed the following: Date Transaction March 1 Beginning Inventory March 10 March 16 March 23 Purchase Purchase Purchase Number of Units Unit Cost 1,050 $ 7.14 530 880 530 7:33 7.45 7.70 Eliza sold 2,000 units of inventory during the month. What is the cost of goods sold assuming weighted-average cost? (Round the weighted-average unit cost to 4 decimals if necessary and round your final answer to nearest whole dollar.) Multiple Choice O $14,280 О $14,660 $14 810
In its first month of operations, Skysong, Inc. made three purchases of merchandise in the following sequence: (1) 650 units at $6, (2) 750 units at $8, and (3) 850 units at $9. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $enter an average unit cost in dollars Compute the cost of the ending inventory under the average-cost method, assuming there are 550 units on hand at the end of the period. (Round answer to 0 decimal places, e.g. 125.) The cost of the ending inventory $enter the cost of the ending inventory in dollars
Flingen Inc. reveals the following information in their annual report for FY 2021 Selected Income Statement Items: Sales $10,500,000 Cost of goods sold $5,500,000 Pretax earnings $650,000 Selected Balance Sheet Items: Merchandise inventory $800,000 Total assets $2,500,000 Upper management plans to cut cost of goods sold by 4.5% for the coming year but retain the same sales and weeks of inventory. What is the return on assets estimated to be for 2022? Group of answer choices 33.7% 32.1% 36.8% 34.1%