June 4 June 11 June 18 June 25 Units Received A. $2.30 C. $2.26 2889 70 30 60 40 Unit Cost You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. $3.00 $2.10 $2.40 B. $2.22 D. $2.10

June 4 June 11 June 18 June 25 Units Received A. $2.30 C. $2.26 2889 70 30 60 40 Unit Cost You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. $3.00 $2.10 $2.40 B. $2.22 D. $2.10

Name: June 4June 11June 18June 25UnitsReceived70A. $2.30C. $2.2630LESSON 6-
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: June 4June 11June 18June 25UnitsReceived70A. $2.30C. $2.2630LESSON 6-8Accessibility: Investigate6040UnitCostYou sell 100 units in$2.00 June. Calculate the costof goods sold usinglast-in, first-out.$3.00$2.10$2.40B. $2.22Copyright © 2003-2022 Interna

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

Done Jedi Knights_Prob.pdf Q Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units 200 600 400 Unit Cost $150 160 170 Required: Show your work! 1.) What is the cost of goods available for the company? $ D Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $
CALCULATOR FULL SCREEN PRINTER VERSION 1 BACK NEXT CES Exercise 6-09 a1,a2, b (Part Level Submission) а-с Moath Company reports the following for the month of June. a- Units Unit Cost Total Cost art June 1 Inventory 200 $5 $ 1,000 12 Purchase 400 6. 2,400 on) 23 Purchase 300 7 2,100 30 Inventory 100 udy (a1) MYour answer is correct. Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost 6.11 SHOW SOLUTION LINK TO TEXT
davuben
Question 8 0.5 points Save Answer Jlo uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning Inventory (Jan.1) 16 units @ $11 each 14 units @ $18 each Purchase Jan. 11 Purchase Jan. 20 23 units @ $22 each On January 24, the company sold 25 units of this product. The other 28 units remained in inventory at January 31. Assuming average cost flow, the total value of ending inventory at January 31 is: Round ONLY your final answer to the nearest dollar. GIVE ANSWERS FOR ALL NUMERIC COMPUTATIONS AS A SINGLE TOTAL DOLLAR AMOUNT WITHOUT USING $ SIGN Moving to another question will save this response. <
Please do not give solution in image format thanku
How to do this. Please explain. Thank you.
%24 %24 CDOOK Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $317 April 15 Purchase 1 318 April 20 Purchase 1 319 Total $954 Average cost per unit $318 ($954 3 units) Assume that one unit is sold on April 27 for $439. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) %$4 $4 b. Last-in, first-out (LIFO) c. Weighted average cost
Need to answer 16-4 don't know what to do
January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,500 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Pukchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2