KThe following data was extracted from the records of Today Company300 units at $45 per unit50 units at $14 per unit300 units at $16 per unitSales revenueBeginning inventoryPurchasesWhat is the gross profit using the LIFO method?OA. $8,000OB. $8,700OC. $9,300OD. $8,800L

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Answered: K The following data was extracted from…

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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write the final answer just.
Sales 3,200 units Beginning inventory Purchases, in chronological order.. 1,000 units @ $4 1,200 units @ $5 1,600 units @ $6 800 units @ $8
FIFO/LIFO problem
I have answer for a and b Solve c
Using the following information, what is the amount of gross profit? Purchases $ 25,449 Selling expense $ 970 Inventory, September 1 5,138 Inventory, September 30 8,660 Administrative expense 545 Sales 55,013 Rent revenue 844 Interest expense 907 A. $907 B. $21,927 C. $24,542 D. $33,086
Complete the missing figures: Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year
Find the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293
Q. No. 5- Inventory valuation Given: Ahsan Company presents the following data for the month of August, 1995. August 1 August 4 August 6 August 7 August 10 August 13 August 15 August 20 August 27 August 30 Balance 100 units @ Rs. 25 per unit 200 units @ Rs. 26 per unit 160 units @ Rs. 35 per unit 80 units @ Rs. 38 pcr unit 240 units @ Rs. 24 per unit 100 units @ Rs. 33 per unit 110 units @ Rs. 30 per unit 220 units @ Rs. 26 per unit 130 units @ Rs. 33 per unit 40 units @ Rs. 35 per unit Purchase Sales Sales Purchase Sales Sales Purchase Sales Salcs Determine the cost of Ending Inventory. The cost of Goods Sales and the Gross profit under perpetual system by FIFO Method. Required:-
Accounting Question
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…

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K The following data was extracted from the records of Today Company 300 units at $45 per unit 50 units at $14 per unit 300 units at $16 per unit Sales revenue Beginning inventory Purchases What is the gross profit using the LIFO method? OA. $8,000 OB. $8,700 OC. $9,300 OD. $8,800