KThe following data was extracted from the records of Today Company:600 units at $55 per unit120 units at $12 per unit600 units at $33 per unitSales revenueBeginning inventoryPurchasesWhat is the gross profit using the FIFO method?OA. $11,760OB. $25,800OC. $13,200D. $15,720

Gross Profit = Sales - Cost of Goods soldIn case of FIFO method the opening inventory and units…

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

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Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, Chris Jenkins, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 $910,000 441,000 $469,000 $139,150 99,450 $238,600 $230,400 65,000 $295,400 65,000 $230,400 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income 20Y1 $700,000 350,000 $350,000 $115,000 85,000 $200,000 $150,000 50,000 $200,000 50,000 $150,000 Required: Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Difference".columns.
Question: The cost of goods sold as a percentage of net sales revenue is (round your answer to two decimal places). Sales Revenue $420,000 Sales Returns and Allowances 1,400 Sales Discounts Net Sales Revenue Cost of Good Sold a) 62.45% b) 62.58% c) 61.90% d) 62.24% 850 417,750 260,000
If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
3
* Old Oak Winery sold inventory for $260,000, terms 5/10, n/30. Cost of goods sold was $151,000. How much sales revenue will Old Oak Winery report from the sale? (Assume the company records sales at the net amount.) OA. $109,000 OB. $260,000 OC. $247,000 OD. $151,000
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K The following data was extracted from the records of Today Company: Sales revenue 600 units at $55 per unit 120 units at $12 per unit Beginning inventory Purchases 600 units at $33 per unit What is the gross profit using the FIFO method? O A. $11,760 O B. $25,800 OC. $13,200 O D. $15,720 ....