Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1(a)7815i.20ii.2527Beginning inventoryPurchasePurchaseSaleSalePurchaseSale* Your answer is incorrect.Kingbird Company uses the periodic inventory system.FIFO3,780 units1,260 unitsWeighted-average1,890 units$4,410 units$882 units630 units1,512 unitsCost$115,290Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using:50,400i. FIFOii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.)Cost of Goods Sold94,50019,530250,110248,724Sales$$396,90066,150$90,720Gross Margin303,660305,046$$tAEnding Inventory25,07426,460

Name: Kingbird Company sells discounted shoes to the fashion-oriented consu
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1(a)7815i.20ii.2527Beginning inventoryPurchasePurchaseSaleSalePurchaseSale* Your answer i

FIFO Method - This is the method of inventory valuation in which company uses inventory for…

Business

Accounting

Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 Beginning inventory (a) 7 8 15 i. 20 ii. 25 27 Purchase Purchase Sale Sale Purchase Sale * Your answer is incorrect. Kingbird Company uses the periodic inventory system. 3,780 units 1,260 units FIFO 1,890 units $ 4,410 units Weighted-average $ 882 units 630 units 1,512 units Cost $115,290 50,400 94,500 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) 19,530 Cost of Goods Sold 250,110 248,724 Sales $ $396,900 66,150 $ 90,720 Gross Margin 303,660 305,046 $ $ Ending Inventory 25,074 26,460

Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 Beginning inventory (a) 7 8 15 i. 20 ii. 25 27 Purchase Purchase Sale Sale Purchase Sale * Your answer is incorrect. Kingbird Company uses the periodic inventory system. 3,780 units 1,260 units FIFO 1,890 units $ 4,410 units Weighted-average $ 882 units 630 units 1,512 units Cost $115,290 50,400 94,500 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) 19,530 Cost of Goods Sold 250,110 248,724 Sales $ $396,900 66,150 $ 90,720 Gross Margin 303,660 305,046 $ $ Ending Inventory 25,074 26,460

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

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.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
devrat
Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase Sale October 13 October 20 October 28 October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19,230 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
Jay
Assume that J R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JR Toys uses the perpetual inventory system. More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 7 14 13 units @ $ 8 each units @ $18 each units @ $ 16 each units @ $ 18 each. - X Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?
pee Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Cost per Date Transactions Units Unit Total Cost $ 4,620 Beginning inventory Sale October 1 6. October 4 4. October 10 Purchase 780 5. October 13 October 20 October 28 October 30 Sale 3. Purchase 3,160 4. Sale Purchase 008 $17,280 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediat calculations. Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold
find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
Required information [The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $880 $5,280 453478 890 4,450 900 3,600 910 7,280 $20,610 Using FIFO, calculate ending inventory and cost of goods sold at October 31. Answer is complete but not entirely correct. Ending inventory $ 6,370 x Cost of goods $ 14,280 × old
Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 15 20 ii. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale i. FIFO 3,120 units 1,040 units Weighted-average 1,560 units $ 3,640 units 728 units 520 units 1,248 units Kingbird Company uses the perpetual inventory system. Cost $92,040 41,600 78,000 15,496 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) $327,600 Cost of Goods Sold Sales $ 54,600 tA 74,880 Gross Margin $ Ending Inventory