Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.Units Acquired at Cost600 units@ $45 per unit400 units@ $42 per unit200 units@ $27 per unitDateActivitiesUnits Sold at RetailJan. 1 Beginning inventoryFeb. 10 PurchaseMar. 13 PurchaseMar. 15 SalesAug. 21 PurchaseSept. 5 PurchaseSept. 10 Sales800 units @ $75 per unit100 units@ $50 per unit500 units@ $46 per unit600 units@ $75 per unitTotals1,800 units1,400 unitsRequired:1. Compute cost of goods available for sale and the number of units available for sale.Cost of goods available for saleNumber of units available for saleunits2. Compute the number of units in ending inventory.Ending inventoryunits3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, () weighted average, and (d) specific identification. (Forspecific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 200 from theMarch 13 purchase, 50 from the August 21 purchase, and 250 from the September 5 purchase.)Complete this question by entering your answers in the tabs below.Perpetual FIFO Perpetual LIFOWeightedAverageSpecific IdCompute the cost assigned to ending inventory using FIFO, (Round your average cost per unit to 2 decimal places.)Rornotunl FIEO

Name: Montoure Company uses a perpetual inventory system. It entered into t
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Description: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.Units Acquired at Cost600 units@ $45 per unit400 units@ $42 per unit200 units@ $27 per unitDateActivitiesUnits Sold at R

COST OF GOODS AVAILABLE FOR SALE UNITS COST/UNIT Cost of Good FOR SALE Beginning…

Business

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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units @ $45 per unit 400 units@ $42 per unit 200 units@ $27 per unit Activities Units Sold at Retail Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 800 units @ $75 per unit 100 units@ $50 per unit 500 units@ $46 per unit 600 units@ $75 per unit Totals 1,800 units 1,400 units Doguired

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units @ $45 per unit 400 units@ $42 per unit 200 units@ $27 per unit Activities Units Sold at Retail Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 800 units @ $75 per unit 100 units@ $50 per unit 500 units@ $46 per unit 600 units@ $75 per unit Totals 1,800 units 1,400 units Doguired

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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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit February 10 Purchase 420 units @ $38 per unit March 13 Purchase 180 units @ $25 per unit March 15 Sales 755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit September 5 Purchase 560 units @ $41 per unit September 10 Sales 750 units @ $70 per unit Totals 1,930 units 1,505 units Required: Compute cost of goods available for sale and the number of units available for sale. Cost: I got 75170 Units:1930 Compute the number of units in ending inventory. I got 425 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 580 units from…
Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20
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 Activities March 1 March 5 Beginning inventory Purchase Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit Units Sold at Retail March 9 Sales 260 units @ $86.00 per unit March 18 Purchase March 25 Purchase March 29 Sales Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit 560 units 130 units @ $96.00 per unit 390 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale # of units Cost per Unit Cost of Goods Available for Sale S Next >
[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 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost @ $50.20 per unit @ $55.20 per unit LIFO 60 units 205 units 65 units 110 units 440 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $60.20 per unit @ $62.20 per unit Weighted Average Units Sold at Retail Specific ID 220 units @ $85.20 per…
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the 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 Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Sold at Retail Unita Acquired at Cost 600 unita $35 per unit 300 unite @ $32 per unit 150 units @ $20 per unit Date. Jan. 1 Beginning inventory Feb. 10 Purchase. Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase. Sept. 5 Purchase. Sept. 10 Sales Totaln 190 units @ $40 per unit 540 units $37 per unit Cost of goods available for sale Number of units available for sale 1,780 units 725 units @ $80 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. units 730 unite $80 per unit 1,455 unite
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $12.00 = March 14 @ $17.00 = Purchase Sales March 15 July 30 October 5 October 26 @ $22.00 @ $27.00 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 Purchase Sales Purchase Totals July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 250 units 250 400 450 150 1,250 400 units 450 units 150 units 1,250 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. = Cost Per # of units Unit sold $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units…
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Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00
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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit 440 units Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)…
Warnerwoods Company uses a periodic 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 29 ) Periodic FIFO Beginning inventory Purchases. March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. # of units oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 115 $ Cost per unit 680 415 $ 55.00 150 $ 60.00 Units Acquired at Cost 115 units $50 per unit @$55 per unit 415 units 50.00 # of units 150 units…
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00