Mountain Bikes purchased 100 units at $200 each on January 1. On January 15, they purchased 150 units at $220 each. If they sold 180 units during January, calculate the ending inventory value using FIFO method.

Mountain Bikes purchased 100 units at $200 each on January 1. On January 15, they purchased 150 units at $220 each. If they sold 180 units during January, calculate the ending inventory value using FIFO method.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

See similar textbooks

Related questions

Q: Tech Zone Store offers volume discounts: 0-100 units at $50 each, 101-200 units at $45 each, over…

A: Given data:First 100 units: $50 eachNext 101-200 units: $45 eachBeyond 200 units: $40 eachCalculate…

Q: Photo Framing's cost formula for its supplies cost is $1,190 per month plus $19 per frame. For the…

A: Step 1: Understand the Cost FormulaThe cost formula for supplies is: Supplies Cost=Fixed…

Q: A company performed $8,635 of services and received $3,000 in cash with the remaining amount to be…

A: Correct Answer:B. $8,635 increase in Assets; No effect on Liabilities; $8,635 increase in…

Q: Kindly help me with general accounting question

A: Step 1: Define Balance SheetA balance sheet is a financial statement that shows three broad sections…

Q: What is summit's contribution margin rate ?

A: Step 1: Definition of Contribution Margin RateThe Contribution Margin Rate is the percentage of…

Q: Quick answer of this accounting questions

A: Step 1: Definitions of Gross Profit on Sales:The Gross Profit is calculated as the difference…

Q: Sweet Treats Bakery bought 3 mixers: first for $2,000, second for $2,400, and third for $2,800. A…

A: Step 1:First calculate the total purchase discount: Total purchase discount = Total purchase price *…

Q: General accounting

A: Step 1: Definition of Average Number of Days' Sales in Accounts ReceivablesThe Average Number of…

Q: A piece of equipment is purchased for $23,500 and has a salvage value of $3,200. The estimated life…

A: Explanation of Total Cost: Total cost, calculated as $24,880, represents the full amount spent to…

Q: Hii expert please provide correct answer general Accounting question

A: Explanation: Following data is given in the question:Sales (all credit) = $240,000; Cost of goods…

Q: Please need answer the general accounting question

A: Step 1: Define Job Order CostingJob order costing is a costing system used to assign manufacturing…

Q: #general account

A: The correct answer is:a. Direct material cost. Explanation:Flour in Bread Production:Flour is a…

Q: What is the amount of gross margin for this merchandise? General accounting

A: Step 1: Define Gross MarginGross margin is the difference between the cost of goods sold and net…

Q: Ultimate Production manufactures radon detectors. The standard for materials for each detector is 2…

A: Where: - **Actual Price per Unit (AP)** = $4.45 per pound - **Standard Price per Unit (SP)** =…

Q: None

A: To calculate the market value of shareholders' equity, we use the formula: Equity = Assets -…

Q: General Accounting

A: Step 1: Define Production RequirementProduction requirement refers to the number of units a company…

Q: Financial accounting question

A: Step 1: Define Net IncomeNet income refers to the ultimate profit made by a company during a…

Q: ?

A: Part a. (Determine Other Comprehensive Income)• Step 1: Identify the items that contribute to Other…

Q: Hello expert provide correct answer

A: Step 1: Identify the Manufacturing Margin Formula Step 2: Calculate Total Sales Step 3: Calculate…

Q: Manufacturing overhead: 435000

A: Explanation of Direct Materials Used:Direct Materials Used refers to thecost of raw materials that…

Q: financial accounting

A: Step 1: Define Operating LeverageOperating leverage is a financial ratio that expresses the…

Q: Which of the following is a manufacturing product cost? a. Depreciation on factory equipment b.…

A: The correct answer is:e. Both a and c are product costs. Explanation:What Are Manufacturing Product…

Q: The following data relate to direct labor costs for the current period: Standard costs 7,500 hours…

A: Definition of Direct Labor Rate VarianceThe Direct Labor Rate Variance measures the difference…

Q: Answer the following requirements

A: STEPS FOR EACH PART Part A:Step 1: Calculate Gain Realized• Selling Price - Selling Expenses -…

Q: General Accounting Question 2.1

A: 3. Camel Corporation's after-tax net cash inflow:Given:Merchandise sales = $100,000Cost of…

Q: A callable bond is one that

A: Can be redeemed before maturityA callable bond gives the issuer the right to redeem (or "call back")…

Q: What is connor's expected sales revenue for February general accounting

A: The expected sales revenue for February is calculated as follows: Sales revenue-February = Estimated…

Q: What is the company's plantwide overhead rate?

A: Step 1: Definition of Plantwide Overhead RateThe plantwide overhead rate is used to apply…

Q: For the period ending October 6, compute the following:

A: Data GivenBeginning Inventory (January 1): $140,000Purchases (January 1 to October 6): $670,000Sales…

Q: Falcon Enterprises reported a net income of.... Please provide answer the general accounting…

A: Step 1: Define Cash Coverage RatioThe cash coverage ratio measures a company's ability to pay…

Q: On July 1, 2022, Burrough Company acquired 136,000 of the outstanding shares of Carter Company for…

A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…

Q: Can you please solve this general accounting question?

A: Step 1: Define Owner's EquityOwner's equity, also referred to as stockholders' equity, represents…

Q: None

A: Step 1:1. The contribution margin ratio is calculated as follows: Contribution margin ratio =…

Q: BoAt Company had no beginning inventory and adds all materials at the very beginning of its only…

A: Explanation of Beginning Inventory: Beginning inventory represents the amount of product that was in…

Q: I'm waiting for answer

A: Impact on Financial StatementsThe financial accounts of a business can be significantly impacted by…

Q: Budget variance of opereting income?

A: Step 1: Define Variance AnalysisThe variance analysis of a firm is determined by taking a difference…

Q: Subject:- General Account

A: Step 1:Ending inventory means the stock lying unsold at the end of accounting period. When the goods…

Q: Don't want ai Answer

A: Explanation of Stockholders' Equity:Stockholders' equity represents the portion of a company's…

Q: In Department C, materials are added at the beginning of the process. There were 1,000 units in the…

A: To calculate equivalent units under the average cost method, we need to account for materials and…

Q: Financial Accounting

A: How to calculate the expected return for Black Magic Cosmetics Inc. using the Capital Asset Pricing…

Q: General Accounting Question solve this one

A: Detailed explanation:Formula: Direct Materials Price Variance = (Actual price - Standard price) x…

Q: None

A: The operating cash flow at the break-even point can be calculated using the formula: Operating Cash…

Q: Hi expert provide correct answer general accounting

A: Step 1:First, calculate the degree of combined leverage: Degree of combined leverage = Degree of…

Q: provide account option

A: Stockholders' equity, also referred to as owners' equity, is the residual interest in a company's…

Q: Find GEneral Account Asnwer

A: 1. Determine the cost of the asset:The cost of the equipment is given as $210,000. 2. Determine the…

Q: Calculate the market Value.

A: To calculate the market value of stockholders' equity, use the formula:Market Value of Equity=Total…

Q: ITS GENERAL ACCOUNT QUESTIONS

A: The accounting equation is: Assets=Liabilities+Stockholders' Equity To find Stockholders' Equity,…

Q: In Bramble Corp.'s income statement, they report a gross profit of $44,000 at standard and the…

A: To calculate Bramble Corp.'s actual gross profit, we adjust the standard gross profit by considering…

Q: Please answer this question

A: Explanation of Direct Materials Cost:Direct materials cost refers to the expense incurred to…

Q: Kindly help me with accounting questions

A: Step 1: Define Economic Order QuantityThe economic order quantity helps the traders to understand…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Mountain Bikes purchased 100 units at $200 each on January 1. On January 15, they purchased 150 units at $220 each. If they sold 180 units during January, calculate the ending inventory value using FIFO method.
Hai
Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale?
A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11 units at $16 per unit. On May 12, they purchased 18 units at $17 per unit. On May 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at May 15 after the sale?
Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?
A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?
Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the LIFO perpetual inventory method, what is the value of inventory after the October 4 sale?
a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it purchases 22 units at 13.00 per unit. on October 12 it purchases 32 units at 14.00 per unit. on oct. 15 it sells 66 units. using FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?
A company has beginning inventory of 300 units at $ 16.75 each; They purchased 400 units at $ 6.51 each on June 2; On June 15, they also purchased 200 units at $ 12.62 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method? Round your answer to the nearest dollar.
What is the value of the inventory on October 15 after the sale ?