Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information showsMountain Country's purchases and sales of Xpert skateboards during November:DateNov.1 Beginning inventory5121922Explanation25PurchasesSalesPurchasesSalesPurchasesUnits3123(41)42(48)3441Unit Cost/Price$296301478306489311 of Xpert skateboards during November: \table [[Date, Explanation, Units, Unit Cost/Price], [Nov. 1, Beginning inventory, 31, $296 prepare journal entry to record purchase onaccount and sales (cash) for mountain country in a prepetual inventory system usingfifo.

FIFO is first in first out which means inventory bought first is sold first.Inventory means the…

Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Units Unit Cost/Price 31 23 (41) 42 (48) 34 41 $296 301 478 306 489 311

Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Units Unit Cost/Price 31 23 (41) 42 (48) 34 41 $296 301 478 306 489 311

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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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the Weighted Average method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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?
S Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 5 12 19 I 22 25 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases Cost of goods sold $ Units 34 24 (42) 43 FIFO (49) 35 45 Unit Cost/Price $299 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, eg. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 304 467 309 519 314 68 L Average Cost
Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the LIFO method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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
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Teal Mountain 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 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO Weighted-average eTextbook and Media 2,940 units Save for Later 980 units Teal Mountain Company uses the perpetual inventory system. $ 1,470 units $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 73,500 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.) 14,602 Cost of Goods Sold Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory Attempts: 0 of 2 used Submit Answer