1.Table include April 3 to June 30 , can’t post the whole thing… 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total sales?Total cost of goods sold?Gross profit from sales?Determine the ending inventory cost on June 30 ? LIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer UnitTotalApr. 3Inventory$ 22590$ 20,2508Purchase18027048,60011Sale12175090,75030Sale7675057,000May 8Purchase15030045,00010Sale9075067,50019Sale4575033,75028Purchase15033049,500June 5Sale9079071,10016Sale12079094,80021Purchase27036097,20028Sale135790106,650Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at tdifferent costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.Dunne Co.Schedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended June 30PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityTotal CostUnit CostQuantityUnit CostTotal CostApr. 3| Apг. 8$Арг. 11$Apг. 30May 8

The inventory using LIFO method is computed as new inventory is sold first and old units are left in…

ne beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory $ 225 90 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 97,200 360 28 Sale 135 790 106,650

ne beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory $ 225 90 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 97,200 360 28 Sale 135 790 106,650

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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Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Solve the problem using the information given in the table and the weighted-average inventory method. Round the final answer to the nearest cent - do no round other calculation. Calculate the cost of goods sold. Answer: ($2,053.55) The answer is here but I need to know HOW to get the answer - the chart is attached.
10. Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units Cost Beginning inventory Purchase (June 5). Purchase (June 15) Sale (June 20). Sale (June 25). Purchase (June 30) 50 $10 10 16 30 14 40 20 10 20 Assuming Mama's uses a periodic weighted average cost flow assumption, cost of goods sold for June would be a. $512 b. $560 c. $768 d. $720
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Match the term with its definition. Cost-To-Retail Ratio [Choose ] Choose Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 11 Minutes, 4 Seconds Designated Market Value Gross Profit Method Gross Profit Percentage The cost to replace an item. Also known as "Replacement Cost". Correct Answer Gross profit divided by Sales. Correct Answer Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer An addition to the original sales price Correct Answer A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer Net Realizable Value minus a normal profit margin Correct Answer Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer An inventory valuation method that compiles inventory at sales prices and converts the…
I→ 3 Tremblay Company began June with 45 units of inventory that cost a total of $900. During June, Tremblay purchased and sold goods as follows: (Click the icon to view the transactions.) Calculate the gross margin amount using the weighted-average method. assuming Tremblay uses a periodic inventory system. Jave Before we can calculate gross margin, we must first determine the cost of goods sold, using the periodic method of costing inventory. Start by determining the formula, and then enter the amounts. (Round your answers to the nearest whole dollar.) Cost of goods available for sale Less: Cost of goods sold More info June 8 Purchase: 65 units at $14.00 June 14 June 22 Sale: 55 units at $32 Purchase: 48 units at $16.00 June 27 Sale: 65 units at $37.00 - X
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Presented below is information related to Headland Enterprises. Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month *(a) Sales Revenue Cost of Goods Sold Inventory, Beginning Purchases Cost of Goods Available Jan. 31 Inventory, Ending Cost of Goods Sold Gross Profit $18,300 17,690 Feb. 28 $18,422 15,372 20,740 35,380 Gain (loss) due to Market Fluctuations of Inventory Your answer is partially correct. Try again. From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February $35380 [18300 20740 139040 [18422 20618 [14762 +2440 Mar. 31 $12322 $20,740 19,032 29,280 42,700 Apr. 30 March -1048 143466 $17,080 16,226 32,330…
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 36 $225 $8,100 8 Purchase 72 270 19,440 11 Sale 48 00 750 36,000 30 Sale 30 750 22,500 May 8 Purchase 60 60 300 18,000 10 Sale 36 750 27,000 19 Sale 18 750 13,500 28 Purchase 60 330 19,800 June 5 Sale 36 790 28,440 16 Sale 48 790 37,920 21 Purchase 108 360 38,880 28 Sale 54 790 42,660 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 * Includes purchase price and cost of freight. Units Purchases Unit Cost* 4,000 2,000 5,000 11,000 $8 9 11,000 units were on hand at the end of the month. Total Cost $ 48,000 72,000 $ 120,000