The following data applies to a particular item of merchandise:- On hand at start of period: 300 units at $5.10 per unit- 1st purchase: 500 units at $5.20 per unit- 2nd purchase: 700 units at $5.30 per unit- 3rd purchase: 600 units at $5.50 per unit- Number of units available for sale: 2,100- On hand at end of period: 500- Number of units sold during period: 1,600Of the 1,600 units sold during the period:- 300 were from the beginning inventory - 500 from the first purchase- 600 from the second purchase- 200 from the last purchaseUsing the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the cost of goods sold would be:A. $11,130.B. $8,480.C. $8,410.D. $11,140. The following data applies to a particular item of merchandise:- On hand at start of period: 300 units at $5.10 each- 1st purchase: 500 units at $5.20 each- 2nd purchase: 700 units at $5.30 each- 3rd purchase: 600 units at $5.50 each**Number of units available for sale:** 2,100**On hand at end of period:** 500**Number of units sold during period:** 1,600Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out (LIFO) costing method, the value of the inventory on hand at the end of the period would be:a. $2,570.b. $8,570.c. $2,750.d. $2,730.

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Description: The following data applies to a particular item of merchandise:- On hand at start of period: 300 units at $5.10 per unit- 1st purchase: 500 units at $5.20 per unit- 2nd purchase: 700 units at $5.30 per unit- 3rd purchase: 600 units at $5.50 per unit

COGS stands for Cost of goods sold states the direct costs for producing the goods sold through…

Business

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ne following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1* purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period _500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the cost of goods sold would be

ne following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1* purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period _500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the cost of goods sold would be

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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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 27 units @ $24 5 Sale 16 units 17 Purchase 29 units @ $26 30 Sale 29 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1 b. Determine the inventory on September 30.$fill in the blank 2
The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the value of the inventory on hand at the end of the period would be
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the value of the inventory on hand at the end of the period would be a. $2,730. b. $8,570. Oc. $2,750. Od. $2,570.
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Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Assume that three identical units of merchandise were purchased during October, as follows: Units Cost October 5 Purchase 1 $ 5 12 Purchase 13 28 Purchase 1 15 Total $33 Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the LIFO method.