Gross Margin, FIFO perpetualSalesCOGSGross Margin%24%24 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).Numberof Units Unit Cost SalesBeginning Inventory250$100Sold160$140Purchased510103Sold400142Purchased410110Sold370144Ending Inventory240FIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory RemainingNumberNumberNumberof UnitsUnit CostTotal Costof UnitsUnit CostTotal Costof UnitsUnit CostTotal CostBeginningSale16010016,000Purchase51010352,530Sale100103Purchase41011045,100SaleTotal Purchases$ 97,630Total COGSII I

under FIFO method ,inventory cogs recognized on the basis of first remaining purchase unit in stock.

Answered: Number of Units Unit Cost Sales…

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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Date Transaction Number of Units Unit Cost & 1 Beginning inventory 400 $10 8/3 Purchase No. 1 600 $10 85 Sale No. 1 500 817 Sale No. 2 200 8/11 Purchase No. 2 800 $12 8/17 Sale No. 3 1900 8/19 Purchase No. 3 1500 $11 8/21 Sale No. 4 I 800 8/28 Sale No. 5 500 8/29 Purchase No. 4 900 $10 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold under of the following methods assuming the periodic inventory system. Method Weighted-average b FIFO S each Inventory Cost of Goods Sold $ $
BRADY-LOMBARDI TROPHY COMPANY: Inventory Records for Year 20X1 Date Beg Inventory Purchases: Oct 01, 20X1 Oct 05, 20X1 Oct 10, 20X1 Oct 15, 20X1 Oct 20, 20X1 Total Inventory Total Sold Retail Price Cost of Goods Available for Sale (COGAFS) # units Cost/Unit O c. $40,000 O d. $34,400 O e. $78,100 100 $ 200 $ 100 $ 150 $ 90 $ 220 $ 900 580units sold $500per unit 100 110 120 130 150 160 S COGAFS 10,000 $ 22,000 $ 12,000 $ 19,500 $ 13,800 $ 35,200 $ 112,500 Applying the Weighted Average (WA) Method to cost Inventory: Calculate Ending Inventory ROUND ANSWERS TO NEAREST $ (if applicable) a. $72,500 O b. $112,500.
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Estimating Inventory Using Retail Inventory Method- Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June. Inventory (beginning), June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances 4,800 Sales returns and allowances Goods available for sale: Beginning inventory Add: Net purchases Net markups Net markdowns Compute estimated inventory at June 30 using the conventional retail inventory method. • Note: Use negative signs as appropriate in the following schedule. Total goods available for sale Subtract Cost Selling Price $86,080 $128,000 277,120 Net sales Net markups Net markdowns Estimated ending inventory at retail Cost Ratio $ 33,600 46,400 16,000 14,400 357,760 400,000 5,760 16,000 Cost 86,080 $ 128,000✔ 0x 0✔ 0V $ 358,400✔ Retail $ ox 32,000✔ 0✔ 512,000 ✓ 384,000 x 05 384,000 x 110,400
Problem 1 - Inventory Methods Magic Jelly Beans Company Operating information Sales Price per case $ 150.00 Unit Unit Extended Quantity $ Price Cost $$$ Beginning Inventory 2,000 $ 90.00 $ 180,000.00 Purchased Units 7,000 $ 110.00 $ 770,000.00 Sold 2,000 Sold 4,000 Purchased Units 10,000 $ 130.00 $ 1,300,000.00 Purchased Units 4,000 $ 135.00 $ 540,000.00 Sold 6,000 Sold Units 5,000 Fixed Selling General and Administrative costs $ 75,000.00 Income Tax rate 35% Requirement: Calculate the Cost Flow assumptions for Revenue, Cost of Goods Sold, SGA Income Tax, Net Income and Ending Inventory…
Market per Product Units Cost per Unit Unit Helmets 24 $ 50 $ 54 Bats 17 78 Shoes 38 42 763 72 91 Uniforms 95 36 36 Compute the lower of cost or market for ending Inventory applied separately to each product. Per Unit Total Inventory Items Units LCM Applied Cost Market Cost Market to Items Helmets 24 $ 50 $ 54 Bats Shoes Uniforms 42 784 17 78 723 38 95 91 36 36 $ 0 $ 0
Campbell Corporation Beginning inventory (30% complete as to Material B and 60% complete for conversion) Started this cycle Ending inventory (50% complete as to Material B and 80% complete for conversion) Beginning inventory costs: Material A Material B Conversion Current Period costs: Material A Material B Conversion Select one: O a. $47.59 b. $45.00 c. $43.03 d. $39.90 700 units 2,000 units O O 500 units $14,270 5,950 5,640 Material A is added at the start of production, while Material B is added uniformly throughout the process. Refer to Campbell Corporation. Assuming a weighted average method of process costing, compute the average cost per EUP for conversion. $40,000 70,000 98,100
None
Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 175 units @ $15 = $2,625 April 4 Purchase 150 units @ $16 = $2,400 April 7 Sales 160 units @ $30 April 10 Purchase 200 units @ $17 = $3,400 April 16 Sales 250 units @ $30 April 25 Purchase 160 units @ $18 = $2,880 April 28 Sales 150 units @ $32 A. Determine the cost assigned to ending inventory and cost of goods sold using FIFO. B. Determine the cost assigned to ending inventory and cost of goods sold using LIFO
M&M Inventory Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange $12 24 5th Yellow 4 $14 56 Sold SALE 6th 3 #1 Units 8th Green $16 32 10th Blue 3 $18 54 Sold SALE 11th 4 #2 Units 12th Brown 3 $20 60 Sold SALE 15th # 3 Units Calculate COGS for each sale and Ending Inventory under FIFO, LIFO, and Wtd. Avg. Methods %23 2.

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