Akira Company had the following transactions for the month.NumberTotalof UnitsCostBeginning inventory130$1,300Purchased Mar. 311802,160Purchased Oct. 151502,250Total goods available for sale4605,710Ending inventory50Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.Gross MarginA. First-in, First-out (FIFO)B. Last-in, First-out (LIFO)C. Weighted Average (AVG)%24%24

Name: Akira Company had the following transactions for the month.NumberTota
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Akira Company had the following transactions for the month.NumberTotalof UnitsCostBeginning inventory130$1,300Purchased Mar. 311802,160Purchased Oct. 151502,250Total goods available for sale4605,710Ending inventory50Calculate the gross margin for th

Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…

Answered: Number Total of Units Cost Beginning…

Business

Accounting

Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $300 April 15 Purchase 1 301 April 20 Purchase 1 302 Total 3 $903 Average cost per unit $301 ($903 ÷ 3 units) Assume that one unit is sold on April 27 for $376. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of…
Question 16 Purchased Beginning Inventory May June July Units Available for Sale Units on Hand Units Sold in August $1,865 $1,805 $2,105 Beginning Inventory and Purchases Unit Cost $2,045 Units 115 125 65 20 325 165 160 $11 $12 $13 $15 Ending Inventory O Mark this question Total Cost Compute the correct Cost of Goods Sold in August using the FIFO method, based on the information above. $1,265 $1,500 $845 $300 $3,910 Cost of Units on Hand $ Cost of Goods Sold $
Sheldon Company's inventory records for the most recent year contain the following data: E (Click the icon to view the data.) Sheldon Company sold a total of 18,600 units during the year. Read the requirements. ..... Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = 156,240 Average-cost method ending inventory = 2$ 11,760 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. FIFO method cost of goods sold = $ 154,000 FIFO method ending inventory = $ 14,000 Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. LIFO method cost of goods sold = LIFO method ending invetory =
✔Total cost of goods sold, $791,600 SHOW ME HOW EX 6-8 Weighted average cost flow method under perpetual inventory system Obj. 3 The following units of a particular item were available for sale during the calendar year: Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Inventory Sale Purchase Sale Purchase 9,000 units at $50.00 7,000 units 8,000 units at $56.50 8,000 units 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
Cost/Unit Units 5 $ 30 6 7 9 120 60 90 Explanation Beginning Purchase Purchase Purchase .Shandy Shutters has the following inventory information Date Nov.1 Nov.8 Nov.17 Nov.25 .During the month, total units sold are 120 units ?Using the Weighted-Average method, what is the Cost of Goods Sold $690 $1,410 O $1,260 O $840
Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650 $98 $63,700 Mar. 11 325 $98 $31,850 Mar. 14 325 $98 $31,850 780 $103 $80,340 Mar. 22 260 $98 $25,480 Mar. 25 260 $98 $25,480 1,800 $100 $180,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March. 2. Making the same assumptions as in (1), determine the ending inventory cost for March. $ 3. Which inventory method is being used? LIFO
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $291 Purchase 1 294 Purchase 297 3 $882 $294 ($882 ÷ 3 units) Assume that one unit is sold on April 27 for $426. Determine the gross profit for April and ending inventory on April (b) last-in, first-out (LIFO); and (c) weighted average cost method, a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory $
None
Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X
Activities Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventcry using specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning…
Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $213 14 Purchase 1 215 28 Purchase 1 217 Total 3 $645 Average cost per unit $215 ($645 ÷ 3 units) Assume that one unit is sold on April 30 for $290. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 213 b. Last-in, first-out (LIFO) 217 X c. Weighted average cost $