om the following transactions: March1 Beginning Inventory 2160 units @ $15 per unit • 14 Purchase 1240 units @ $15.5 per unit • 29 Sales 1190 units @ $119 per unit • 27 Purchase 700 units @ $16.5 per unit • 5 Sales 930 units @ 19.50 per unit • What is the ending inventory units? 3190 2120 4100 1980

om the following transactions: March1 Beginning Inventory 2160 units @ $15 per unit • 14 Purchase 1240 units @ $15.5 per unit • 29 Sales 1190 units @ $119 per unit • 27 Purchase 700 units @ $16.5 per unit • 5 Sales 930 units @ 19.50 per unit • What is the ending inventory units? 3190 2120 4100 1980

Name: From the following transactions: March1 Beginning Inventory 2160 units
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Description: From the following transactions: March1 Beginning Inventory 2160 units @ $15 per unit • 14 Purchase 1240 units @ $15.5 per unit • 29 Sales 1190 units @ $119 per unit • 27 Purchase 700 units @ $16.5 per unit • 5 Sales 930 units @ 19.50 per unit • What

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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80 January 3 Sales 30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210 February 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 November 6 Sales 86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units record a journal entry worksheet
1) Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @$15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 80 units @$15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $ 1,950 180 units Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the…
86 units are sold in Year 1 Inventory on January 1, Year 1 43 @ $24 Inventories purchased during the year 74 @ $26 Find the Profit if you sell these goods for $800 under LIFO and FIFO
March1 Beginning inventory = 29 units @ $5.90 March3 Purchased 15 units @ 3.70 March9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO? Date Transaction Numberof Units UnitCost March 1 Beginning inventory 930 7.22 March 10 Purchase 550 7.64 March 16 Purchase 760 8.14 March 23 Purchase 580 8.54 2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be: 3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals: