P3-6 Woodivorks Company deals in furnitüre and uses periodic inventöry system. T:he following.transaction occurred during the month of March, 2014.No: ofDate:1-Mar-1415-Mar-14DescriptionOpening Inventory 100New PurchäsesChairs Unit Cost : Total :P40 P4,0002,1003,3759,47550754220-Mar-14 New Purchases45Total225{1The Company sold 200.chairs in-March 2014.Required: Compute, ending inventory and cost of goods sold under each of the following.methods.FIFO.a.b.LIFOMoving averåge çostd.Weightëd average costCS Scanned with CamScanner

as per the guidelines, only 3 parts are allowed to be solved. Cost of goods sold represents the…

P3-6 Woodiworks Company deals in furnitüre and uses periodic inventöry system. T:he follôwing transaction occurred.during the'month of March, 2014. Date: 1-Mar-14 15-Mar-14 20-Mar-14 Description Opening Inventory. New Purchäses No: of Chairs Unit Cost Total 100 50 P40 P4,000 42 2,100 New Purchases 75 45 3,375. Total 225 9,475

P3-6 Woodiworks Company deals in furnitüre and uses periodic inventöry system. T:he follôwing transaction occurred.during the'month of March, 2014. Date: 1-Mar-14 15-Mar-14 20-Mar-14 Description Opening Inventory. New Purchäses No: of Chairs Unit Cost Total 100 50 P40 P4,000 42 2,100 New Purchases 75 45 3,375. Total 225 9,475

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

Required information [The following information applies to the questions displayed below] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 10 Unit Cost $340 330 320 310 Total Cost $5,440 3,300 3,200 3,100 $15,040 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
h
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 28 units @ $16 30 Sale 14 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. All work saved. SAMSUNG #3 $ % & 6. 7 * 00
Nikul
Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
Required Information [The following information applies to the questions dlisplayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchoses and seles transections for March. Date Activities LUnits Acquired at Cost 180 units @ $67.88 per unit 480 units e $72.08 per unit Linits Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 428 units e $182.00 per unit 120 units $77.00 per unit 208 units e $79.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 168 units e $112.00 per unit Totals 820 units 588 units 3. Compute the cost assigned to ending inventory using (0) FIFO, (b) LIFOo. (c) weighted overage, 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 purchese and 120 units from the March 25 purchase. Complete this question by entering your…
Provide 7 entries in worksheet
Dineshkaka
vnt.1
answer in text form please (without image),,,,,,,,,,,,,,,,,,,,,, Please answer both the question , otherwise skip it, these are easy question
! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…