PA4. 10.3 Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG) Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 110 $87 140 89 Sold Mar. 11 for $120 per unit 95

PA4. 10.3 Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG) Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 110 $87 140 89 Sold Mar. 11 for $120 per unit 95

Name: A. First In, First OutNumber of UnitsDollar Per Unit ValueTotal Value
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Description: A. First In, First OutNumber of UnitsDollar Per Unit ValueTotal ValueCost of Goods Sold.....B. Last In, First OutNumber of UnitsDollar Per Unit ValueTotal ValueCost of Goods Sold......C. Weighted AverageNumber of UnitsDollar Per Unit ValueTotal Valu

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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5.The following data pertain to Cross Company (assume a perpetual inventory system) for the month ended January 31, 2019: Date Description Units Unit Cost Unit Selling Price Jan.1 Beg. Inventory 10 $50 5 Purchase 25 52 10 Sale (6) $80 16 Sale (10) 82 20 Purchase 12 55 25 Sale (20) 85 Required: 1. Compute the cost of goods sold and ending inventory under FIFO. 2. Compute Gross Margin under FIFO
Weighted average cost flow method under perptual inventory system. The following units of a particular item were availabe for sale during the calendar year. Jan. 1 Inventory 4,000 units at $20 April 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 Instructions: The firm uses the weighted averaghe cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. (chapter 7 question EX 7-9 page 380- immediate accounting I textbook)
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: DATA Beginning inventory Sale First purchase Sale Second purchase Sale Ending inventory Quantity 8,100 5,000 15,400 12,600 15,900 13,100 8,700 REQUIRED: a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? a. FIFO method b. LIFO method Price Inventory Cost Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells orange cells. Transfer amounts to CNOWv2 for grading. $160 $300 $167 Formulas $300 $172 $300
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Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, tocalculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering thefollowing transactions. Number of units unit cost Beginning inventory 105 $40 Purchased March 2 150 42 Sold march 21. 31 for 75 dollars spent 88
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 last-in, first-out (LIFO). Beginning inventory Sold Purchased Sold Purchased Sold Ending inventory Beginning Sale Purchase Sale Purchase Sale Number of Units Unit Cost Sales 260 160 520 400 410 370 260 Number of Units 520 $130 400 133 140 Cost of Goods Purchased Unit Cost $170 Total Purchases 172 204 133 140 Total Cost 69,160 56,000 LIFO (perpetual) Inventory Cost of Goods Sold Number of Units 160 400 370 Unit Cost Total COGS $ 130 133 Total Cost Number of Units Cost of Inventory Remaining Unit Cost Total Cost 100000
Using the weighted average method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of theperiod.Date Activity Units Purchase Price (per unit) Sale Price (per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Weighted average:Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Weighted average:Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale…
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning inventory 120 $47 Purchased Mar. 2 165 49 Sold Mar. 31 for $70 per unit 84 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin
helppppp Hemming Co. uses a perpetual inventory system A.) Determine the cost assigned to ending inventory and to the cost of goods sold using FIFO. B.) Determine the cost assigned to ending inventory and to the cost of goods sold using LIFO. c.) Compute the gross margin for FIFO and LIFO method
1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 110 $49 Purchased Mar. 2 170 51 Sold Mar. 31 for $70 per unit 87 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin $1 %24 %24