Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer... Company B: Beginning inventory type your answer. and Ending inventory type your answer...

Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer... Company B: Beginning inventory type your answer. and Ending inventory type your answer...

Name: Periodic Inventory SystemCompany A$ 520,000Company BBeginning invento
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Description: Periodic Inventory SystemCompany A$ 520,000Company BBeginning inventory+ Net Purchases327,000TOTAL GOODS AVAILABLE TO SELL685,000750,000(Ending Inventory)290,000Cost of Goods Sold$ 615,000For Company A determine Net Purchases and Cost of Goods Sold.

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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Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases O a. $363,000 O b. $297,000 O c. $75,000 O d. $57,000 $660,000 45% $75,000 $345,000
Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Req 1a and b Number of Units 52 132 202 112 498 For the entire year, the company sells 432 units of inventory for $62 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising. Req 2a and b Req 1c and d Unit Cost Complete this question by entering your answers in the tabs below. $44 46 49 50 Req 3a and b Req 2c and d Using FIFO, calculate ending inventory and cost of goods sold. Cost of Goods Available for…
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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
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8. Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31 $
If the beginning inventory 70 000 ID. , the cost of purchases 330 000 ID., purchases expenses 50 000 ID., cost of goods available for sale 450 000 ID., sales 900 000 ID. , ending inventory 130 000 ID., sales returns and allowance 100 000 ID., the cost * -: of goods sold are no one 280 000 ID. 400 000 ID. O 550 000 ID. O
Please do not give solution in image format thanku
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases a. $363,000 b. $75,000 Oc$297,000 d. $57,000 $660,000 45% $75,000 $345,000
Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.