Presented below is information related to Blowfish radios for the Waterway Company for the month of July.DateTransactionUnits InUnit CostTotalUnits SoldSelling PriceTotalJuly 1Balance190$4.00$ 7606.Purchase1,5204.106,232Sale570$6.90$3,93310Sale5707.204,10412Purchase7604.403,34415Sale3807.302,77418Purchase5704.502,56522Sale7607.305,54825Purchase9504.484,25630Sale3807.402,812Totals3,990$17,1572,660$19,171(a1)Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.76.)Weighted-average cost%24

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Description: Presented below is information related to Blowfish radios for the Waterway Company for the month of July.DateTransactionUnits InUnit CostTotalUnits SoldSelling PriceTotalJuly 1Balance190$4.00$ 7606.Purchase1,5204.106,232Sale570$6.90$3,93310Sale5707.

The weighted average unit cost is calculated as total cost of units available for sale divided by…

Business

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Presented below is information related to Blowfish radios for the Waterway Company for the month of July. Units In Unit Cost Total Units Sold Selling Price Total Date Transaction July 1 Balance 190 $4.00 $ 760 6. Purchase 1,520 4.10 6,232 570 $6.90 $3,933 Sale 10 Sale 570 7.20 4,104 12 Purchase 760 4.40 3,344 15 Sale 380 7.30 2,774 18 Purchase 570 4.50 2,565 22 Sale 760 7.30 5,548 25 Purchase 950 4.48 4,256 30 Sale 380 7.40 2,812 Totals 3,990 $17,157 2,660 $19,171 (a1) Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Weighted-average cost %24

Presented below is information related to Blowfish radios for the Waterway Company for the month of July. Units In Unit Cost Total Units Sold Selling Price Total Date Transaction July 1 Balance 190 $4.00 $ 760 6. Purchase 1,520 4.10 6,232 570 $6.90 $3,933 Sale 10 Sale 570 7.20 4,104 12 Purchase 760 4.40 3,344 15 Sale 380 7.30 2,774 18 Purchase 570 4.50 2,565 22 Sale 760 7.30 5,548 25 Purchase 950 4.48 4,256 30 Sale 380 7.40 2,812 Totals 3,990 $17,157 2,660 $19,171 (a1) Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Weighted-average cost %24

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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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 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Required:
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 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost assigned to ending inventory and to cost of goods sold using…
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Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
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