Print Preview8/28/2019CengageNOWv2 | Online teaching and learning resource from Cengage Leaming28. PR.03-03Problem 3-3Inventories (LO 3.2)Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year:March 110,000 boxes at $1.60 $16,0001uAugust 1520,000 boxes at $1.70 34,000November 20 10,000 boxes at $1.80 18,000At the end of the year, Lawrence's inventory consisted of 15,000 boxes of candy.Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method.Ending inventory $Cost of goods sold $b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method.Ending inventory $Cost of goods sold $

Compute the total cost in the year:

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EB: Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...

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9.Candance owns a small candy store that sells one type of candy. Her beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and she made the following purchases of candy during the year: March 1 10,000 boxes at $1.60 $16,000 August 15 20,000 boxes at $1.70 34,000 November 20 10,000 boxes at $1.80 18,000 At the end of the year, Candance’s inventory consisted of 15,000 boxes of candy. Her Sales for the year is $53,500. What is her cost of goods sold using the FIFO inventory valuation method?
Candance owns a small candy store that sells one type of candy. Her beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and she made the following purchases of candy during the year: March 1 10,000 boxes at $1.60 $16,000 August 15 20,000 boxes at $1.70 34,000 November 20 10,000 boxes at $1.80 18,000 At the end of the year, Candance’s inventory consisted of 15,000 boxes of candy. Her Sales for the year is $53,500. What is her cost of goods sold using the FIFO inventory valuation method? Here is an example of how your answer should look: $13,690
Bramble sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bramble's purchases of WhiteOut snowboards during September. During the same month, 123 WhiteOut snowboards were sold at $167 each. Bramble uses a periodic inventory system.
Lemon Company Name and Student ID: Q6: if 2 of the lemons on 1st July belong to your father, should we include those lemons in our sales and inventory? - Purchased 3 units in 1st July $5/each. Purchased 3 units on 7th August $7/each- Purchased 3 units on 10th September $10/each- We sold 3 lemons on 1st September. We found 6 lemons left at the end of September. . Q1. What is the total revenue if the selling price is $20/each?. Q2. How many units are available for sale on 31 August (goods available for sales)? How much in total dollars amount? - Q3: Please calculate the cost of goods sold (the total cost of the lemons sold) under different methods. Please show your workings.. a). b). c). d). e). Q4: Among a)-c), which one can provide the largest Gross Profit? (Hint: Sales - Cost of goods sold = Gross Profit). Q5: Is it possible to include the cost of the lemons from 10th September purchase? -
1. The buyer plans to purchase $25,000 (retail) worth of children's coats for a back-to-school sale. He has already purchased 180 coats that cost $45 each and will retail for $80 each. What markup percent must be obtained on the balance of coats in order to average a 44.5% markup? 2. During July, a buyer plans to buy gowns with a retail value of $10,000. She has purchased 150 gowns at $15 each that will retail for $35.00. What markup should she obtain on the remaining gowns in order to achieve a 47.5% markup goal? Present your answer rounded to two decimal places, with a percent sign (i.e. 42.35%). 3. A menswear buyer needs 84 shirts to retail at $18 each and 52 pairs of slacks to retail at $35 each. He needs to average a 47.50% markup. If he pays $9.50 for each shirt, how much can he pay for each pair of slacks in order to achieve his planned markup percent? Present your answer with a dollar-sign, comma separator, and rounded to the penny (i.e. $1,250.88). 4. A buyer plans to…
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Your company, OllieGenius, sells skateboards. On January 1st, you started the company and purchased a batch of skateboards for $100 per skateboard (per unit). On March 1st, your company purchased another batch of skateboards for $120 per skateboard (per unit). On June 1st, your company purchased a third batch of skateboards for $110 per skateboard (per unit). A teenage girl walks in to your store on June 2nd and buys one skateboard for $180. Determine what the gross profit on her one skateboard will be using the FIFO method. $60 $90 $70 O $80
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. a) Prepare journal entries to record these transactions assumingthat the company uses periodic inventory system b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. c. Compute the cost of goods sold assuming use of periodic inventory system. d. To create year-end blance for cost of goods sold, please close the beginning…
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. a) Prepare journal entries to record these transactions assumingthat the company uses periodic inventory system b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. c. Compute the cost of goods sold assuming use of periodic inventory system. d. To create year-end blance for cost of goods sold, please close the beginning…
Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March, Greehey had beginning inventory of 1,800 Lotta CDs with a unit cost of $7. During March, Greehey made the following purchases of Lotta CDs. Hard copy due on 4/9/24 at the start of class. (After printing project with numbers, click CTRL ~ and print a hard copy of formulas revealed. Staple.) Date: Quantity: Cost: Date: Quantity: Cost: Mar 5 4,000 $8 Mar 21 4,000 $10 Mar 13 5,500 $9 Mar 26 2,000 $11 During March, 12, 500 units were sold. Greehey uses a perpetual inventory system. Prepare answers on an Excel spreadsheet using the following templates. Label with letter in parenthesis. Instructions: (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Mar 1 Text Number Value Formula Mar 5 Text Number Value Formula Mar 13 Text Number Value Formula Mar 21 Text Number Value Formula Mar 26 Text Number Value Formula Total…
7
Could you please help me with the journal and ledger of these transactions, I want to make sure I am on the right path. Thank you so much!

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