Problem 3 (CLO5, PLO5, ZULO1): Davis provides the following information for the month of March 2011: March 1 Beginning Inventory March 7 Purchases March 18 Purchases March 24 Purchases 200 units 300 units 400 units 100 units $15 per unit $16 per unit $18 per unit $19 per unit

Problem 3 (CLO5, PLO5, ZULO1): Davis provides the following information for the month of March 2011: March 1 Beginning Inventory March 7 Purchases March 18 Purchases March 24 Purchases 200 units 300 units 400 units 100 units $15 per unit $16 per unit $18 per unit $19 per unit

Name: Question 15MCQs 15-18: Answer MCQs 15 to 18 based on the information
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Description: Question 15MCQs 15-18: Answer MCQs 15 to 18 based on the information in Problem 3 given below:Problem 3 (CLO5, PLO5, ZULO1):Davis provides the following information for the month of March 2011:March 1 Beginning InventoryMarch 7 PurchasesMarch 18 Pur

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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Help Save & Exit Check my w [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. of 4 Activities Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Date Units Sold at Retai1 1 Beginning inventory 5 Purchase Mar. Mar. Mar. 9 Sales 250 units @ $85.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units ok k nt Problem 5-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold
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The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
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Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO
[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 50 units @ $2 = Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C 78 units FIFO 100 units Periodic Inventory System 24 units 252 units @ $3 = @ $4 = @ $5 = $100 $ 234 $ 400 Complete this question by entering your answers in the tabs below. $ 120 $854 Units Sold at Retail 34 units @ $8 @ $8 @ $8 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 70 units 92 units 196 units Determine the costs assigned to ending inventory and to cost of goods sold…