Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June.Eddy's Fishing Hole uses a periodic inventory system.DateJune 1TransactionsBeginning inventoryJune 7SaleJune 12PurchaseJune 15SaleJune 24PurchaseJune 27SaleJune 29PurchaseUnitsUnit CostTotal Cost16$320$5,12011103103,10012103003,000892902,610$13,830Problem 6-1B (Algo) Part 1Required:1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists offishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reelsfrom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from theJune 24 purchase.Ending inventoryCost of goods sold

Name: Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]Eddy's Fishing Hole has the following transactions related to its top-sellin

Specific identification method, there are that units can be identifiable which are sold, so cost is…

Business

Accounting

Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 Transactions Beginning inventory Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $320 Total Cost $5,120 11 10 310 3,100 12 10 300 3,000 8 9 290 2,610 $13,830 Problem 6-1B (Algo) Part 1 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of ishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels rom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the une 24 purchase. Ending inventory Cost of goods sold

Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 Transactions Beginning inventory Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $320 Total Cost $5,120 11 10 310 3,100 12 10 300 3,000 8 9 290 2,610 $13,830 Problem 6-1B (Algo) Part 1 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of ishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels rom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the une 24 purchase. Ending inventory 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

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 15 at $ 14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 6.00 = $ 48.00 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $ 6.00 = $6.00 =…
Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $4,160 2,500 2,400 2,070 $11,130
Required information [The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Date Transactions Beginning inventory Sale Units Unit Cost Total Cost June June 7 16 $290 $ 4,640 11 June 12 Purchase 10 280 2,800 June 15 June 24 Sale 12 Purchase Sale 10 270 2,700 June 27 June 29 Purchase 6. 260 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold
Required information [The following information applies to the questions displayed below] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 10 Unit Cost $340 330 320 310 Total Cost $5,440 3,300 3,200 3,100 $15,040 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the LIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. • Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ 0 b. Cost of goods sold for January $ 0
Required Information [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. Date March 1 March S March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 69 60 FIFO LIFO Units Acquired at Cost 27.312 S 27.312 17.037 17.817 x 10,275 $ 9.495 S 60 units 265 units 65 units 110 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the M 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 440 units Weighted Average @ $50.20 per unit @$55.20 per unit 17.291 10,021 @ $60.20 per…
Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $36 $288 Aug. 7 Purchase 18 units at $39 702 Dec. 11 Purchase 11 units at $41 451 37 units $1,441 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost
! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…
Required information 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. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units e $94 Mar. 10 Purchase 70 units e $102 Aug. 30 Purchase 30 units e $106 Dec. 12 Purchase 60 units e $110 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the Inventory cost and the cost of merchandise sold by three methods. Round Interim calculations to one decimal and final answers to the nearest whole dollam Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) S b. Last-in, first-out (LIFO) c. Weighted average cost