Required informationProblem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fourinventory methods (LO6-3, 6-4,6-5)[The following information applies to the questions displayed below]Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month ofMarch. Greg's Bicycle Shop uses a periodic inventory system.DateMarchMarchMarchTransactionsEeginning inventorySale ($390 each)Units2015Unit Cost$ 245Total Cost$ 4,90015Purchace102652, 65eMarch17Sale ($440 esch)March22Purchase102752,750MarchSale (5465 each)27122, 300$12, 660March30Purchase295For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 saleconsists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory andeight bikes trom the March 22 purchase.Problem 6-2A Part 1Required:1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.Ending inventoryCost of goods sold

Name: Required informationProblem 6-2A Calculate ending inventory, cost of
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Description: Required informationProblem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fourinventory methods (LO6-3, 6-4,6-5)[The following information applies to the questions displayed below]Greg's Bicycle Shop has th

The specific identification approach has to do with inventory valuation, specifically keeping track…

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Accounting

Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [The following information applies to the questions displayed below.] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycie Shop uses a periodic inventory system. Date March 1 March 5 Transactions Beginning inventory Sale (5390 esch) Units 20 Unit Cost S 245 Total Cost $ 4,900 15 March o Purchace 10 265 2,650 March 17 Sale ($440 esch) March 22 Purchase March 27 Sale (5465 each) 10 275 2, 750 12 March 30 Purchase 295 2, 300 $12, 660 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sole consists of four bikes from beginning inventory and eight bikes trom the March 22 purchase. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold

Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [The following information applies to the questions displayed below.] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycie Shop uses a periodic inventory system. Date March 1 March 5 Transactions Beginning inventory Sale (5390 esch) Units 20 Unit Cost S 245 Total Cost $ 4,900 15 March o Purchace 10 265 2,650 March 17 Sale ($440 esch) March 22 Purchase March 27 Sale (5465 each) 10 275 2, 750 12 March 30 Purchase 295 2, 300 $12, 660 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sole consists of four bikes from beginning inventory and eight bikes trom the March 22 purchase. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 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

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Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
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Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $235 $4,700 March 5 Sale ($370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale ($445 each) 12 March 30 Purchase 9 285 2,565 $12,465 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.
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Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) 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.
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Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units NG ER NG 73 22 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).
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