Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ 90 units @ 250 units 60 units $ 4- $5- $7 = $9- During the year. The Shirt Shop sold 650 T-shirts for $14 each. Required Gross margin $1,600 450 1,750 540 a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference < Required A Required B >

Problem: Module 2 Textbook Problem 10 Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 units @ 90 units @ 250 units 60 units $ 4- $5- $7 = $9- During the year. The Shirt Shop sold 650 T-shirts for $14 each. Required Gross margin $1,600 450 1,750 540 a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Complete this question by entering your answers in the tabs below. Required A Required B Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference < Required A Required B >

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Description: Problem: Module 2 Textbook Problem 10Learning Objective: Module 2-7 Show how different inventory cost flow methods (specific identification, FIFO, LIFO, and weightedaverage) affect financial statementsThe Shirt Shop had the following transactions fo

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 Trey Monson starts a merchandising business on December 1 and enters Into the following three inventory purchases. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7 Purchases on Decenber 14 Purchases on December 21 15 units e $10.00 cost Je units e $15.00 cost 25 units e $18.00 cost Required: Monson sells 25 units for $25 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost of Goods Cost per Available for # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units unit Sold Sale December 7 Docember 14
CNOWv2 Student Help x + enow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locato... 시기 wsing Protection X Chapter 9 < Cost of merchandise sold Inventories: Beginning of year eBook Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: End of year 20Y4 20Y3 X Inventory Turnover 20Y4 Show Me How 20Y3 CengageNOWv2 | Online t X Search 20Y4 $3,598,900 593,000 648,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Print Item 20Y3 $3,015,630 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. OL 589,600 Days' Sales in Inventory days days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable 593,000 10 Q 813 PrtSc Insert S 1 3/
Chapter 13-14-15 Homework еBook Show Me How Print Item Cost of Goods Sold Section, Multiple-Step Income Statement Instructions Amount Descriptions and Accounts Income Statement Instructions Based on the information that follows: Merchandise Inventory, January 1, 20-- $14,000 Estimated Returns Inventory, January 1, 20-- 700 Purchases 71,400 Purchases Returns and Allowances 3,189 Purchases Discounts 1,460 Freight-in Merchandise Inventory, December 31, 20- 390 21,000 Estimated Returns Inventory, December 31, 20-- 1,300 Required: Prepare the cost of goods sold section of a multiple-step income statement.
Question Content Area Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 8 $18 10 Sale 3 17 Purchase 11 $16 20 Sale 6 23 Sale 3 30 Purchase 9 $20 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $288 b. $256 c. $320 d. $292
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ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 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 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
7:30 S&WYDO □ E6A-27 Computing periodic inventory amounts Learning Objective 7 Appendix 6A ::: e6a-27 Consider the data of the following companies which use the periodic inventory system: Company Net Large Small Medium Petite Sales Revenue $ 105,000 Requirements. (b) 96,000 80,000 Beginning Net Cost Merchandise of Inventory $ 23,000 $ 59,000 27,000 (d) Purchases 8,000 94,000 58,000 366/ 1480 QAA (f) Ending Merchandise of Inventory Cost Goods Sold 5G l 69% $ 22,000 $ (a) Gross Profit $ 45,000 (c) 99,000 40,000 24,000 68,000 (e) 6,500 (g) 44,000 IG b III O < ×
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QUESTION ONE 1.1 Calculate the economic order quantity (EOQ) per annum. Economic order quantity Startrek Secondary School purchases 700 math's sets per annum. The cost of each math set is N$80. Each set is sold for N$100. The cost of placing a single order is N$45. The holding cost is 11% of the unit purchase price. 1.2 Calculate the value of closing inventory using the Weighted average cost inventory valuation method. Inventory valuation The following information concerning blankets appeared in the journal of Casio Traders for the month of September 2022: Date Details Units Cost per Unit 1 Opening 20 N$85 Inventory 7 Purchases 23 N$90 16 Purchases 33 N$95 25 Purchases 18 N$100 31 Sales for the 69 month
Problem 4- Compute FIFO, LIFO, and Average Cost Some of the information found on a detail inventory card for Public's Supermarket for the first month of operations is as follows: Date March 1 6 8 10 12 16 19 22 26 31 No. of Units 2,000 500 1,000 2,000 Received 1,500 Unit Cost $6.00 6.05 6.20 6.25 6.50 Issued, No. of Units 700 1,400 800 200 600 1,200 Balance, No. of Units 2,000 2,500 1,800 400 1,400 600 2,400 1,800 3,300 2,100 Instructions From these data compute the ending inventory on each of the following bases. Assume that periodic inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar. a. First-in, first-out (FIFO). b. Last-in, first-out (LIFO). c. Average-cost.