Remaining Time: 1 hour, 53 minutes, 16 seconds.* Question Completion Status:QUESTION 9A company had the following purchases during its first year of operations:PurchasesJanuarySales10 units at $4025 units at $20MarchMay12 units at $60The company uses FIFO method to determine its cost of inventory.a. What is the cost of goods sold in May?b. What is the total cost of goods purchased during the year?For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).BIUSParagraphArial10ptClick Save and Submit to save and submit. Click Save All Answers to save all answers.F6DIIFSF4F3F2escF1#33.|国 Remaining Time: 1 hour, 52 minutes, 24 seconds.¥ Question Completion Status:QUESTION 4XYZ company provided the following information:SalesAccounts payableSelling expensesAdministrative expenses$134,50015,50037,00013,000Other revenuesCost of goods soldCash27,00095,00024,00022,000Other expensesRequired: Calculate the following: (SHOW YOUR CALCULATIONS)1. Gross profit2. Net income/ loss (note: specify whether the company had net income or net loss)For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Arial10ptBIUSParagraphClick Save and Submit to save and submit. Click Save All Answers to save all answers.F6DIIF4F3F2%escF1#4E5

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Description: Remaining Time: 1 hour, 53 minutes, 16 seconds.* Question Completion Status:QUESTION 9A company had the following purchases during its first year of operations:PurchasesJanuarySales10 units at $4025 units at $20MarchMay12 units at $60The company use

Business

Accounting

QUESTION 9 A company had the following purchases during its first year of operations: Purchases 10 units at $40 25 units at $20 Sales January March Мay 12 units at $60 The company uses FIFO method to determine its cost of inventory. a. What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year? LTiF18 (PC) or ALT+FN+F10 (Mac). 10pt

QUESTION 9 A company had the following purchases during its first year of operations: Purchases 10 units at $40 25 units at $20 Sales January March Мay 12 units at $60 The company uses FIFO method to determine its cost of inventory. a. What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year? LTiF18 (PC) or ALT+FN+F10 (Mac). 10pt

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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Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3 Purchase 62 $40 3/4 Sales 72 $60 3/10 Purchase 202 $45 3/16 Sales 82 $70 3/19 Purchase 42 $50 3/25 Sales 122 $70 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.
12
Accounting
Give Calculation For Required 1
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
A company had the following purchases during its first year of operations: Purchases Sales January 6 units at $10 May 12 units at $9 September 26 units at $12 October 24 units at $20 What is the cost of goods available for sale before the sale of October? $322 $802 $378 $480
Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
a1
A Moving to another question will Question 1 National supplies company had the following activity during the current monthly period. June 1 Beginning inventory 70 units at $10 June 5 Purchased 50 units at $40 June 16 Sold 120 units at $65 Using the Weighted average inventory costing method, what is the cost of goods sold for June? O $2,610 O $2,836 O $2,300 O $2,700 W
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3
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