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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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
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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.
question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
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