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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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.
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
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
17
The inventory data for an item for November are: Nov. 1 Inventory 23 units at $21 4 Sale 10 Purchase 17 Sale 30 Purchase 9 units 29 units at $22 22 units 22 units at $23 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $673 b. $968 C. $659 d. $967