Raptor Candles has the following inventory schedule for its luxury line of candles. Quantity Unit Cost Sales Price (per unit) Date Purchase 3/1 500 $15.00 Purchase 3/6 750 $17.50 Sale 3/10 800 Purchase 3/19 1400 $21.50 Sale 3/24 1500 $50 $50 Assuming the company uses Last-in, First-out, what is Raptor Drinks' cost of goods sold and ending inventory in dollar amounts for the month? Use the following numeric format: 12345 (no commas, no dollar signs). Round to the nearest dollar

Raptor Candles has the following inventory schedule for its luxury line of candles. Quantity Unit Cost Sales Price (per unit) Date Purchase 3/1 500 $15.00 Purchase 3/6 750 $17.50 Sale 3/10 800 Purchase 3/19 1400 $21.50 Sale 3/24 1500 $50 $50 Assuming the company uses Last-in, First-out, what is Raptor Drinks' cost of goods sold and ending inventory in dollar amounts for the month? Use the following numeric format: 12345 (no commas, no dollar signs). Round to the nearest dollar

Name: Raptor Candles has the following inventory schedule for its luxury li
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Raptor Candles has the following inventory schedule for its luxury line of candles.Quantity Unit Cost Sales Price (per unit)DatePurchase3/1500$15.00Purchase3/6750$17.50Sale3/10800Purchase3/191400$21.50Sale3/241500$50$50Assuming the company uses Last

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold
Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown)…
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each. During the period, the company purchased inventory items as follows. Glasgow sold 300 units after purchase 3 for $10.20 each. Number of Purchase Items Cost 390 $ 2.50 2 105 2.60 3 55 3.00 If the company uses the FIFO cost flow method, Glasgow's cost of goods sold would be: Multiple Choice $720. $600.
[The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost $ 5,400 October 1 October 4 October 10 October 13 October 20 October 28 Beginning inventory Sale Purchase $900 4 5 910 4,550 Sale Purchase Sale 920 3,680 7 930 6,510 $20,140 October 30 Purchase 7 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.) X Answer is complete but not entirely correct. Ending inventory $ 6,713.00 X Cost of goods sold $ 13,426.00 X
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?
How do I solve this?