Required: 1. Calculate Topanga's cost of goods sold for the first quarter using: a. FIFO b. LIFO c. Average cost 2. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. 3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO: of units unit Cost of Goods Number Cost per Available for Number of units Cost per unit Cost of Goods Sold Number of units in Sale sold ending Cost per unit Ending Inventory inventory Beginning Inventory 0 $ 0.00 $ 0 0 $ 0.00 $ 0 Purchases: January 7 8,000 $5.00 40,000 February 16 24,000 $6.00 144,000 8,000 $ 24,000 $ 5.00 40,000 0 $ 5.00 0 6.00 144,000 0 $ 6.00 0 March 22 28,000 $7.00 196,000 1,000 $ 7.00 7,000 $ 7.00 0 Total 60,000 $ 380,000 33,000 $ 191,000 0 $ 0

Required: 1. Calculate Topanga's cost of goods sold for the first quarter using: a. FIFO b. LIFO c. Average cost 2. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. 3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO: of units unit Cost of Goods Number Cost per Available for Number of units Cost per unit Cost of Goods Sold Number of units in Sale sold ending Cost per unit Ending Inventory inventory Beginning Inventory 0 $ 0.00 $ 0 0 $ 0.00 $ 0 Purchases: January 7 8,000 $5.00 40,000 February 16 24,000 $6.00 144,000 8,000 $ 24,000 $ 5.00 40,000 0 $ 5.00 0 6.00 144,000 0 $ 6.00 0 March 22 28,000 $7.00 196,000 1,000 $ 7.00 7,000 $ 7.00 0 Total 60,000 $ 380,000 33,000 $ 191,000 0 $ 0

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

Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
Second time posting this. Please answer CORRECTLY.
Match the term with its definition. Cost-To-Retail Ratio [Choose ] Choose Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 11 Minutes, 4 Seconds Designated Market Value Gross Profit Method Gross Profit Percentage The cost to replace an item. Also known as "Replacement Cost". Correct Answer Gross profit divided by Sales. Correct Answer Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer An addition to the original sales price Correct Answer A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer Net Realizable Value minus a normal profit margin Correct Answer Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer An inventory valuation method that compiles inventory at sales prices and converts the…
I need help.
Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
Please help me with required 1 and 2.
Subject: accounting
1
Please don't not give image format
Riverbed Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 7 14 16 17 27 30 Purchases Units 1,414 800 925 517 Unit Cost $25 27 35 28 Sales Units Unit Price 614 1,200 1,507 $95 75 75