Glasgow Corporation has the following inventory transactions during the year.UnitNumber of Units53133Cost$ 4547Total Cost$ 2,3856,25110,1505,763DateTransactionJan. 1 Beginning inventoryPurchasePurchasePurchaseApr. 7Jul.1620350Oct. 611351502$24,549For the entire year, the company sells 433 units of inventory for $63 each. ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser30&launchUrl%3Dhttps%253A%252F%252Felearning.uh.edu%252Fwebapps%252Fportal%252FtData Structures Flas...C Checkout for Chegg Study Che X +HW 6- Connect265515849ie Redeeming Charles...O Book Companion Si..SavedE Michael Schneid...W 6 6Check my work mode : This shows what is correct or incorrect for the work you have completed6,25110,1505,76313347Apr. 7 PurchaseJul.16 Purchase2031135051Oct. 6 Purchase$24,549502ert 1 of 4For the entire year, the company sells 433 units of inventory for $63 each.Required:1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.aintsX Answer is complete but not entirely correct.Cost of Goods Available forSaleEnding InventoryFIFOCost of Goods SoldCostperunitCost ofGoodsAvailablefor SaleCostperunitCost ofGoodsSoldCostperunit# ofunits# ofunits# ofunitsEndingInventoryBeginningInventoryPurchases53S 45 O S2,38553$ 45$ 2,38553 XS 452,385Apr. 7133476,251133S 476,251133 S 476,251Jul.162035010,150203S 5010,150203 S 5010,150Oct 644512,24444S 51Total2,24444 S 512,244433$ 21,030433$ 22,305 X433X2,244 XAnswer is complete but not entirely correct.Salesrevenue$27,279Gross profit$ 4,974 XMcGrawHill< Prev2 34 5of 11NextAMDAFreeSyng%24

Solution Concept Under FIFO method the goods purchased first is sold first cost of goods sold…

Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. X Answer is complete but not entirely correct. Cost of Goods Available for FIFO Cost of Goods Sold Ending Inventory Sale Cost of Goods Available for Sale Cost Cost Cost of Goods Sold Cost # of units per unit # of units per unit # of units per unit Ending Inventory Beginning Inventory 53 S 45 OS 2,385 53 O Is 45 S 2,385 53 X S 45 IS 2,385 Purchases Apr. 7 Jul. 16 133 OS 47 6,251 133 S 47 133 X S 47 6,251 6,251 50 O 44 S 51 0 203 10,150 203 S 50 10,150 203 X S 50 Oct6 10,150 2,244 44 s 51 2,244 44 X $ 51 Total 433 S 21,030 2,244 433 $ 22,305 X 433 X 24 2,244 X

Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. X Answer is complete but not entirely correct. Cost of Goods Available for FIFO Cost of Goods Sold Ending Inventory Sale Cost of Goods Available for Sale Cost Cost Cost of Goods Sold Cost # of units per unit # of units per unit # of units per unit Ending Inventory Beginning Inventory 53 S 45 OS 2,385 53 O Is 45 S 2,385 53 X S 45 IS 2,385 Purchases Apr. 7 Jul. 16 133 OS 47 6,251 133 S 47 133 X S 47 6,251 6,251 50 O 44 S 51 0 203 10,150 203 S 50 10,150 203 X S 50 Oct6 10,150 2,244 44 s 51 2,244 44 X $ 51 Total 433 S 21,030 2,244 433 $ 22,305 X 433 X 24 2,244 X

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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LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory F Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase $4 Sale Purchase Sale Total Purchases $4 Total COGS Gross Margin, LIFO perpetuak Sales COGS Gross Margin %24
Determine the proper inventory price per unit in the following independent cases by applying the lower of cost or net realizable value rule (NRV). 1 2 3 4 5 Cost 80 105 120 60 72 Sales Value 100 130 160 65 80 Cost to complete 18 19 21 4 6 Cost to sell 7 10 12 2
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Lower-of-Cost-or-Market InventoryOn the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. ProductInventoryQuantityUnitCost PriceUnitMarket Value per Unit(Net Realizable Value)Model A300$140$125Model B50090112Model C1506059Model D800120115Model E400140145 Inventory at the Lower of Cost or MarketProductTotal CostTotal MarketLower of Total Cost or Total MarketA$$$B C D E Total$$$
141 20 28 Totals c. Determin Start by en Once all of hand at the Date Aug. 1 3 12 More info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 8 $ Beginning merchandise inventory, 10 books @ $15 each Sold 3 books @ $20 each Purchased 8 books @ $18 each Sold 9 books @ $20 each Purchased 4 books @ $20 each Sold 5 books @ $25 each 18 S Print 144 3 $ Done 15 S 45 - X 10 S 7 $ 7 S 8 $ 18 LA CA 15 S 15 S 15 S 18 S CA CAT cord us ew inv of mer Hand To Co
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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
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