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

See similar textbooks

Similar questions

Please do not give solution in image format thanku
< Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Product Adams Coolidge McKinley Garfield Lincoln Total Feedback Inventory Quantity Cost per Unit 45 13 47 23 36 $206 239 211 289 262 Market Value per Unit (Net Realizable Value) $191 232 200 296 241 $ Cost Total Market $ 26,980 X $ LCM 24,478 X Check My Work Multiply the number of units by the unit cost price and enter the total cost amount in the Cost column. Multiply the number of units by the unit market price and enter the total market amount in the Market column. Then, enter the lower of the two amounts from the Cost and Market columns in the LCM column. Finally, total the columns. The total of the LCM column shows the total lower-of-cost-or-market applied on an item-by-item basis. ?
Four Methods: 1. Specific Identification 2. FIFO 3. LIFO 4. Weighted Average Beginning Inventory 1st Purchase 2nd Purchase Cost of Goods Available Sales 200 300 250 Units 750 (Total Units) 625 1.50 1.30 1.10 Price @ 2.50/unit Total (Units x Price) $300 $ 390 $ 275 $ 965 $1,562.50 (FIFO) 19. Assuming a FIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (LIFO) 20. Assuming a LIFO cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS? (Weighted Average) 21. Assuming a weighted average cost flow, the amount of ending inventory reported on the balance sheet would be? GOGS?
Be clear pls
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
Please do not give solution in image format thanku
Please help me
Do not give solution in image
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$$$B C D E Total$$$
Requirements: 4. Cost of goods sold 5. Gross profit 6. WIP end 7. Materials inventory 8. FG end
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