Required information ABC starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e s1e.ee cost 30 units e s15.ee cost 25 units e $18.ee cost Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses a perpetual inventory system. Determine the costs assigned to the December 31 ending Inventory when costs are assigned based on specific identification.

Required information ABC starts a merchandising business on December 1 and enters into the following three Inventory purchases. Also, on December 15, ABC sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 15 units e s1e.ee cost 30 units e s15.ee cost 25 units e $18.ee cost Required: ABC sells 25 units for $25 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase. ABC uses a perpetual inventory system. Determine the costs assigned to the December 31 ending Inventory when costs are assigned based on specific identification.

Name: Required informationABC starts a merchandising business on December 1
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Required informationABC starts a merchandising business on December 1 and enters Into the following three Inventorypurchases. Also, on December 15, ABC sells 25 units for $25 each.Purchases on December 7Purchases on December 1415 units e $18.00 cost

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

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 28 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 18 units @ $18.00 cost 32 units @ $27.00 cost 28 units @ $32.00 cost Required: Monson sells 28 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned t December 31 ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost of Goods # of Cost per Cost per Cost of Goods unit Cost per # of units Inventory Balance Date Available for units unit Sold unit Sale sold December 7 December 14 December 15 December 21 Totals
Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Owe
Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 90 units at $23 7 Purchases 22 Purchases 10 units at $20 O $2060. O $2090. O $2270. O $2173. $450 2070 200 $2720 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 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. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24
Bonita Company sells one product. Presented below is information for January for Bonita Company. Jan. 1 4 11 13 20 27 Inventory 109 units at $4 each 85 units at $8 each 137 units at $7 each 109 units at $9 each 151 units at $7 each 93 units at $11 each Sale Purchase Sale Purchase Sale Bonita uses the FIFO cost flow assumption. All purchases and sales are on account.
Unitech has the tollowing inventory information. July 1 Beginning Inverntory 60 units at $19 $1,140 Purchases 210 units at $20 4.200 22 Purchases 30 units at $22 660 $6,000 A physical count of merchandise inventoryon luly 31 reveals that there are 90 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals LIFO Units Acquired at Cost Units Sold at Retail 230 units @ $2 = $ 460 @$8 @ $3 = Required C 372 units 280 units Ending Inventory 96 units 978 units @ $4 = Complete this question by entering your answers in the tabs below. $ 1,116 $ 1, 120 @$5 $480 $ Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Cost of Goods Sold 3,176 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 138 units 250 units 220 units 608 units @ $8 @ $8
Vikrambhai
! Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $26 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $12.00 cost 20 units @ $18.00 cost 15 units @ $20.00 cost Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Perpetual FIFO: Goods Purchased Date # of Units Cost Per Unit Goods Purchased # of Units Sold Cost of Goods Sold Cost Per Cost of Goods Unit Sold Inventory Balance # of Units Cost Per Unit Inventory Balance December 7 December 14 Total December 14 December 15 Total December 15 December 21 Totals
Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO Weighted-average eTextbook and Media 2,940 units Save for Later 980 units Teal Mountain Company uses the perpetual inventory system. $ 1,470 units $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 73,500 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 14,602 Cost of Goods Sold Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory Attempts: 0 of 2 used Submit Answer