Required information Skip to question [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. Itentered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 100units @ $51.00 per unit April 4 Purchase 225 units @ $56.00 per unit April 8 Sales 260 units @ $86.00 per unit April 17 Purchase 85 units @ $61.00 per unit April24 Purchase 150 units @ $63.00 per unit April 28 Sales 130 units @ $96.00 per unit Totals 560 units 390 units 3. Compute the cost assigned to ending inventoryusing (a) FIFO, (b) LIFO, and (c) weighted average.

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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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Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities March 1 March 5 Beginning inventory Purchase Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit Units Sold at Retail March 9 Sales 260 units @ $86.00 per unit March 18 Purchase March 25 Purchase March 29 Sales Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit 560 units 130 units @ $96.00 per unit 390 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale # of units Cost per Unit Cost of Goods Available for Sale S Next >
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost @ $50.20 per unit @ $55.20 per unit LIFO 60 units 205 units 65 units 110 units 440 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $60.20 per unit @ $62.20 per unit Weighted Average Units Sold at Retail Specific ID 220 units @ $85.20 per…
Mena Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory 20 units @ $3,000/unit Apr. 6 Purchase 30 units @ $3,500/unit Apr. 9 Sales 35 units @ $12,000/unit Apr. 17 Purchase 5 units @ $4,500/unit Apr. 25 Purchase 10 units @ $4,580/unit Apr. 30 Sales 25 units @ $14,000/unit Total 65 units 60 units Required Calculate the amount of Gross Profit by using FIFO method Weighted Average Method
Please help me with a Weighted Average, FIFO, and LIFO chart. Thank you
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Activities Units Sold at Retail Unita Acquired at Cost 600 unita $35 per unit 300 unite @ $32 per unit 150 units @ $20 per unit Date. Jan. 1 Beginning inventory Feb. 10 Purchase. Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase. Sept. 5 Purchase. Sept. 10 Sales Totaln 190 units @ $40 per unit 540 units $37 per unit Cost of goods available for sale Number of units available for sale 1,780 units 725 units @ $80 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. units 730 unite $80 per unit 1,455 unite
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 165 units @ $55 per unit March 5 Purchase 465 units @ $60 per unit March 9 Sales 485 units @ $90 per unit March 18 Purchase 250 units @ $65 per unit March 25 Purchase 330 units @ $67 per unit March 29 Sales 290 units @ $100 per unit Totals 1,210 units 775 units For specific identification, units sold include 70 units from beginning inventory, 415 units from the March 5 purchase, 105 units from the March 18 purchase, and 185 units from the March 25 purchase. Required: 1. Compute cost of goods available for sale and the number of units available for sale.
i need the answer quickly
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $12.00 = March 14 @ $17.00 = Purchase Sales March 15 July 30 October 5 October 26 @ $22.00 @ $27.00 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 Purchase Sales Purchase Totals July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 250 units 250 400 450 150 1,250 400 units 450 units 150 units 1,250 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. = Cost Per # of units Unit sold $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units…
Periodic System― Calculating Ending Inventory and Cost of Sales using FIFO The following information is available for Water Inc. Date Units Unit Cost January 1 (beginning inventory) 200 $50.00 Purchases: January 10 150 52.00 300 52.50 200 55.00 January 15 January 30 The company maintains a periodic inventory system. A physical count shows 250 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. • Note: Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ b. Cost of goods sold for January $ ×
Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost $10.50 950 400 12.00 Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 200 13.25 600 14.00 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Date Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $…

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