Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory.(a) Using the FIFO method, the ending inventory is $ and the cost of goods sold is $(b) Using the weighted-average-cost method, the ending inventory is $ and the cost of goods sold is $(Round interim calculations to two decimal places. Round final answers to the nearest dollar.)Requirement 2. MusicMagic uses the FIFO method. Prepare MusicMagic's income statement for the month ended November 30, 2017, reporting gross profit. Operating expenses totalled $260, and the income tax rate was 20%.Begin with the heading, and then select the accounts and enter the amounts in the statement. (Round answers to the nearest dollar. Use parentheses or a minus sign for negative income.)Data TableDateItemQuantityUnit costSale Price1 Balance.8 Sale.10 Purchase.30 Sale.November12909.145161156.175PrintDone

First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased…

Answered: Requirement 1. Determine the amounts…

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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Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…
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.
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.
Really not undertsanding LIFO, thank you ahead of time
Please don't not give image format
MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X
Please do not give solution in image format thanku
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
need answer for all requirements or skip/leave if you can't answer all. answer in detail with steps answer in text

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