SECTION-BNote: Attempt any four questions. Each question carries 5 marks.Q-1-From the given information, calculate the cost of inventory as well as the cost of goods soldusing the (a) specific invoice, (b) weighted-average, (c) first-in, first-out, and (d) last-in, first-outmethods.Goods Available for SaleUnitsCostTotalAdditional Fact:Inventory Not SoldJanuary 1 Beg. Inventory40@$8$ 32040 from January 1April 1 Purchased20@9180May 1 Purchased20@102004 from May 1October 1 Purchased20@122404 from October 1December 1 Purchased20@13260120$1,200Additionally, find out which method organization should follow in order to reduce taxes?[5 marks]

Computation of cost of ending inventory and cost of goods sold under the following methods:a.…

Answered: SECTION-B Note: Attempt any four…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $22 Oct. 9 Purchase 140 24 Oct. 11 Sale 100 40 Oct. 17 Purchase 100 25 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 27 Oct. 29 Sale 110 45
CAN SOMEONE SHOW ME HOW TO COMPLETE THIS CHART?
Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 620 555 units at units at $8 $9 Aug. 12 Dec. 8 435 120 units at units at $10 $11 Sunland Company uses a periodic inventory system. Sales totaled 1,530 units.
inventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
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