Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.Date1/12/42/204/211/4(a)TransactionBeginning inventoryPurchaseSalePurchaseSaleQuantity Price/CostAverage-cost per unit $3,4004,4004,9005,4004,600$1928473651Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)

Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 Transaction (a) Beginning inventory Purchase Sale Purchase 11/4 Sale Quantity Average-cost per unit $ 3,400 4,400 4,900 5,400 4,600 Price/Cost $19 28 47 36 51 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)

Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 Transaction (a) Beginning inventory Purchase Sale Purchase 11/4 Sale Quantity Average-cost per unit $ 3,400 4,400 4,900 5,400 4,600 Price/Cost $19 28 47 36 51 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)

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

compute net sales, gross profit, and the gross profit ratio for each of the four seperate companies. Round gross margin ratio to one decimal place. carrier lennox trane york sales 150000 550000 38700 255700 sales discounts 5000 17500 600 4800 sales returns and allowances 20000 6000 5100 900 cost of goods sold 79750 329589 24453 126500
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product ABCDE Cost $ 90 130 90 55 20 Product Per Unit Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. A B с D E Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? Selling Price $ 120 160 130 85 30 Cost NRV Per Unit Inventory Value
Presented below is information related to Blowfish radios for the Metlock Company for the month of July. Date July 1 (a1) 6 7 10 12 15 18 22 25 30 Transaction Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Totals Units In 200 1,600 800 600 1,000 4,200 Unit Cost Weighted-average cost per unit $ $4.20 4.30 4.60 4.70 4.68 Total $840 6,880 3,680 2,820 4,680 $18,900 Units Sold 600 600 400 800 400 2,800 Selling Price Total $6.80 7.10 7.20 7.20 7.30 Calculate the weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) $4,080 4,260 2,880 5,760 2,920 $19,900
Metlock Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 10/31 Sale Transaction (a) Beginning inventory Sale Purchase Purchase Quantity 1,600 1,000 (f) 3,500 2,000 4,000 Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow Price/Cost (e) Periodic system, weighted-average cost flow $33 49 Perpetual system, moving-average cost flow 35 36 51 VA $ EA $ $ Cost of goods sold
Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 16 Variable selling expense per unit $2 Variable administrative expense per unit $ 1 Total fixed selling expense $ 19,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 87,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
Ames Trading Company has the following products in its ending inventory Cost per Unit Product Mountain bikes. Skateboards Gliders Inventory Items Quantity 12 22 12 Mountain bikes Skateboards Gliders $ 580 330 960 Compute lower of cost or market for inventory applied separately to each product. Units Market per Unit $ 510 370 910 Per Unit Cost Market Cost Total Market LCM applied to each product
# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
You have the following information for Kingbird Diamonds. Kingbird Diamonds uses the periodic method of accounting for its inventory transactions. Kingbird only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 3 March 5 March 10 March 25 Beginning inventory 180 diamonds at a cost of €368 per diamond. Purchased 240 diamonds at a cost of €420 each. Sold 224 diamonds for €720 each. Purchased 420 diamonds at a cost of €464 each. Sold 480 diamonds for €780 each.
Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 16 $2 $2 $ 19,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000
Whispering Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 10/31 (a) (b) (c) Transaction (d) Beginning inventory Sale Purchase Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 Compute cost of goods sold, assuming Whispering uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow (e) Periodic system, average-cost flow $29 (f) Perpetual system, moving-average cost flow 51 31 32 53 $ $ $ $ $ $ Cost of goods sold