What is the COGS ? Summit Wholesale has the following inventory records:•Beginning Inventory: 200 units @ $20/unit•Purchases: 300 units @ $22/unit• Units Sold: 400 unitsIf FIFO is used, what is the COGS?A) $8,400B) $8,800C) $9,000D) $8,200

Step 1: Definition of FIFO (First-In, First-Out)FIFO (First-In, First-Out) is an inventory valuation…

Answered: Summit Wholesale has the following…

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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XYZ Company has the following inventory information: Beginning inventory: 100 units at $10 per unit Purchases: 200 units at $12 per unit Sales: 250 units Ending inventory: ? Calculate the ending inventory and cost of goods sold using the FIFO (First-In, First-Out) method.
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Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00
FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (165 units @ $68/unit) Purchases (240 units @ $68/unit) Ending inventory (215 units @ $68/unit) What is the amount of cost of goods available for sale? 7 Multiple Choice O O O. $27,540 $42,160 $12,920 $30,940
GreenLeaf Supermarket had the following inventory transactions: Beginning Inventory: 300 units @ $10/unit • Purchase 1: 500 units @ $12/unit • Purchase 2: 200 units @ $15/unit If 600 units are sold, calculate the cost of goods sold (COGS) using the weighted average method.
A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory. Beginning inventory 100 units at $10 cost per unitPurchase 1 . 40 units at $12 cost per unitPurchase 2 . 20 units at $14 cost per unit Compute cost of goods sold using the LIFO periodic system. a. $400 b. $1,460 c. $1,360 d. $300
A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory. Beginning inventory 100 units at $10 cost per unitPurchase 1 . 40 units at $12 cost per unitPurchase 2 . 20 units at $14 cost per unit Compute ending inventory using the FIFO periodic system. a. $400 b. $1,460 c. $1,360 d. $300
Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description Value Oct. 1 Inventory 340 units at $14 Oct. 13 Sale 160 units Oct. 22 Purchase 320 units at $15 Oct. 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.fill in the blank 1 of 1$ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$ c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 Inventory, March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is der O a. $3,448. O b. $3,392 Oc $1,158. O d. $1,104. re to search 近

Winners Inc. has three items in its ending inventory. The company's inventory information is presented below. Item: Quantity: Cost per Selling Cost to Cost to Cost to Item: Price: Complete: Sell: Transport: TB 2,400 $3.30 $4.10 $0.95 $0.50 $0.05 VW 1,200 $6.60 $9.20 $1.40 $0.85 $0.10 RG 1,900 $4.25 $6.25 $1.25 $0.65 $0.20 Required: Using the lower-of-cost-or-net realizable value (LCNRV) approach for Winners Inc., calculate the following values. a. Determine the LCNRV for item TB. type your answer... b. Determine the LCNRV for item VW. type your answer... c. Determine the LCNRV for item RG. type your answer... d. Determine the final inventory value using a total category LNCRV method. type your answer...
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O A. $840 O O Unit Units Cost 30 B. $1,260 C. $930 OD. $1,328 50 20 100 $21 30 33 Total Cost $630 Units Sold 1,500. 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is: 60

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Summit Wholesale has the following inventory records: • Beginning Inventory: 200 units @ $20/unit • Purchases: 300 units @ $22/unit • Units Sold: 400 units If FIFO is used, what is the COGS? A) $8,400 B) $8,800 C) $9,000 D) $8,200