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

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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.
1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3 units @ $390 per unit Purchase 7 units @ $385 per unit Sale 5 units Purchase 4 units @ $380 per unit Sale 8 units Purchase 5 units @ $370 per unit Using LIFO and a perpetual inventory system, the firm's cost of sales for the period is: A $4,605. B. $4,995. C. $5,145.
What is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: X
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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 Date Transaction 1-Nov Beginning balance 4-Nov Purchases $20.00 $22.00 $24.00 6-Nov Purchases 7-Nov Sales 100.00 $60.00 Calculate the cost of ending inventory after the Nov 7 sale per the Weighted Average method: 40.00 70.00 40.00 $ 800.00 $1,540.00 $ 960.00 $6,000.00 [
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...
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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