E6-5 (Algo) Inferring Missing Amounts Based on Income Statement Relationships [LO 6-2, LO 6-6]Supply the missing dollar amounts for each of the following independent cases:CasesABCDESalesRevenue"$ 1,000 $1,2001,1601,300BeginningInventoryPurchases400 $500400350Cost of GoodsAvailable for Sale1,100 15001,1009001,200Cost ofGoods Sold$660500950Cost ofEnding Inventory460600550Gross Profit700860

Cost of goods available for sale:Cost of goods available for sale is nothing but the cost of goods…

Supply the missing dollar amounts for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Purchases Inventory $ 1,000 $ 1,200 1,160 1,300 400 $ 500 400 350 Cost of Goods Available for Sale 1,100 1500 1,100 900 1,200 Cost of Goods Sold $ 660 500 950 Cost of Ending Inventory + 460 600 550 Gross Profit 700 860

Supply the missing dollar amounts for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Purchases Inventory $ 1,000 $ 1,200 1,160 1,300 400 $ 500 400 350 Cost of Goods Available for Sale 1,100 1500 1,100 900 1,200 Cost of Goods Sold $ 660 500 950 Cost of Ending Inventory + 460 600 550 Gross Profit 700 860

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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The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the cost of goods sold would be Oa. $8,410. Ob. $11,130. Oc. S11,140. Od. $8,480.
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.
The following are the components in determining cost of goods sold, Determine the missing amounts. (a) Beginning Inventory Purchases $101,600 $ (b) (c) S $78,100 $54,700 $ Cost of Goods Available for Sale $120,000 $110,000 $151,000 $ Ending Inventory $33,800 $28,800
Using LIFO, what is the ending balance in inventory? Date $4,800 3/1/2011 Purchase Total Goods Available for Sale O $8,400 Source 1/1/2011 Beginning Inventory 2/1/2011 Purchase $9,100 O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300
The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the value of the inventory on hand at the end of the period would be
The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the value of the inventory on hand at the end of the period would be a. $2,730. b. $8,570. Oc. $2,750. Od. $2,570.
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory 2024 $288,820 $ 11,060 2025 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640 eTextbook and Media
Supply the missing dollar amounts for each of the following independent cases:
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).