Do not give answer in image Question 1The accounting department of MNO Limited (MNO) provides two sets of data for June. The first datarelates to the purchase, and the second data relates to the sales.Table 1. The First Set of Data - Purchases1 June6th June11 June19th June28th JuneThe following data relates to the sales:1185 units @ 9711 units @ 10474 units @ 121185 units @11158 units @ 13Table 2. The Second Set of Data-Sales9th June237 units @ 1314th June1422 units @ 1324th June553 units @ 15Required:Based on the above information, calculate the following for the month of June 20X0:a) Cost of goods sold (COGS)ANSWER a: (answer box will enlarge as you enter your response) Based on the above information, calculate the following for the month of June 20X0:a) Cost of goods sold (COGS)ANSWER a: (answer box will enlarge as you enter your response)b) Cost of closing inventoryANSWER b:c) The gross profitANSWER C:

FIFO (First-In, First-Out) is a method of inventory valuation and management. It assumes that the…

Answered: Table 1. The First Set of Data -…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...

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Table 1. The First Set of Data - Purchases 1st June 6th June 11th June 19th June 28th June The following data relates to the sales: I 1185 units @9 711 units @ 10 474 units @ 12 1185 units @11 158 units @ 13 Table 2. The Second Set of Data-Sales 9th June 237 units @ 13 14th June 1422 units @ 13 24th June 553 units @ 15 Required: Based on the above information, calculate the following for the month of June 20X0: a) Cost of goods sold (COGS)
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FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 42 $150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May 8 Purchase 70 200 14,000 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June 5 Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold…
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 43 Unit Cost $ 10 Price 215 11 Sold Ending Inventory (100) 158 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Beginning Inventory Units Cost per Unit Total 43 $ 10 $ 430 Purchases July 13 Goods Available for Sale 215 $ 11 $ 2,365 $ 258 Cost of Goods Sold Units from Beginning Inventory 43 $ 10 Units from July 13 Purchase $ 11 Total Cost of…
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
2. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale Date January 1 February 5 March 16 Activities Purchase Purchase Sale Units Acquired at Cost 100 units @ $10 = $1,000 60 units @ $12= $720 Units Sold at Retail 40 units @ $16
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Accounting
Independent Assessment 3 Study the given data, then compute for what are asked? Cost of Goods Sold and Merchandise Inventory. The following transactions are assumed to have taken place during the month of July: Purchases: Amount Description units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 July 500 Php 10,000.00 10 800 20 1,000 25 600 Total Php Sales: Amount 12,000.00 Description units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 July 4 400 Php 12 700 1,100 500 24 31 Total Php Summary: Total units purchased: Less: Total units sold Total units remaining unsold, 7/31 Unit cost Total value of merchandise inventory, 7/31 From the above information, the cost of the units sold may be determined as follows: Total units purchased during July Less: total units remaining unsold, 7/31 Total units sold Unit cost Total cost of units sold Php The gross profit maybe computed as follows: Sales (2,700 units at Php…
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Units Unit Cost Price $ 10 July 1 July 13 July 25 Beginning Inventory 41 Purchase 205 12 Sold (100) $ 16 July 31 Ending Inventory 146 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost per FIFO (Periodic). Units Total Unit Beginning Inventory Purchases מ 4 . ו. .!
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