Take2 Company reports the following purchases and sales data for its product Z for the month of March. Activities Beginning inventory Units purchased at cost Units sold at retail 200 units @ $6.00 120 units @ $12.00 300 units @ $7.00 210 units @ $15.00 100 units @ $8.00 Take2 Company uses a perpetual inventory system. If Helen, the marketing manager wants to earn a bonus based on a percent of gross profit, explain the method of inventory costing she will prefer. (FIFO, LIFO or Weighted Average Cost) Date Mar. 1 Mar. 10 Sales Mar. 20 Purchase Mar. 24 Sales Mar. 30 Purchase

Take2 Company reports the following purchases and sales data for its product Z for the month of March. Activities Beginning inventory Units purchased at cost Units sold at retail 200 units @ $6.00 120 units @ $12.00 300 units @ $7.00 210 units @ $15.00 100 units @ $8.00 Take2 Company uses a perpetual inventory system. If Helen, the marketing manager wants to earn a bonus based on a percent of gross profit, explain the method of inventory costing she will prefer. (FIFO, LIFO or Weighted Average Cost) Date Mar. 1 Mar. 10 Sales Mar. 20 Purchase Mar. 24 Sales Mar. 30 Purchase

Name: Take2 Company reports the following purchases and sales data for its
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Description: Take2 Company reports the following purchases and sales data for its product Z for the monthof March.DateMar. 1ActivitiesBeginning inventory 200 units @ $6.00SalesPurchase300 units @ $7.00Mar. 24SalesMar. 30 Purchase100 units @ $8.00Take2 Company us

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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PLEASE FILL OUT THE CHART. use the following information to complete it. Thank you! Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 160 units @ $52.20 per unit March 5 Purchase 255 units @ $57.20 per unit March 9 Sales 320 units @ $87.20 per unit March 18 Purchase 115 units @ $62.20 per unit March 25 Purchase 210 units @ $64.20 per unit March 29 Sales 190 units @ $97.20 per unit Totals 740 units 510 units
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The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.
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