TB MC Qu. 05-163 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system, Determine the cost assigned cost of goods sold using FIFO Date May 1 May 5 May 101 May 15 May 24 Beginning inventory Purchase Sales Purchase Sales Multiple Choice $3,208 $3.710 $3,830 Activities $3.700 Units Acquired at Cost 184 units @ $10 - $1,840 254 units@ $12 - $3,048 134 units@ $13 - $1,742 Units sold at Retail 174 units @ $20 124 units $21 Activate Wi

TB MC Qu. 05-163 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system, Determine the cost assigned cost of goods sold using FIFO Date May 1 May 5 May 101 May 15 May 24 Beginning inventory Purchase Sales Purchase Sales Multiple Choice $3,208 $3.710 $3,830 Activities $3.700 Units Acquired at Cost 184 units @ $10 - $1,840 254 units@ $12 - $3,048 134 units@ $13 - $1,742 Units sold at Retail 174 units @ $20 124 units $21 Activate Wi

Name: TB MC Qu. 05-163 (Algo) Salmone Company reported the following...Salm
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Description: TB MC Qu. 05-163 (Algo) Salmone Company reported the following...Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system Determine the cost assigned tocost of goods sold using FIFODateM

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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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to the cost of goods sold using FIFO.
TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21
A-7
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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Units Sold at Retail 220 units @ $85.20 per unit…
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Activities Units Acquired at Cost 310 units @ $16 Date Units Sold at Retail May 1 Beginning Inventory Purchase 300 units @ $18 10 Sales 220 units @ $26 15 Purchase 180 units @ $19 24 Sales 170 units @ $27 Multiple Choice $13,780 $6,400 $6.590 $7,380 $7,040
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