The accounting records of Kingbird Electronics show the following data.Beginning inventoryPurchasesSales3,060 units at $77,140 units at $9.8,590 units at $12Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and(c) the average-cost method.Cost of goods soldFIFOSA$LIFO$Average-cost$

Cost of goods sold using FIFO Method is $71190Cost of goods sold using LIFO Method is $74410Cost of…

Answered: The accounting records of Kingbird…

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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Using the following data taken for a business with a periodic inventory system. Merchandise Inventory August 1 $ 96,990 Merchandise Inventory August 31 102,550 Purchases 267,010 Purchases Returns and Allowances 10,560 Purchases Discounts 6,300 Freight In 4,620 Determine the cost of merchandise sold for August.
The records of Alaska Company provide the following information for the year ended December 31. At Cost At Retail $4 $ 469,010 $4 $ 928,950 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 6,381,050 5,595,800 42,800 3,376,050 Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,686,900. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the retail inventory method to estimate the company's year-end inventory at cost. (Round your ratio calculations to 2 decimal places. (i.e. 10.15%)) Cost-to-Retail At Cost At Retail Ratio Beginning inventory Cost of goods purchased %24 469,010 24 928,950 3,376,050 6,381,050 %24 3,845,060 $7,310,000 Net sales at retail Required 1 Required 2 >
Journalize the following transactions assuming the company uses a perpetual inventory system: July 3. Sold merchandise on account for $3,750 terms n/eom. The cost of the goods sold was $2,000. 5. Issued a credit memo for $1,050 for merchandise returned from the sale on July 3. The cost of the merchandise returned was $610. 12. Received payment on account for the amount due on the sale of July 3, less the return of July 5. 17. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the goods sold was $3,830.
Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 86 units @ $21 8 69 units 15 95 units @ $23 27 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31 Inventory Sale Purchase Sale
Based on the following data for the current year, what is the inventory turnover (rounded to one decimal place)? Sales on account during year $469,274 Cost of merchandise sold during year 179,305 Accounts receivable, beginning of year 42,159 Accounts receivable, end of year 52,598 Merchandise inventory, beginning of year 32,886 Merchandise inventory, end of year 40,548 Oa. 17.7 Ob. 12.8 Oc. 3.9 Od. 4.9
Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Travis Company purchased merchandise on account from a supplier for $6,000, terms 2/10, net 30. 6 Travis Company paid for the merchandise within the discount period.
Beginning inventory', purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Motors has the following inventory information. Nov. 1 Inventory 30 units @ s8.00 Purchase 120 units e $8.30 17 Purchase 60 units e $8.70 25 Purchase 90 units e $8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Cost of goods sold (rounded to the nearest dollar) under the average-cost method is Select one: a $1.870. b. $1.812 C 51.758 d. $1.859
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units $12 5 Sale 15 units 15 Purchase 26units $13 30 Sale 16 units assuming a perpetual inventory system and the last in first out method, determine the cost of the merchandise sold for the sept 30 sale and the inventory on sept 30
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Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 104 15 9 Sale 95 16 Purchase 130 23 25 Sale 77 Assuming a perpetual inventory system and using the Last-in, first-out (LIFO) method, determine the Cost of Goods Sold in November.
Use the weighted-average inventory method to calculate the cost of the ending inventory for the inventory table below. Units Cost per Total Retail price Total retail cost per unit $1,067 $189 $150 $490 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory purchased unit 97 $11 21 $9 $10 $14 15 35 168 89 79 (Round to the nearest cent as needed.) $1,896 $17 $12 $18 $21 *** value $1,649 $252 $270 $735 $2,906

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