2F2The cost of goods sold computations for Cullumber Company and Marigold Company are shown below.Beginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods sold(a1)(b)Inventory turnovereTextbook and MediaSave for LaterWhich company moves its inventory more quickly?#380F34aF4Cullumber Company$ 47,000Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.)%5408,200455,200Cullumber CompanyF5$394,20061,000A6Marigold CompanyF6MacBook Air$74,000&7191,480265,480←F764,000$201,480Marigold Company8DIIF89F90F10F11

Name: 2F2The cost of goods sold computations for Cullumber Company and Mari
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 2F2The cost of goods sold computations for Cullumber Company and Marigold Company are shown below.Beginning inventoryCost of goods purchasedCost of goods available for saleEnding inventoryCost of goods sold(a1)(b)Inventory turnovereTextbook and Medi

As the name indicates this ratio is used in case of inventory to find out the number of times the…

Business

Accounting

The cost of goods sold computations for Cullumber Company and Marigold Company are shown below. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) (b). + Cullumber Company $ 47,000 408,200 Inventory turnover 455,200 61,000 $394,200 Which company moves its inventory more quickly? Cullumber Company Marigold Company $ 74,000 191,480 265,480 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) 64,000 $201,480 Marigold Company

The cost of goods sold computations for Cullumber Company and Marigold Company are shown below. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) (b). + Cullumber Company $ 47,000 408,200 Inventory turnover 455,200 61,000 $394,200 Which company moves its inventory more quickly? Cullumber Company Marigold Company $ 74,000 191,480 265,480 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) 64,000 $201,480 Marigold Company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
How much is the total inventory to be reported in the statement of financial position? A. 870,000 B. 866,000 C. 926,000 D. 930,000
Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
None
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
Calculate cost of goods sold using the following information under the LIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $112,500 $200,000 $175,000 $62,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
Calculate the correct gross profit for 20xx
please solve with the FIFO method ( question 2)
PLEASE ANSWER IMMEDIATELY
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.