The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units @s4 300 units 410 units 56 190 units $8 Required: a. Calculate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory syslemk (Round unit sost e 2u Cost of Goods dold Ending Inventory FIFO LIFO Weighted averNge b. Assume that net ncome using the weighted-average cost flow assumption is $12.300. Calculate net inceme under FIFO and LIFO (Round et cost ne 2 decinatplen Net Income FIFO LIFO

The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units @s4 300 units 410 units 56 190 units $8 Required: a. Calculate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory syslemk (Round unit sost e 2u Cost of Goods dold Ending Inventory FIFO LIFO Weighted averNge b. Assume that net ncome using the weighted-average cost flow assumption is $12.300. Calculate net inceme under FIFO and LIFO (Round et cost ne 2 decinatplen Net Income FIFO LIFO

Name: The following data are available for Sellco for the fiscal yoar ended
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Description: The following data are available for Sellco for the fiscal yoar ended on January 31, 2017:SalesBeginning inventoryPurchases, in chronological order840 units210 units300 units410 units 56190 unitsRequired:a. Calcuiate cost of goods sold and ending in

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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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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…
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Beginning inventory Sold Purchased Sold Purchased Sold Ending inventory Beginning Sale Purchase Sale Purchase Sale Number of Units Unit Cost Sales 260 160 520 400 410 370 260 Number of Units 520 $130 400 133 140 Cost of Goods Purchased Unit Cost $170 Total Purchases 172 204 133 140 Total Cost 69,160 56,000 LIFO (perpetual) Inventory Cost of Goods Sold Number of Units 160 400 370 Unit Cost Total COGS $ 130 133 Total Cost Number of Units Cost of Inventory Remaining Unit Cost Total Cost 100000
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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
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