The following data on materials purchased and issued during the month of June were shown: Assuming the application of a perpetual inventory system, the total quantity and cost of materials purchased for the month of June should be 2. Velasco Company has the following data for 2020: January 1 :Finished Goods > P 90,000, Work in process > P 56,000. December 31: Finished Goods >P 102,000 Work In Process > P 76,000 Gross Profit (2020) >P 94,000 Cost of Goods Manufactured >P780,000. The sales for 2020 should be

The following data on materials purchased and issued during the month of June were shown: Assuming the application of a perpetual inventory system, the total quantity and cost of materials purchased for the month of June should be 2. Velasco Company has the following data for 2020: January 1 :Finished Goods > P 90,000, Work in process > P 56,000. December 31: Finished Goods >P 102,000 Work In Process > P 76,000 Gross Profit (2020) >P 94,000 Cost of Goods Manufactured >P780,000. The sales for 2020 should be

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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Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
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The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order 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): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units@ $6 220 units@ $7 Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
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