Required information[The following information applies to the questions displayed below.]Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June.Cody's Fishing Hole uses a periodic inventory system.DateJune 1TransactionsBeginning inventoryJune 7SaleJune 12June 15June 24PurchaseSalePurchaseJune 27SaleJune 29PurchaseUnits16Unit CostTotal Cost$280$4,48011102702,70012102602,6008102502,500$12,2802. Using FIFO, calculate ending inventory and cost of goods sold at June 30.Answer is complete but not entirely correct.Ending inventory$3,020 ×Cost of goods$5,400xsold

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Description: Required information[The following information applies to the questions displayed below.]Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June.Cody's Fishing Hole uses a periodic inv

For calculation of the cost of goods sold and cost of ending inventory, we use several methods,FIFO…

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[The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June Cody's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 June 12 June 15 June 24 Sale Purchase Sale Purchase June 27 June 29 Sale Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 Using FIFO, calculate ending inventory and cost of goods sold at June 30.

[The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June Cody's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 June 12 June 15 June 24 Sale Purchase Sale Purchase June 27 June 29 Sale Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 Using FIFO, calculate ending inventory and cost of goods sold at June 30.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Required information [The following information applies to the questions displayed below] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 10 Unit Cost $340 330 320 310 Total Cost $5,440 3,300 3,200 3,100 $15,040 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
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Required information [The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Date Transactions Beginning inventory Sale Units Unit Cost Total Cost June June 7 16 $290 $ 4,640 11 June 12 Purchase 10 280 2,800 June 15 June 24 Sale 12 Purchase Sale 10 270 2,700 June 27 June 29 Purchase 6. 260 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold
Required information [The following information applies to the questions displayed below.] Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date January 1 April 14 August 22 October 29 Transactions Beginning inventory Purchase Purchase Purchase (a) Ending inventory (b) Retained earnings (c) Cost of goods sold (d) Net income Units Unit Cost 27 72 122 87 308 272 2025 $32 34 36 38 January 1 to December 31 Sales ($52 each) Luther uses a periodic inventory system and believes there are 36 birds remaining in ending inventory. However, Luther neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 26 birds in ending inventory. Luther is not aware of the lost canaries. Total Cost $864 2,448 4,392 3,306 $11,010…
The following information applies to the questions displayed below.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June, 1 June 7 June 12 June 15 June 24 June 27 June 29. Ending inventory Cost of goods sold Date June, 1 June 7 June 12 June 15 June 24 June 27 June 291 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Date June, 1 June 7 June 12 June 15 June 24 June 27 June 291 Units 16 11 18 12 10 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 8 8 [The following information applies to the questions displayed below.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Ending inventory Cost of goods…
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Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
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 Perpetual FIFO Perpetual LIFO Date March 1 March 5 Average March 5 March 9 Activities Beginning inventory Purchase Sales Complete this question by entering your answers in the tabs below. March 18 Purchase Purchase Sales Totals Average March 18 HTT 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 105 units from beginning inventory, 235 units from the March 5 purchase. 85 units from the March 18 purchase, and 125 units from the March 25 purchase. March 25 Average March 25 March 29 Totals Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per…
Required information [The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($165 each) Purchase Sale ($180 each) Purchase Sale ($190 each) Purchase Ending inventory Cost of goods sold Units 8 5 10 8 10 11 12 Unit Cost Total Cost $148 1,184 138 128 118 $ $ 1,380 1,280 1,416 5,260 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
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 Total Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. 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 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Weighted Average # of units Goods Available for Sale Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold…