**Required Information***[The following information applies to the questions displayed below.]*The following are the transactions for the month of July.| Date | Transaction | Units | Unit Cost | Unit Selling Price ||------------|----------------------|-------|-----------|--------------------|| July 1 | Beginning Inventory | 41 | $10 | || July 13 | Purchase | 205 | $12 | || July 25 | Sold | (100) | | $16 || July 31 | Ending Inventory | 146 | | |**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.*---**Tab: Required A**Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.| FIFO (Periodic) | Units | Cost per Unit | Total ||-------------------------|-------|---------------|-------|| Beginning Inventory | | | || Purchases | | | || July 13 | | | || | | | |Please proceed by entering your calculations into the table.

a. FIFO (Periodic) Units Cost per unit Total Beginning inventory 41 $10 $410 Purchases…

Answered: [The following information applies to…

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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Similar questions

Use this inventory information for the month of March to answer the following questions. Assuming that a periodic inventory system is used, what is ending inventory (rounded) under theaverage-cost method? What is cost of goods sold on a FIFO basis? What is ending inventory under the LIFO method?
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 4 11 11 16 EX 17 21 31 17 Unit cost $ 2.50 3.00 3.50 3.75 4.50 4.70 4.90 5.30
Haynes Company uses the perpetual inventory system. The following information is available for the month of March. March 1 Beginning Inventory 10 units at $2 for $20, March 4 Sold 8 units, March 22 Purchased 50 units at $4 for $200, March 26 Sold 48 units. If Haynes Company uses the LIFO inventory costing method, what is the Cost of Goods Sold for March? A. $212 B. $208 C. $204 D. $560
Subject - account Please help me. Thankyou.
Using the weighted average method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of theperiod.Date Activity Units Purchase Price (per unit) Sale Price (per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Weighted average:Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Weighted average:Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale…
Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
The following units of a particular item were available for sale during the calendar year: Jan. 1 3,800 units at $40 Apr. 19 2,600 units June 30 4,400 units at $45 Sept. 2 5,200 units Nov. 15 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Inventory Sale Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold FIFO Method Quantity Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost $ Total Cost
! Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 46 Unit Cost $ 10 Unit Selling Price 230 11 Sold Ending Inventory (100) 176 $ 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) Units Cost per Unit Total Beginning Inventory Purchases July 13 S Prev 1 2 3 of 11 Next
The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods sold
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
Consider the following information for Maynor Company, which uses a periodic Inventory systern: January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. Ending Inventory Cost of Goods Sold CICLOS
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance

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