The following information is available for C Corp. for the month of March:UnitsUnit costs Selling priceBeginning inventory260$6Purchase530$6Purchase790$7Sold1320$11signed in as cavijaynparmar.Assume that the corporation uses the average cost method. Determine the amount of gross profit for the month of March.$5,940$1,690$2,860$4.250

The total cost of goods available for sale is the sum of the cost of the beginning inventory and the…

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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 information is available for C Corp. for the month of March: Units Unit costs Selling price Beginning inventory 260 $6 Purchase 530 $6 Purchase 790 $7 Sold 1320 $11 signed in as nikulbhaim3 Assume that the corporation uses the average cost method. Determine the amount of gross profit for the month of March. $2,860 $1,690 $4,250 $5,940
Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300 $4 12 Purchase 450 $6 23 Purchase 750 $5 30 Ending Inventory 222 Compute the cost of the ending inventory and the cost of goods sold under • FIFO • LIFO average-cost method. Answer:
Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.
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[The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.ee - 2,520 Jan. 25 Sales 210 units e $24.00 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $18,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using welghted average. 3. Determine the cost assigned to ending Inventory and to…
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $31,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 8,500 Cost of Goods Manufactured 11,600 Compute gross profit. OA. $19,400 OB. $17,900 OC. $10,900 O D. $20,900 ***
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