The following information is available for C Corp. for the month of March:UnitsUnit costs Selling priceBeginning inventory260$6Purchase530$6Purchase790$7Sold1320$11signed in as nikulbhaim3Assume 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

First, we need to calculate the total cost of inventory. This includes the beginning inventory and…

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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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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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Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Required:
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: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…
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.
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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Case D Tompkins Company reports the following Inventory record for November. Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@ $53 per unit) Purchase Sale (@ $53 per unit) # of Units 135 320 Cost/Unit $ 18 19 245 525 21 520 Selling, administrative, and depreciation expenses for the month were $15,500. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under each of the following methods using periodic Inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its Inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that Inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for Inventory? Complete this question by…

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