The following information is available for CC Sports Equipment Apparelfor their inventory of soccer balls:Beginning inventory 25 units at $10 eachPurchases ofinventory350 units at $10 each362 units at a selling price of $15 (units cost of$10 cost)SalesEnding inventory is:a. $130.b. $120.c. $195.d. $370.

Key InformationBeginning Inventory: 25 units at $10 each.Purchases: 350 units at $10 each.Total…

Answered: The following information is available…

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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Snyder’s total cost of goods available for sale would be:a. $2,000.b. $7,200.c. $8,000.d. $9,200.
1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3 units @ $390 per unit Purchase 7 units @ $385 per unit Sale 5 units Purchase 4 units @ $380 per unit Sale 8 units Purchase 5 units @ $370 per unit Using LIFO and a perpetual inventory system, the firm's cost of sales for the period is: A $4,605. B. $4,995. C. $5,145.
Help Seve & Ext Submit RJ Corporation has provided the following information about one of Its Iventory Items: ber of Units Coet per Date Transaction 1/1 Unit Beginning Inventory 420 $3,200 6/6 Purchase 790 $3,620 9/10 Purchase 1,180 $4,020 11/15 Purchase 810 $4,210 uring the year, RJ sold 3,020 units. nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.) Multiple Choice O $11,702,391. $11,781,500. $11,662,391. $11,599,700. < Prev 50 of 67 MacBook Air
The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4 per unit May 7 Purchase 12 units @ $5 per unit May 10 Sale 14 units May 17 Purchase 10 units @ $6 per unit May 19 Sale 4 units Required:Answer the following questions for Goode Company: a. If perpetual FIFO is used, what is the total ending inventory in dollars?$ b. If perpetual LIFO is used, what is the cost of goods sold for the month?$ c. If weighted average is used, what is the ending inventory? Do not round intermediate calculations. Round your final answer to two decimal places.$ d. If moving average is used, what is the cost per unit sold for the May 10 sale? Round your answer to two decimal places.$
Accounting
Use the following to answer questions 7 – 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 S715 303,875 Purchase 275 $723 198,825 750 S538,200 7. $ period? What were company's sales for the For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $ 10. $ Calculate gross profit (FIFO) For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. $ Calculate ending inventory (LIFO) 12. $ Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation.
Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000 Ending Inventory: $15,000 Sales Revenue: $100,000 Cost of Goods Sold: $60,000 Calculate the Gross Profit for Company XYZ
Glasgow Enterprises started the period with 80 units in beginning Inventory that cost $2.70 each. During the period, the company purchased Inventory Items as follows. Glasgow sold 270 units after purchase 3 for $10.90 each. Purchase 1 2 3 If the company uses the FIFO cost flow method, Glasgow's cost of goods sold would be: Multiple Choice O O Number of Items 250 110 60 O ● $824. $729 $999. Cost $3.20 3.30 3.70 $915.
Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The Cost of Merchandise Sold under FIFO is the Cost of Merchandise Sold under LIFO for all of the unit amounts on the first slider_______(GREATER THAN/LESS THAN/EQUAL TO). 7. The Merchandise Inventory under FIFO is the Merchandise Inventory under LIFO for all of the unit amounts on the first slider_______(GREATER/LESS/EQUAL). 8. The sum of Cost of Merchandise Sold and Merchandise Inventory for FIFO is ______(GREATER/LESS/EQUAL) the sum of Cost of…
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
on show the following at May 31: Data Table g in of u y using ar.) May 1 Beginning inventory 10 units @ $160 = $1,600 Cos May 15 Purchase 5 units @ $161 = $805 %3D May 26 Purchase 14 units @ $170 = $2,380 Print Done ost of goods sold? Which method produces the lowest cost of goods sold? e to the next question.
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS for November if the company uses FIFO? Select one: a. $600 b. $610 c. $400 d. $590

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