The following information is available for Sheridan Company:Sales Revenue$390800Freight-In$30000Ending Inventory38500Purchase Returns and Allowances14800Purchases270800Beginning Inventory44300Sheridan's cost of goods sold under a periodic inventory system isO $262300.○ $286000.○ $291800.O $331500.

Step 1:Cost of goods sold includes all direct cost incurred to produce goods . Cost of goods sold…

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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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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 S March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 69 60 FIFO LIFO Units Acquired at Cost 27.312 S 27.312 17.037 17.817 x 10,275 $ 9.495 S 60 units 265 units 65 units 110 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the M 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 440 units Weighted Average @ $50.20 per unit @$55.20 per unit 17.291 10,021 @ $60.20 per…
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 80 $ 125 Purchases 671 1,006 Freight-in on purchases 30 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 916 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
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2. Assume that Breakthrough Company uses a periodic inventory system and has these account balances: Freight-In $19,000; Purchase Discounts $11,000; Net Sales of $750,000; inventory,4/1 of $45,000; Operating Expenses $39,500; Purchase Returns and Allowances $25,000; Freight-Out $ 24,000; inventory,4/30 of $55,000; and Purchases $630,000. Required: Using the appropriate account titles and subtotals prepare in proper format the detailed cost of goods sold section for the month ended Aoril 30, 2021
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