The following information is taken from the books of All in the Family Center for the firstquarter of its fiscal year ending on April 30, 20--:CostRetailInventory, start of period (January 1, 20--)$37,000$66,000Net purchases during the periodNet sales for the period174,000330,000310,500Required:1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method.Round your intermediate calculations and final answer to the nearest whole number.Estimate the ending inventory2. Estimate the cost of goods sold for the time period, January 1, through April 30, using theretail inventory method. Round your intermediate calculations and final answer to the nearestwhole number.Estimated cost of goods sold

As per the retail inventory method, the inventory is valued at cost after deducting the profit…

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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 records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
Blossom, Inc. estimates the cost of its physical inventory at March 31 for use in interim financial statements. Blossom's rate of markup on cost is 25%. The following account balances are available at March 31: Inventory, March 1 Purchases Purchase returns Sales during March $548000 O $214000. O $400000. O $362800. O $232000. 428000 18000 744000 The estimate of the cost of inventory at March 31 would be
The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,900 units at $5 Feb. 17 Purchase 2,800 units at $7 Jul. 21 Purchase 3,200 units at $9 Nov. 23 Purchase 1,100 units at $11 There are 1,400 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar
The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--: Cost Retail Inventory, start of period (January 1, 20--) $37,000 $66,000 Net purchases during the period 174,000 330,000 Net sales for the period 310,500 Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimate the ending inventory 46,435 X Feedback 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimated cost of goods sold 164,565 Feedhack
At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $15.20 per unit: Transactions Units Inventory, January 1 Purchase, January 12. 560 Amount $1,792 540 Purchase, January 26 140 2,808 1,008 Sale Sale (420) (200) Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 2a. Between FIFO and…
The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--: Cost Retail Inventory, start of period (January 1, 20--) $37,000 $66,000 Net purchases during the period 174,000 330,000 Net sales for the period 310,500 Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimate the ending inventory 46,435 x Feedback Check My Work Incorrect 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimated cost of goods sold 164,565 X Feedback Check My Work Incorrect
Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--: Cost Retail Inventory, start of period, January 1, 20-- $32,400 $50,800 Net purchases during the period 169,584 264,800 Net sales for the period 260,600 Required: 1. Estimate the ending inventory as of March 31 using the retail inventory method. $fill in the blank 1 2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 50 units at $20 each June 15 Sale of 42 units for $50 each June 29 Purchase 42 units at $25 each The cost of the ending inventory is:
Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following data Beginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and () the average cost method
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
PLEASE HELP ME
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,850 $ 3 5,040 2,930 56 4,140 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average Cost

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