Exercise 5-9A (Algo) Effect of cost flow on ending inventory: intermittent sales and purchases LO 5-1The Hat Store had the following series of transactions for Year 2.TransactionDescription40 units @ $20.50220 units @ $24.50160 units @ $24.50270 units @ $25.50345 units @ $43.75DateJanuary 1March 15May 30August 10 PurchasedNovember Sold20Requireda. Determine the quantity and dollar amount of Inventory at the end of the year, assuming The Hat Store uses the FIFOcost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.)Endinginventory:BeginninginventoryPurchasedSoldunits@

Under perpetual inventory system, Records of each purchase and sales is properly maintained. Under…

The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 40 units @ $20.50 March 15 May 30 220 units @ $24.50 160 units @ $24.50 270 units @ $25.50 August 10 Purchased November 20 Sold 345 units @ $43.75 Beginning inventory Purchased Sold Required a. Determine the quantity and dollar amount of Inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Ending inventory: units Ⓡ

The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 40 units @ $20.50 March 15 May 30 220 units @ $24.50 160 units @ $24.50 270 units @ $25.50 August 10 Purchased November 20 Sold 345 units @ $43.75 Beginning inventory Purchased Sold Required a. Determine the quantity and dollar amount of Inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Ending inventory: units Ⓡ

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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Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…
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