The inventory records for Radford Company reflected the followingBeginning inventory on May 11,200 units @ $4.00First purchase on May 7Second purchase on May 17Third purchase on May 231,300 units @ $4.201,500 units @ $4.301,100 units @ $4.403,900 units @ $5.90Sales on May 31What is the amount of cost of goods sold assuming the LIFO cost flow method is used?

Name: The inventory records for Radford Company reflected the followingBegi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The inventory records for Radford Company reflected the followingBeginning inventory on May 11,200 units @ $4.00First purchase on May 7Second purchase on May 17Third purchase on May 231,300 units @ $4.201,500 units @ $4.301,100 units @ $4.403,900 un

Under LIFO purchases made at last are sold first. In this question, 3900 units are sold. So first…

Business

Accounting

The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 Sales on May 31 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 What is the amount of cost of goods sold assuming the LIFO cost flow method is used?

The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 Sales on May 31 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 What is the amount of cost of goods sold assuming the LIFO cost flow method is used?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Round your intermediate calculations to 2 decimal places and final answers to nearest whole dollar. Number Unit of Units Cost Beginning Inventory 110 $41 Purchased Mar. 2 150 43 Sold Mar. 31 for $75 per unit 86 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin
Calculate the cost of goods available for sale for Atlantis Company, in units and in dollar amounts, given the following facts about their inventory for the period: # of units Cost per unit Beginning Inventory 140 $75 Purchased Goods during the period 240 $77 Sold goods during the period 80 $125 Purchased goods during the period 220 $80 Possible item names to complete the table below: Sales Goods Available for Sale Ending Inventory Purchases Beginning Inventory Cost of Goods Sold PLEASE NOTE: You will enter the item names exactly as written above, the units will be just the number, and all dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345). Items Units Dollar Amount
The inventory records for Radford Company reflected the following 1,000 units @ $3.60 Beginning inventory on May 1 First purchase on May 7 1,100 units @ $3.80 1,300 units @ $3.90 Second purchase on May 17 Third purchase on May 23 Sale on May 31 900 units @ $4.00 3,300 units @ $5.50 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 decimal places.)
Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given the following facts about their inventory for the period: Beginning inventory Purchased goods during the period Sold goods during the period Purchased goods during the period Goods available for sale in units Goods available for sale in dollar Number Cost of Units per Unit 130 $74 78 120 90 250 80 200
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $12.00 = March 14 @ $17.00 = Purchase Sales March 15 July 30 October 5 October 26 @ $22.00 @ $27.00 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 Purchase Sales Purchase Totals July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 250 units 250 400 450 150 1,250 400 units 450 units 150 units 1,250 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. = Cost Per # of units Unit sold $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units…
The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. Cost of goods sold FIFO SA $ LIFO $ Average-cost $
A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be reported on the financial statements?
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows (see attached). 1.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences in gross margin produced by the three methods.
Anders Company used the moving average method to determine the cost of the inventory. During January of the current year, the entity recorded the following information pertaining to its inventory: Unit Total Units cost cost 2,000,000 40,000 35,000 20,000 50 Balance on January 1 Sold on January 17 Purchased on January 28 80 1,600,000 What amount of inventory should be reported on January 31?
Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 70,890 Inventory, August 31 91,720 Purchases 353,300 Purchases returns & allowances 17,840 Purchases discounts 10,690 Freight in 4,820 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased %24
What is the Weighted average cost per unit?
XYZ Company has the following inventory information: Beginning inventory: 100 units at $10 per unit Purchases: 200 units at $12 per unit Sales: 250 units Ending inventory: ? Calculate the ending inventory and cost of goods sold using the FIFO (First-In, First-Out) method.