The records of Collins Aviation include the following accounts for inventory of aviation parts at July 31 of the current year: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a partial income statement through gross profit under the average, FIFO, and LIFO methods. Round average cost per unit to two decimal places and all other amounts to the nearest dollar. Sales revenue Cost of goods sold Gross profit Collins Aviation Partial Income Statement Year Ended July 31 Average cost $ 126,420

The records of Collins Aviation include the following accounts for inventory of aviation parts at July 31 of the current year: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a partial income statement through gross profit under the average, FIFO, and LIFO methods. Round average cost per unit to two decimal places and all other amounts to the nearest dollar. Sales revenue Cost of goods sold Gross profit Collins Aviation Partial Income Statement Year Ended July 31 Average cost $ 126,420

Name: Inventory Aug 1 Balance 700 units @ $5.00 $3,500 Nov 5 Purchase 300 u
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Description: Inventory Aug 1 Balance 700 units @ $5.00 $3,500 Nov 5 Purchase 300 units @$5.50 1,650 Jan 24 Purchase 8, 500 units @ $7.50 63,750 Apr 8 Purchase 500units @ $8.20 4,100 Sales Revenue Jul 31 9,030 units $126, 420 The records of Collins Aviation inclu

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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Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of…
March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414
April 1 Beginning Inventory 100 units @ $4 April 2 Sales 50 units April 3 Purchases 300 units @ $6 April 10 Sales 250 units April 21 Purchases 400 units @ $8 April 28 Sales 200 units Assuming a periodic inventory system is used, what is cost of goods sold under FIFO? Select one: a. $2,400 b. $2,100 c. $3,000 d. $3,300
July 1 Beginning inventory 5.040 7,560 8 14 22 28 Purchase Sale Sale Purchase. Units Sale 7.560 1,890 6.300 4.410 Cost/Unit Amount $12.00 $60,480 $12.50 94.500 All of the units sold were priced at $20 per unit. $12.75 80.325
Activities Units Acquired at Cost 3e0 units $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 18 Sales - $ 4, 200 250 units e $44.00 Mar.14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase 520 units e $19.00 9,880 468 units e $44.00 see units a $24.00 12, 800 488 units e $44.00 200 units e $29.00 5,800 Totals 1,528 units $31,88e 1,198 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per unit Inventory Balance Cost of Goode Sold TCost per unit Cost # of unite #…
Activities Units Acquired at Cost Units Sold at Retail Date 3e0 units $14.00 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales - $ 4, 200 258 units a $44.00 520 units e $19.00 9,88e 468 units e $44.00 see units $24.00 12, 000 f 2 488 units e $44.00 Oct. 26 Purchase 200 units e $29.00 5,800 Totals 1,520 units $31,888 1,198 units :13:51 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Coat Cost of Gooda sold Cost per unit Inventory Balance Cost # of unite #…
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Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.
July 1 Beginning inventory 500 units x $3,290 2 Purchase 450 units x $2,540 5 Sale 790 units x $3,700 12 Purchase 600 units x $2,100 15 Purchase 980 units x $1,900 23 Purchase 150 units x $2,100 25 Sale 1600 units x $3,650 30 Sale 200 units x $3,450 31 Purchase 670 units x $ 2, 150 Merchandises of ABC Company and data on purchases and sales for a month of July period follow. It uses the PERIODIC inventory system 1. Determine the cost of ending inventory and cost of goods sold for May using the FIFO method. (PERIODIC inventory system )
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Activities Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Perpetual FIFO Perpetual LIFO Specific Id Compute the cost assigned to ending inventcry using specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning…
Date Total $510.00 $504.00 $798.00 $220.00 $26.00 $1,300.00 Item Quantity 30 28 Cost Per Unit 1-May Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase $17.00 $18.00 $19.00 $22.00 42 10 50 Sold 135 Units @ $37 each Sales