The inventory records for Radford Company reflected the followingBeginning inventory on May 1First purchase on May 7Second purchase on May 17Third purchase on May 231,200 units @ $4.001,300 units @ $4.201,500 units @ $4.301,100 units@ $4.40Sale on May 313,900 units @ $5.90What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 decMultiple Choice$10.920$17160$6,513O $5.850

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 1First purchase on May 7Second purchase on May 17Third purchase on May 231,200 units @ $4.001,300 units @ $4.201,500 units @ $4.301,100 units@ $4.40Sale on M

The various methods for inventory valuation include FIFO, LIFO and average method. The gross margin…

Business

Accounting

tory 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 sale 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 gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 d Multiple Choice $10.920

tory 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 sale 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 gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 d Multiple Choice $10.920

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

Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory necessary to come up to industry standards. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth Net Sales $580,000 Cost of Goods Sold Beginning Inventory $131,250 Ending Inventory $77,200 Average Inventory $ 104,225 ✔ 6.08 Inventory Turnover x Published Rate 4.8 Target Average Inventory $ 132,093.75 x
How much are the ending inventory and cost of sales under the moving average method?
question
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?
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: August 2 29 units were purchased at $10 per unit. August 18 34 units were purchased at $12 per unit. August 29 31 units were sold. What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) Multiple Choice $316.50 $408.00 $314.00 $343.48 $698.00
What is the Weighted average cost per unit?
Inventory Costing Methods and the Periodic MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.(Round answer to two decimal places, if needed.) Weighted-average cost per unit Answer Cost of goods sold Answer Ending inventory Answer
Assuming that all net sales figures are at retail and all cost of goods sold figures are at cost, calculate the average inventory (in $) and inventory turnover for the following. If the actual turnover is less than the published rate, calculate the target average inventory (in necessary to come up to industry standards. If the actual turnover is greater than the published rate, enter "above" for target average inventory. Round inventories to the nearest dollar and inventory turnovers to the nearest tenth. Net Sales Cost of Goods Sold $345,000 Need Help? Read It Beginning Inventory $44,000 Ending Inventory $52,000 $ Average Inventory Inventory Turnover Published Rate 6.0 $ Target Average Inventory
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Exercise 9-15 (Algo) Retail inventory method; LIFO (LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Cost Retail Beginning inventory Net purchases Net markups $220,000 697,000 $361,000 830,000 27,000 7,000 825,000 Net markdowns Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the threefmonths ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is not complete. Cost-to- Retail Ratio Cost Retail Beginning inventory 220,000 2$ 361,000 Net purchases 697,000 O 830,000 Net markups 27,000 Net…
Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220
SPECIFIC IDENTIFICATION, FIFO, LIFO, AND WEIGHTED-AVERAGE Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 $20.00 $ 8,000 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 400 October 18 500 20.50 10,250 November 25 200 21.50 4,300 January 12, 20-2 300 23.00 6,900 22,050 20,000 5,200 March 17 900 24.50 June 2 August 21 September 27 800 25.00 200 26.00 700 18,900 $95,600 27.00 4,000 Use the following information for the specific identification method.