[The following information applies to the questions displayed below.]Tree Seedlings has the following current-year purchases and sales for its only product.Units Acquired at Cost50 units@ $2 =DateJanuary 1January 3February 14February 15June 30November 6November 19ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotalsRequired A Required B Required C78 unitsFIFO100 unitsPeriodic Inventory System24 units252 units@ $3 =@ $4 =@ $5 =$100$ 234$ 400Complete this question by entering your answers in the tabs below.$ 120$854Units Sold at Retail34 units@ $8@ $8@ $8The company uses a periodic inventory system.a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.c. Compute the gross profit for each method.70 units92 units196 unitsDetermine the costs assigned to ending inventory and to cost of goods sold using FIFO.EndingCost ofGoods SoldInventoryRequired B >

Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Answered: Tree Seedlings has the following…

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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Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cont 235 unite $11.40- Date January 1 January 10 March 14 March 15 Activities Beginning inventory Sales Purchase Sales $16.40- 360 units 435 units #$21.40. July 30 October 5 October 26 Purchase Sales Purchase 135 units 1,165 units Totals Required: Hemming uses a perpetual inventory system. $26.40 Complete this question by entering your answers in the tabs below. Required 3 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 profit for FIFO method and LIFO method. Required 1 Required 2 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, $ 2,679 5,904 9,309 3,564 $ 21,456 Units sold at Retail 170 unite 290 unit 410 unita 870 units $41.40 #541.40 $41.40
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Activities Units Sold at Retail Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 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 4. Compute gross profit earned by the company for each of the four costing methods. 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. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales…
Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Problem Date Activity Units Acquired at Cost Total Units Sold at Retail Unit Inventory Jan. 1 Beg. Inventory 400 units @ $14 = Jan. 15 Sale Mar. 10 Purchase Apr. 1 Sale May 9 Purchase Sep. 22 Purchase Nov. 1 Sale Nov. 28 Purchase Totals 200 units @ $15 = 300 units @ $16 = 250 units @ $20= 100 units @ $21 = $5,600 - $3,000 - 200 units @ $30 200 units 400 units $5,000 200 units @ $30 $4,800 - 400 units $2,100 - 200 units 500 units 750 units 300 units @ $35 450 units 550 units 1,250 units $20,500 700 units 550 units Additional tracking data for specific identification: (1) January 15 sale-200 units @ $14, (2) April 1 sale-200 units @ $15, and (3) November 1 sale-200 units @ $14 and 100 units @ $20. 1. What is the Cost of Good Available for Sale? How many units available for sale? 2. Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory…
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80 January 3 Sales 30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210 February 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 November 6 Sales 86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units record a journal entry worksheet
Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost Units Sold at Retail 150 units @ $2 = $ 300 January 31 Sales 106 units @ $ 8 February 14 February 15 Purchase Sales 228 units June 30 November 6 November 19 Purchase Sales Purchase Totals 200 units 64 units 642 units @ $3 = $ 684 @ $4 = $ 800 170 units @ $ 8 152 units @ $ 8 @ $5 = $320 $ 428 units 2,104 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. tes Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO
Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 100 units@ $56.00 per unit 400 units@ $61.00 per unit Date Activities Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $91.00 per unit 120 units @ $66.00 per unit 200 units @ $68.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $101.00 per unit Totals 820 units 580 units 2. Compute the number of units in ending inventory. Ending inventory units
eBOok Show Me How E Print Item Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 1 267 April 20 Purchase 270 Total 3 $801 Average cost per unit $267 ($801 ÷ 3 units) Assume that one unit is sold on April 27 for $366. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) first-out (LIF0); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $4 c. Weighted average cost Check My Work Previous All work saved. Email Instructor Save and Exit Submit Assignment for APR 10 étv J
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit February 10 Purchase 420 units @ $38 per unit March 13 Purchase 180 units @ $25 per unit March 15 Sales 755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit September 5 Purchase 560 units @ $41 per unit September 10 Sales 750 units @ $70 per unit Totals 1,930 units 1,505 units
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Units Sold at Retail 220 units @ $85.20 per unit…
The following three identical units of Item Alpha are purchased during April: Units Cost Apr. Purchase $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) eBook Cost Flow Methods Assume that one unit is sold on April 30 for $132. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit a. First-in, first-out (FIFO) Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average cost

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