Uie the following information for Exercises 2-45 and 2-46: In September, Lauren Ashky Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead tocaled $325.000 for the month. Information on inventories was as follows: Scptember 1 Scptcmber 30 Materials $120.000 S130,000 Work in process 80,000 90,000 Finished goods 70,000 65,000

Uie the following information for Exercises 2-45 and 2-46: In September, Lauren Ashky Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead tocaled $325.000 for the month. Information on inventories was as follows: Scptember 1 Scptcmber 30 Materials $120.000 S130,000 Work in process 80,000 90,000 Finished goods 70,000 65,000

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

Want to answer properly so please provide it with correct option and provide also option correct and incorrect explanation
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Given the following data, what is the cost of goods sold as determined under the LIFO method if ABC Home Improvements sold 350 air freshener systems for $28 per unit? Information Number of Units Unit Cost Beginning Inventory on 1/1 150 $14 Inventory Purchases on 1/5 250 $17 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 E3 4. 8. 80 96 5 图
Use lean accounting to prepare journal entries for the following transactions. 1. Sold $16,800 of goods on credit. 2. Recorded cost of goods sold of $11,760.
Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…
What will be the cost of goods sold at the end of May 4? What will be the gross profit made by the business on June 5? What will be the total cost of goods sold at the end of May 10? What will be the closing inventory on May 31?
Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below: 1. If Miller Inc. uses a LIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as?
Please don't provide answer in image format thank you
Subject: accounting
Please do not give solution in image format ? And Fast answering please and explain proper steps by Step.
Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?
Note that this was everything given for this particular item. Use the information below to figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Inventory schedule for JMC Lawncare For the month ended March 31, 2022 Dates Number of units $ per unit Total units Total cost March 1 100 4.00 March 8 50 2.50 March 15 150 5.00 March 22 125 4.50 March 29 200 7.00 Totals 625 3,237.50 25 units purchased on March 30 at $2.00 per unit