ActivitiesUnits Acquired at CostUnits Sold at RetailDate3e0 units $14.00Jan. 1 Beginning inventoryJan. 10 SalesMar. 14 PurchaseMar.15 SalesJuly3e PurchaseOct. 5 Sales- $ 4, 200258 units a $44.00520 units e $19.009,88e468 units e $44.00see units $24.0012, 000f 2488 units e $44.00Oct. 26 Purchase200 units e $29.005,800Totals1,520 units$31,8881,198 units:13:51Required: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 1Required 2Required 3Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.Perpetual FIFO:Goods PurchasedCoatCost of Gooda soldCostperunitInventory BalanceCost# ofunite# of uniteBoldCost of GoodsSoldInventoryBalanceDate# of uniteperunitperunitJanuary 1s 4,200.0030014.00January 10250 Oe14.00$3,500.0014.0019.00 014.00Is19.00March 14520 OeIs14.00IS19.00March 1550 O410Is14.00S 1,820.00July 3050013024.00|19.00Is24.00S 1,820.00October 5110 Oe Ee0019.00%3D2,090.0019.00370 OeIs24.008,880.0024.00%3DIs10,970.00200 Oe200 OOctober 2629.0019.00IS24.00IS29.00Totals14,470.00

Answered: Units Acquired at Cost 3ee units $14.00…

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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Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 175 units @ $15 = $2,625 April 4 Purchase 150 units @ $16 = $2,400 April 7 Sales 160 units @ $30 April 10 Purchase 200 units @ $17 = $3,400 April 16 Sales 250 units @ $30 April 25 Purchase 160 units @ $18 = $2,880 April 28 Sales 150 units @ $32 A. Determine the cost assigned to ending inventory and cost of goods sold using FIFO. B. Determine the cost assigned to ending inventory and cost of goods sold using LIFO
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W Using the specific identification method: Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 a. Calculate the cost of ending inventory. Date June 1 July 1 August 1 Ending inventory b. Calculate the cost of goods sold. Cost of goods sold Cost per unit $ 275 250 240
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
Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. 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 a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
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
C.12.
Given the following: FIFO method: 16 units left in inventory Jan 1 Beginning inventory 9 units at $105 = $945 April 13 Purchased 14 units at $120 = $1,680 Sept. 17 Purchased 20 units at $130 = $2,600 Dec. 10 Purchased 14 units at $140 = $1,960 The cost of goods sold is: A. None of these B. $4,965 C. $5,225 D. $10,000 E. $5,000
Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…

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