UnitsReceivedUnitYou sell 100 units in$2.00 June. Calculate the costof goods sold usinglast-in, first-out.CostJune 470June 1130$3.00June 1860$2.10June 2540$2.40A. $2.22B. $2.10C. $2.30D. $2.26003 - 2021 Acellus Corporation. All Rights Reserved.

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Answered: Units Unit You sell 100 units in $2.00…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta. Units Cost April 2 April 15 April 20 Total Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase 1 1 1 3 $76 80 84 $240 $80 Average cost per unit ($240 + 3 units) Assume that one unit is sold on April 27 for $106. 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
Pointe New Tab UTA Is The Leader I... Commercial Captur... UPS-Shipping Search for Corporat... The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $31 $775 June 16 Purchase 31 units @ $32 992 Nov. 28 Purchase 42 units @ $37 1,554 98 units $3,321 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest hole dollar. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. %$4 C. Determine the inventory cost by the average cost methods. %24 Previous Next %24 %24
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $291 Purchase 1 294 Purchase 297 3 $882 $294 ($882 ÷ 3 units) Assume that one unit is sold on April 27 for $426. Determine the gross profit for April and ending inventory on April (b) last-in, first-out (LIFO); and (c) weighted average cost method, a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory $
A record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Total Units Unit Selling Price Total May 1 – Balance 400 $4.00 $ 1,600 May 3 300 $7.00 May 4 1,300 $4.10 5,330 May 6 1,000 $7.00 May 8 800 $4.30 3,440 May 12 900 $7.50 May 14 700 $4.40 3,080 May 18 400 $7.50 May 22 1,200 $4.50 5,400 May 30 1,400 $8.00 May 27 500 $4.75 2,375 TOTALS 4,900 $21,225 4,000 Required: Assuming that perpetual inventory records are kept, calculate the ending inventory using FIFO Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar.
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Question 2. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Clas Cop Hig Hig Cer Bra Sca Shopping No Sac lov engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?inprogress=true C 中 eBook Instructions: 1. Determine the estimated units of sales of the overall product necessary to reach the break-even point for the current year. 2,320 units 2. Based on the break-even sales (units) in part (1), determine the unit sales of both Kayaks and Canoes for the current year. Kayaks Canoes units 928 1,392 units 3. Assume that the sales mix was 60% Kayaks and 40% Canoes. Determine the estimated units of sales of the overall product necessary to re break-even point for the current year. units 4. Based upon the break-even sales (units) in part (3), determine the unit sales of Kayaks and Canoes for the current year. Kayaks Canoes units units 5. The overall enterprise break-even point increased lower ✓ contribution margin per unit of product. Feedback from (1) to (3) because the sales mix is weighted more toward the product with the Check My Work 1-3. Subtract…
Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.
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i.7
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. 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) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
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Units Unit You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. Received Cost June 4 70 June 11 30 $3.00 June 18 60 $2.10 June 25 40 $2.40 A. $2.22 B. $2.10 C. $2.30 D. $2.26