Urban Glam Cosmetics made purchases of lipstick in the current year as followsJan. 1 Begining inventoryMar. 14 PurchasedJuly PurchasedUnits available for sale530is $15.00Cast of goods available for sale$12,291Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unitJan. 30 71 unitsMar 15 190 unitsTotalsS 460 units721 itsRequiredThe business uses a perpetual inventory system.1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods. (Do not roundIntermediate calculations. Round your final answers to 2 decimal places.)

Answer information:Step 1:Calculation of COGS Ending inventory Value & Gross Profit Under…

Answered: Urban Glam Cosmetics made purchases of…

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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compute the number of units in ending inventory
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $18 11 Purchase 16 units @ $16 14 Sale 20 units 21 Purchase 12 units @ $21 25 Sale 14 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO. Cost of Goods Sold Inventory Purchases Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Date Qty. Unit Cost Total Cost April 3 11 $ 14 $ 21 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $12 11 Purchase 17 units @ $19 14 Sale 22 units 21 Purchase 12 units @ $17 25 Sale 19 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value
Current Attempt in Progress Suppose that Sandhill Natural Cosmetics Company began business and made the following four inventory purchases in June: A June 11 147 units June 10 June 151 196 units 196 units June 28 147 units O $1470. O $1568. O $1715. O $1569. $882 1372 1568 1323 $5145 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 196 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $14 11 Purchase 12 units @ $18 14 Sale 25 units 21 Purchase 13 units @ $19 25 Sale 8 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 %$4 11 $4 $ 14 21 $4 25 $4 $4 $4 Total Cost of goods sold $4 Ending inventory value %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 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 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. 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. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Calculator Beginning inventory, purchases and sales data for widgets are as follows: April 3 Inventory 15 units @ $30 11 Purchase 12 units @ $27 14 Sale 18 units 21 Purchase 7 units @ $25 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using FIFO. Purchases Cost ofGoods Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost April 3 $ $ 11 $ $ $ $ $ 14 $ $ $ $ $ 21 $ $ $ $ $ 25 $ $ $ $ $ Total Cost of goods sold $ Ending inventory value $
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
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Required information Skip to question [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 Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.

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