Urban Glam Cosmetics made purchases of lipstick In the current year as follows:Jan. 1 Beginning inventoryMar. 14 Purchased75 units @ $12.00250 units @ $13.005ee units a $14.009003,250July 30 Purchased%3D7,000Units available for sale825 unitsCost of goods available for sale$ 11,150Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit:Jan.1070 unitsMar.15 180 unitsOct.5 450 unitsTotals7ee unitsRequired:The 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 roundIntermedlate calculations. Round your final answers to 2 decimal places.)EndingInventoryCost of GoodsSolda.FIFOb.Moving weighted average

Name: Urban Glam Cosmetics made purchases of lipstick In the current year a
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Description: Urban Glam Cosmetics made purchases of lipstick In the current year as follows:Jan. 1 Beginning inventoryMar. 14 Purchased75 units @ $12.00250 units @ $13.005ee units a $14.009003,250July 30 Purchased%3D7,000Units available for sale825 unitsCost of

FIFO (First in first out) method of inventory shows the inventory which are purchased and issued…

Business

Accounting

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 75 units es12.ee $ 9ee 25e units es13.ee- see units es14.ee- Mar. 14 Purchased 3,250 July 30 Purchased 7,e0e Units available for sale 825 units Cost of goods available for sale Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit Jan. 10 70 units Mar. 15 18e units Oct. 450 units Totals 7ee unit Required: The 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 round

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 75 units es12.ee $ 9ee 25e units es13.ee- see units es14.ee- Mar. 14 Purchased 3,250 July 30 Purchased 7,e0e Units available for sale 825 units Cost of goods available for sale Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit Jan. 10 70 units Mar. 15 18e units Oct. 450 units Totals 7ee unit Required: The 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 round

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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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Begining inventory Mar. 14 Purchased July 30 Purchased 89 units 320 units 570 units $13.00 e$14.00 e $15.00 - -5 1,157 4,480 8,550 Units available for sale 979 units $14,187 Cost of goods available for sale Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 847 units were specifically sold as follows: 77 units from beginning inventory 10 units from beginning inventory, and 240 units from the Harch 14 purchase 57 units froe the Harch 14 purchase, and 463 units from the July 30 purchase Jan. 10: Mar. 15: Oct. 5: Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit
Danny’s YoYos sells high quality yoyos. The inventory, purchases, and sales for a recent month in chronological order are as follows: Date Activities Units Acquired and Sold Oct 1 Beginning inventory 100 units @ $5.50 per unit Oct 4 Sales 20 units Oct 7 Purchase 165 units @ $5.95 per unit Oct 10 Sales 180 units Oct 16 Purchase 40 units @ $6.25 per unit Oct 28 Sales 50 units Assume that Danny’s YoYos uses a perpetual inventory system. Requirements Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using: Weighted average (step-by-step using table)
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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
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Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. 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 Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X
Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $213 14 Purchase 1 215 28 Purchase 1 217 Total 3 $645 Average cost per unit $215 ($645 ÷ 3 units) Assume that one unit is sold on April 30 for $290. 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 Ending Inventory a. First-in, first-out (FIFO) 213 b. Last-in, first-out (LIFO) 217 X c. Weighted average cost $
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item LO3V Units Cost April 2 Purchase 1 $236 April 14 Purchase 1 239 April 28 Purchase 242 Total $717 Average cost per unit $239 ($717 3 units) Assume that one unit is sold on April 30 for $325. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, firsrout (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24 3. %24 %24
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Required: