Answered: Use FIFO to determine the cost of the…

Use FIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year. b. What was the Cost of Goods Sold (COGS)?

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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Using the weighted average method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of theperiod.Date Activity Units Purchase Price (per unit) Sale Price (per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Weighted average:Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Weighted average:Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale…
Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
calculate number of days sales in inventory
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold 110 units @ $ 7.30 80 units @ $15.80 330 units @ $ 6.60 130 units @ $15.80 580 units @ $ 6.40 530 units @ $6.30 710 units @ $15.80 Total goods available for sale Units = = = Cost = Required: 1. Calculate the total goods available for sale (in units and cost). = $ 803.00 1,264.00 2,178.00 2,054.00 3,712.00 3,339.00 11,218.00
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What is the correct ending balance of Inventory under the LIFO method given the following information? Beginning Inventory: 35 units @€17, Purchase 1: 10 units @€22, Purchase 2: 15 units @€35, Ending Inventory: 40 units. Assume that the sale occurs after all inventory purchases. Answer: X
Next Hope reported the following income statement for the year ended December 31, 2026: View the income statement. Requirements 1. 2. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ... Requirement 1. Compute Next Hope's inventory turnover rate for the year. (Round to two decimal places.) Select the labels and enter the amounts to compute the inventory turnover rate. (Round your answer to two decimal places, X.XX.) Income statement = Inventory turnover = times Next Hope Income Statement Year Ended December 31, 2026 Requirement 2. Compute Next Hope's days' sales in inventory for the year. (Round to two decimal places.) ÷ ÷ Select the labels and enter the amounts to compute the days' sales in inventory for the year. (Enter all amounts to two decimal places, X.XX.) Days' sales in inventory days Net Sales Revenue $ 148,000 Cost of Goods Sold: = Beginning…
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