Use the following information to answer questions (Round to 2 decimal places):The following information has been extracted from the records of Due North Sales (DNS) Co.:January 1January 9January 15January 25Beginning InventoryBoughtSoldBoughtMultiple ChoiceIf Due North Sales (DNS) uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for January, is:$42,300$33,804None of the other alternatives are correct$32,500550 units @ $26 each1,000 units @ $28 each1,200 units @ $40 each750 units @ $30 each$32,748

Under FIFO Method inventory sold out on first in an out basis in which item is sold according to…

Use the following information to answer questions (Round to 2 decimal places): The following information has been extracted from the records of Due North Sales (DNS) Co.: January 1 January 9 January 15 January 25 Multiple Choice If Due North Sales (DNS) uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for January, is: O Beginning Inventory Bought Sold Bought O $42,300 $33,804 None of the other alternatives are correct 550 units@ $26 each. 1,000 units @ $28 each. 1,200 units @ $40 each 750 units @ $30 each $32,500

Use the following information to answer questions (Round to 2 decimal places): The following information has been extracted from the records of Due North Sales (DNS) Co.: January 1 January 9 January 15 January 25 Multiple Choice If Due North Sales (DNS) uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for January, is: O Beginning Inventory Bought Sold Bought O $42,300 $33,804 None of the other alternatives are correct 550 units@ $26 each. 1,000 units @ $28 each. 1,200 units @ $40 each 750 units @ $30 each $32,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format
Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 360 Cost of goods sold 660 860 390 +A Unit Cost LA $5 6 7 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 730 units occurred on June 15 for a selling price of $8 and a sale of 760 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $1,800 3,960 6,020 LA $ LIFO LA $ Moving Average
Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory Cost of the ending inventory 240 Cost of goods sold 540 740 270 $ 6 $ 8 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 640 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $960 3,240 5,920 $ $ LIFO $ $ Moving Average
Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 20 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Less Equals Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Activity Beginning Inventory Purchase Purchase Purchase b Gross Margin using Specific Identification of units 220 330 420 Units Acquired at Cost @$10.00- @$15.00- $20.00- @$25.00- 120 1,090 220…
Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
I need help.
Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown)…
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. March 3 Cost of goods sold Answer March 20 Weighted-average cost per unit Answer Cost of goods sold Answer March 31 Total cost of goods sold Answer Ending inventory Answer
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !
Please do not give solution in image format