Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c)gross margin for A75 Company, considering the following transactions.Number Unitof Units CostBeginning inventory120$47Purchased Mar. 216549Sold Mar. 31 for $70 per unit84(a) Sales Revenue(b) Cost of Goods Sold(c) Gross Margin

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Answered: Use the last-in, first-out (LIFO) cost…

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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From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
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
Calculate the Inventory Turnover and Day Sales in Inventory ratios for Hayden Co. assuming the FIFO method. Discuss what the ratios demonstrate to you. Assume the industry average for Inventory Turnover is 3.4.
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Computing the gross profit percentage Macarthy Landscape Supply’s selected accounts as of December 31, 2018, follow. Compute the gross profit percentage for 2018.
The following data are available for Sellco for the fiscal yoar ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units 300 units 410 units 56 190 units Required: a. Calcuiate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodie inventory syslenk (Round unit oost ls2 Cost of Goods Scld Ending Inventory FIFO LIFO Weighted average 6. Assume hat net ancome using the weighted-average cost flow assumption is $12.300 Calculate net inceme under FIFO and LIFG (Round unit coafzcnplaE Net Income FIFO

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