Answered: Use the weighted-average (AVG) cost… | bartleby

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Practice Pack

Use the weighted-average (AVG) 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. Round your intermediate calculations to 2 decimal places and final answers
to nearest whole dollar.
Number Unit
of Units Cost
Beginning Inventory
110
$41
Purchased Mar. 2
150
43
Sold Mar. 31 for $75 per unit
86
(a) Sales Revenue
(b) Cost of Goods Sold
(c) Gross Margin

Expert Solution

Trending now

This is a popular solution!

Learn your way

Includes step-by-step video

Step by step

Solved in 3 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

There are such data of the ABC Company’s activity. The company uses perpetual inventory updating. Number of Units Unit Cost, $ Sales prise, $ Beginning inventory 900 60 Purchased 700 65 Sold 1 900 100 Sold 2 200 120 Ending inventory Find ending inventory and its cost Calculate the cost of goods sold in units and in dollar value for Company ABC for the month. Provide calculations for first-in, first-out (FIFO) method. Find Gross margin for the 1-st and 2-d sells
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, tocalculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering thefollowing transactions. Number of units unit cost Beginning inventory 105 $40 Purchased March 2 150 42 Sold march 21. 31 for 75 dollars spent 88
What is the Weighted average cost per unit?
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 last-in, first-out (LIFO). Beginning inventory Sold Purchased Sold Purchased Sold Ending inventory Beginning Sale Purchase Sale Purchase Sale Number of Units Unit Cost Sales 260 160 520 400 410 370 260 Number of Units 520 $130 400 133 140 Cost of Goods Purchased Unit Cost $170 Total Purchases 172 204 133 140 Total Cost 69,160 56,000 LIFO (perpetual) Inventory Cost of Goods Sold Number of Units 160 400 370 Unit Cost Total COGS $ 130 133 Total Cost Number of Units Cost of Inventory Remaining Unit Cost Total Cost 100000
LIFO (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
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO) Number of Units Unit Cost Sales Beginning inventory 880 ETT 630 400 350 760 Purchased Sold Sold Ending inventory Beginning Purchase Sale Sale Number of units $50 Cost of Goods Purchased Unit Cost Total Purchases 52 $100 110 Total Cost LIFO (perpetual) Inventory Cost of Goods Sold Number of units Unit Cost 000 Total COGS Total Cost 0 000 Cost of Inventory Remaining Number of units 000000 Unit Cost Total Cost
please solve and explain
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
Use the weighted-average inventory method to calculate the cost of the ending inventory for the inventory table below. Units Cost per Total Retail price Total retail cost per unit $1,067 $189 $150 $490 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory purchased unit 97 $11 21 $9 $10 $14 15 35 168 89 79 (Round to the nearest cent as needed.) $1,896 $17 $12 $18 $21 *** value $1,649 $252 $270 $735 $2,906
Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS