Valley Distributors has the following inventory records: . Beginning Inventory: 150 units @ $30/unit Purchases: 250 units @ $35/unit • . Units Sold: 300 units If FIFO is used, what is the COGS? ww A) $10,000 B) $10,250 C) $10,500 D) $9,750
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- Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%What is the COGS ?XYZ Company has the following inventory information: Beginning inventory: 100 units at $10 per unit Purchases: 200 units at $12 per unit Sales: 250 units Ending inventory: ? Calculate the ending inventory and cost of goods sold using the FIFO (First-In, First-Out) method.
- King Company had 25 units @$5 in beginning inventory; bought 30 units @$6 and then sold 50 units. Assume King Company uses the FIFO perpetual inventory system. Compute the (a) cost of goods sold and the (b) cost of ending inventory.WACUsing FIFO, a company with beginning inventory of 200 units at $5 each and purchases of 300 units at $6 each sells 250 units. What is the cost of goods sold?
- 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.)Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.) Purchases Cost ginning Inventory Total Units $25.60 $5,120 22.00 20.80 8,800 7,280 200 $ 200 400 Cost Cost of Goods Sold $ tA Total UU
- The Danson Co. uses the periodic inventory method and had the following inventory information available: # of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 3 300 1/20 Purchase 500 4 2,000 7/25 Purchase 100 5 500 10/20 Purchase 300 6 1,800 1,000 4,600 Sales for the year were 650 units for $7,000 in total. Required: 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO…Boreki Enterprise has the following 10 items in inventory. Theodore Boreki asks you, a recent OM graduate, to divide these items into ABC classifications. Fill in the blanks and then answer the following questions. (Round dollar volume to the nearest whole number and percentage of dollar volume to two decimal places.) Dollar % of Total Dollar Item Annual Demand Cost/Unit Volume Volume A2 10 120 B8 4000 12 48,000 67,500 5.65 C7 1500 45 7.94 D1 2000 44 E9 1000 20 20,000 2.35 F3 25 40 G2 200 1500 300,000 35.29 Н2 600 20 12,000 1.41 15 1000 300 J8 2500 12,500 1.47The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 units @ $ 7 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 $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)