Novak Distribution markets CDs of numerous performing artists. At the beginning of March, Novak had in beginninginventory 2,580 CDs with a unit cost of $7. During March, Novak made the following purchases of CDs.March 5March 131,910(a)3,230$8$9March 21March 26During March, 11,530 units were sold. Novak uses a periodic inventory system.Determine the cost of goods available for sale.$102,040 @ $11Cost of goods available for sale $5,070

Name: Novak Distribution markets CDs of numerous performing artists. At the
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Novak Distribution markets CDs of numerous performing artists. At the beginning of March, Novak had in beginninginventory 2,580 CDs with a unit cost of $7. During March, Novak made the following purchases of CDs.March 5March 131,910(a)3,230$8$9March

Lets understand the basics.Cost of goods available for sale is a total of total cost of goods…

Business

Accounting

ventory 2,580 CDs with a unit cost of $7. During March, Novak made the following purchases of CDs. March 5 March 13 1,910 @ $8 3,230 @ $9 ) March 21 March 26 5,070 @ $10 2,040 @ $11 uring March, 11,530 units were sold. Novak uses a periodic inventory system.

ventory 2,580 CDs with a unit cost of $7. During March, Novak made the following purchases of CDs. March 5 March 13 1,910 @ $8 3,230 @ $9 ) March 21 March 26 5,070 @ $10 2,040 @ $11 uring March, 11,530 units were sold. Novak uses a periodic inventory system.

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

Assume ShoeFanatic.com began March with 10 units of inventory that cost a total of $170. During March, ShoeFanatic.com purchased and sold goods as follows: EE (Click the icon to view the purchases and sales.) Under the FIFO inventory costing method and the perpetual inventory system, how much is ShoeFanatic.com's cost of goods sold for the sale on March 14? 'O A. $450 B. $900 OC. $440 O.D. $710
Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $41,800. During the month of October, DL had the following inventory-related transactions: Date Oct. 9 12 17 25 Oct. 31 28 Explanation Purchase Purchases Sale Purchase: Cost of ending inventory Cost of goods sold Inventory Sale Purchases Cost of Goods Sold Units 5,100 $ Inventory 4.400 Date Account Titles and Explanation (5,100) 4,100 (6.300 Y Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.) FIFO Unit Cost/Price $23.00 93480 22.50 258100 38.00 22.80 38.00 Total Cost $117,300 99,000 Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory and Cost of Goods Sold…
Plz explain in detail
Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 4,875 (a) 6,825 $8 $9 March 21 X Your answer is incorrect. March 26 During March 21,000 units were sold. Swifty uses a periodic inventory system. Determine the cost of goods available for sale. 7,850 @ $10 $11 Cost of goods available for sale $ 5,800 181725
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $29 $609 June 16 Purchase 29 units @ $32 928 Nov. 28 Purchase 46 units @ $35 1,610 96 units $3,147 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.
The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit Cost Mar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale
Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used Please don't provide answer in image format thank you
Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a perlodic inventory system. Date Transactioos Beginning inventory Sale ($195 each) Purchase Sale ($210 each) Purchase Sale ($220 each) Purchase Units Unit Cost Total Cost August 1 $ 1,232 8 $154 August 4 August 11 August 13 August 20 August 26 August 29 10 8. 10 144 1,440 134 1,340 11 11 124 1,364 5,376 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 850 units at $ 43 Mar. 10 Purchase 1090 units at $ 46 Aug. 30 Purchase 902 units at $ 49 Dec. 12 Purchase 870 units at $ 55 There are 950 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by the following three methods, presenting your answers in the following form: Cost of Merchandise Merchandise Inventory method Inventory Sold a. First-in, first-out $ $ b. Last-in, first-out c. Weighted average cost Show your calculations
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost Required:Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO
Please help me