Widget Tek Inc. 's original accountant accepled a position with anotheInventoryDateQuantityUnit CostTotal CostMar. 1850598.00S3,3001,275$95.00$121,125Mar. 8650$98.00$63,700Mar 11325$98.00$31,850Mar. 14325S98.00$31,850780$103.00$80,340Mar. 22260$98.00$25,480Mar. 25260598.00$25,4801,700$99.00$168,300The inventory schedule shows ending balances by date. The challenStudy the inventory record for March and answer the questions that IThe inventory schedule shows ending balances by dale. The challenge is fo determine purchases and cost of goods sold by comparing the cnding inventory balances on eachStudy the inventory rocord for March and answer the questions that follow.Assuming that the product sells for $150 and that 90% of sales are on account, determine the gross profit from sales for March. S

Answered: Widget Tek Inc. 's original accountant…

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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Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
6.
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
Jasper & Williams made purchases of a particular product In the current year as follows: 1 Beginning inventory 7 Purchased Jan. 120 units e $2.10 @$2.20 @ $2.30 252 Mar. 250 units 55e July 28 Purchased 500 units 1,150 Oct. Purchased 69 units e$2.45 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units in ending Inventory were specifically identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.) Ending inventory Cost of goods sold
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sd subject-Accounting
76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
TB MC Qu. 05-131 (Algo) A company has the following products... A company has the following products in its ending Inventory. Compute lower of cost or market for inventory applied separately to each product Cost per Market per Unit Unit $ 726 $ 696 $ 526 $ 566 $ 676 $ 701 Product Quantity 10 15 20 Product A Product B Product C
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1. If Miller Inc. uses a LIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as 2. If Miller Inc. uses a FIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as
Company "A" started the period with 85 units in beginning inventory that cost $2.60 each. During the period, the company purchased inventory items as follows. Company sold 315 units after purchase 3 for $10.80 each. Purchase, No. of Items, Cost1 290 $ 3.102 195 $ 3.203 50 $ 3.60Companies cost of goods sold under FIFO would be
enow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator%=&inprogress-false oBook Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning Inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning Inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 7th purchase 500 10,875 21.75 September 27 4,000 $72,400 Use the following Information for the specific Identification method. There are 900 units of Inventory on hand on September 30, 20-2. Of these 900 units: 1st purchase 50 are from October 18, 20-1 3rd purchase 300 are from January 12, 20-2 4th purchase 100 are from March 17 5th purchase 200 are from June 2 6th purchase 50 are from…

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