Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Costdata for the most recent quarter is shown below:Beginning inventoryNet purchasesCost$ 46,000154,000Retail$ 63,000215,000Net markups22,000Net markdowns35,000Net sales220,000The conventional cost-to-retail percentage is:Note: Round your answer to 1 decimal place.Multiple ChoiceО75.5%.О66.7%.71.9%.

We'll first calculate the cost of goods available for saleCost of Goods Available for Sale =…

Answered: Willie Nelson's Boots uses the…

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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The following information pertains to inventory for a company: March 1 Beginning inventory = 32 units @ $5.60 March 3 Purchased 16 units @ 4.30 March 9 Sold 28 units @ 8.20 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Choose one of the answers $121 $120 $157 $136
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
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 52 units. (Round your answers to the nearest cent.) Beginning inventoryand purchases Units Unit cost January 1 4 $ 1.20 April 10 11 1.70 May 15 11 2.20 July 22 16 2.45 August 19 17 3.20 September 30 21 3.40 November 10 31 3.60 December 15 17 4.00 Cost of ending inventory Cost of goods sold
Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
TAMMY CORP HAS THE FOLLOWING INVENTORY DATA FOR FEBRUARY 2018: BEGINNING UNITS 2,200 ENDING UNITS 2,360 COST IN EXCESS OF NRV PER/UNIT AT JANUARY 31ST 1.40 NRV PER UNIT AT FEBRUARY 28TH 20.00 INCREASE IN FEBRUARY COGS ASSOCIATED WITH LCNRV 1,050 REQUIRED: WHAT IS INVENTORY COST PER UNIT AT FEBRUARY 28TH? (DON'T ROUND) Please don't provide solution in image format thanku
Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
TB MC Qu. 9-117 (Algo) Clarabell Incorporated uses the conventional... Clarabell Incorporated uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Beginning inventory $ 110,000 Net purchases 404,000 Net markups Net markdowns Net sales Multiple Choice Estimated ending inventory using the conventional retail method is: Note: Do not round intermediate calculations. $133.366. Retail $ 192,000 705,000 $130,176. 44,000 22,000 686,000
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date Units purchased Cost per unit Total cost January 1 56 $ 6.80 $ 380.80 April 1 51 6.05 308.55 June 1 66 5.80 382.80 September 1 61 6.30 384.30 Total 234 $ 1,456.45 FIFO cost of goods sold and ending inventory (2 answers) LIFO cost of goods sold and ending inventory (2 answers) Average cost cost of goods sold and ending inventory (2 answers)
13. Using the following information calculate the Cost of Goods Sold (COGS) and Ending Inventory (El) using the "FIFO Periodic/Perpetual" method. Beginning Inventory 2,400 units @$46 each Jan 5th Sold 2,000 units Jan 10th Purchased 4,000 units @, $50 Jan 15th Sold 3,500 units Jan 20th Purchased 2,000 units @$55 13. Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Periodic" method. 13 Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Perpetual" method. Note: This method requires a little more thought but is more in line with the actual events, in chronological order.
Refer to the following selected financial information from Phantom Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) Year 2 Year 1 Merchandise inventory 287,000 269,500 470,400 417,100 Cost of goods sold Multiple Choice 222.7. 251.2. 中

Jammer Company uses a weighted average perpetual inventory system and reports the following: Units Sold at Retail Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $12 $120 15 units @ $15= $225 Purchase Date August 2 August 18 August 29 August 31 14 units @ $16= $224 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice O O $12.00 $13.80 $15.42 $16.00 $17.74 20 units sold 4

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