You are provided with the following information for Bonita Inc. for the month ended June 30, 2020. Bonita uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 41 $39 June 4 Purchase 138 42 June 10 Sale 113 73 June 11 Sale return 13 73 June 18 Purchase 52 45 June 18 Purchase return 45 June 25 Sale 62 79 June 28 Purchase 33 50 (a1) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $

You are provided with the following information for Bonita Inc. for the month ended June 30, 2020. Bonita uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 41 $39 June 4 Purchase 138 42 June 10 Sale 113 73 June 11 Sale return 13 73 June 18 Purchase 52 45 June 18 Purchase return 45 June 25 Sale 62 79 June 28 Purchase 33 50 (a1) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $

Name: You are provided with the following information for Bonita Inc. for t
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: You are provided with the following information for Bonita Inc. for the month ended June 30,2020. Bonita uses the periodic method for inventory.Unit Cost orDateDescriptionQuantitySelling PriceJune1Beginning inventory41$39June4Purchase13842June10Sale

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

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. Numberof Units UnitCost Beginning Inventory 125 $43 Purchased Mar. 2 155 45 Sold Mar. 31 for $75 per unit 84 (a) Sales Revenue $fill in the blank 1 (b) Cost of Goods Sold fill in the blank 2 (c) Gross Margin $fill in the blank 3
Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of :January 2020 is given as follows Units Per unit price Total Balance, 1/1/20 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. Using the FIFO ?method, what is the cost of goods sold اخترأحد الخيارات a. OMR 656 b. OMR 520 O c. OMR 1,424 O d. OMR 600 O e. None of the answers are correct
give me answer
Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220 (a1) Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ (a2) eTextbook and Media 6,125 Attempts: 2 of 5 used Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $
Simplex Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $19 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2019.
HOW DO I CACULATE ENDING INVENTORY , COST OF GOODS SOLD, GROSS PROFIT ?
You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Description Beginning inventory Purchase Sale Purchase Sale Purchase Oct. 29 Sale eTextbook and Media Ending inventory Cost of goods sold Gross profit Units $ 65 Weighted-average cost per unit $ $ 130 $ 95 e Textbook and Media 95 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 65 75 105 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. Unit Cost or Selling Price $22 LIFO 24 $ 45 $ 25 50 27 50 FIFO $ $ AVERAGE-COST
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profitrate under LIFO.2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder FIFO.3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 101 May 15 July 22 August 19 September 30 November 10 December 15. 5 Cost of ending inventory Cost of goods sold 10 12 15 18. 20 32 16 THIE cont $1.40 1.90 2.40 2.65 3.40 3.60 3.80 4.20 Answer is complete but not entirely correct. $ $ 204.75 365.40
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 58 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases Units Unit cost January 1 6 $ 1.60 April 10 9 2.10 May 15 13 2.60 July 22 14 2.85 August 19 19 3.60 September 30 19 3.80 November 10 33 4.00 December 15 15 4.40 1. Cost of ending inventory 2. Cost of goods sold
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 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 $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.