You work for a wholesale firm which distributes a single product. $57, 600 is the value for opening inventory (1 Oct 2020). Closing inventory valuation conducted on 31 October2020, $80 640. Purchases during the month were: 9th October, 1, 140 units at 145 each, 15th October 1,310 units at 150 each and 24th October, 620 units at 155 each. Salesduring the month were 12th October, 1, 040 units at 205 and 21st October, 1, 840 units at 220. The other cost besides the purchases were: Wages of staff $44, 700, Premisespurchased $42, 750, Administrative expenses $13, 620, Selling and marketing costs $17,890, Cost and freight for purchased inventory $ 3,750, Carriage outwards $4, 120 andDepreciation charges $11, 250 What is sum of the operating expenditure or period cost for the month of October 2020?

Operating expenditure or Operating expenses refers to the costs incurred by a business for its…

Answered: You work for a wholesale firm which…

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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Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for 700 units at P210 each and another on January 31 for 500 units at P220 each. Sales were also made during the period; 500 unist were sold on January 8, and 800 units were sold on January 22. The company uses the FIFO method of inventory costing. 1. How much is the cost of goods purchased on January 18? 2. How much is the total cost of purchases during the period? 3.
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Estimating sales returns On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.
The beginning inventory was 490 units at a cost of $8 per unit. Goods available for sale during the year were 1, 870 units at a total cost of $16,930. In May, 790 units were purchased at a total cost of $7,110. The only other purchase transaction occurred during October. Ending inventory was 835 units. Required: Calculate the number of units purchased in October and the cost per unit purchased in October. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
Vaughn Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price Total Balance, 1/1/20 170 $5.00 $850 Purchase, 1/15/20 130 5.10 663 Purchase, 1/28/20 130 5.40 702 12 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO, what is the value of the ending inventory?
Blossom, Inc. estimates the cost of its physical inventory at March 31 for use in interim financial statements. Blossom's rate of markup on cost is 25%. The following account balances are available at March 31: Inventory, March 1 Purchases Purchase returns Sales during March $548000 O $214000. O $400000. O $362800. O $232000. 428000 18000 744000 The estimate of the cost of inventory at March 31 would be
Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
Sunland Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Balance, 1/1/20 Purchase, 1/28/20 Per Units unit price Total $6.00 $1260 Purchase, 1/15/20 150 210 O 180 O 300 O 30 O 330 150 5.40 5.60 810 840 An end of the month (1/31/20) inventory showed that 180 units were on hand. How many units did the company sell during January, 2020?
Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7100 units that cost $14.00 each. During the month, the company made two purchases: 2800 units at $15.00 each and 11900 units at $15.50 each. Sheffield also sold 13000 units during the month. Using the FIFO method, what is the ending inventory?
A company had the following purchases during its first year of operations: January May September October Purchases 6 units at $ 12 25 units at $ 16 24 units at $ 19 Sales 7 units at $40 Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. What is the value of their ending inventory as of October?
A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11 units at $16 per unit. On May 12, they purchased 18 units at $17 per unit. On May 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at May 15 after the sale?
A company has beginning inventory for the year of $14,500. During the year, the company purchases inventory for $190,000 and ends the year with $21,000 of inventory. The company will report cost of goods sold equal to: Multiple Choice $211,000. $190,000. $196,500. $183,500.
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? Select one: O a. OMR 600 O b. OMR 520 O c. None of the answers are correct O d. OMR 1,424 O e. OMR 656

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