Increase in estimated returns inventory $14,500 Merchandise inventory, November 1 28,000 Merchandise inventory, November 30 31,500 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000
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Cost of merchandise sold
Based on the following data, determine the cost of merchandise sold for November:
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- Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending BalanceThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Adjunt Problem 7-1A Instructions 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3.Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. 4.Compare the gross profit and the March 31 inventories, using the following column headings: FIFO Lifo Weighted average…
- Generalized Statement Instructions Instructions Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20-. Sales $156,300 Sales Returns and Allowances 2,360 Sales Discounts 4,167 Interest Revenue 425 Merchandise Inventory, January 1, 20- 29,600 Purchases 112,000 Purchases Returns and Allowances 5,640 Purchases Discounts 2,690 Freight-In Merchandise Inventory, December 31, 20-- 875 33,000 Wages Expense 27,600 Supplies Expense 700 Phone Expense 900 Utilities Expense 8,000 Insurance Expense 1,300 Depreciation Expense-Equipment Miscellaneous Expense 3,800 590 Interest Expense 4,700 HNow record the cost of the putters sold on the 6th. Date Nov. 6 Accounts and Explanation Cost of Goods Sold Merchandise Inventory To record the cost of goods sold. Debit CreditBeginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units Dec. 20 1,710 units at $27 Dec. 14 2,280 units Dec. 31 1,140 units Question Content Area a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…
- Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
- The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. 2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…Continued from previous questionHow do you calculate the selling expense and intital direct cost journal entry values on December 31 in part c?