Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37units in ending inventory.Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.DateJanuary 1April 1June 1September 1TotalFIFOLIFOAverage costUnitsCost perpurchasedunitTotal cost51$ 8.10$ 413.10467.35338.10617.10433.10567.60425.60214$ 1,609.90Cost of goodssoldEndinginventory

let's calculate the cost of goods sold and ending inventory for Emergicare's bandages orders using…

Answered: Calculate cost of goods sold and ending…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

See similar textbooks

Similar questions

Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 30 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.)
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 36 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 January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units purchased 43 38 53 48 182 Cost of goods sold Cost per unit $7.10 6.35 6.10 6.60 Ending inventory Total cost $305.30 241.30 323.30 316.80 $ 1,186.70
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards durin September. During the same month, 116 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Explanation Units Unit Cost Inventory $106 Purchases Purchases Purchases Sept. 5 Sept. 16 Sept. 29 Totals Sale Sale Sale Totals Units 8 54 54 15 116 49 58 23 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. 145 109 110 111 Total Cost $1,590 5,341 6,380 2,553 $15,864
What is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: X
Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method.Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method.Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Jun.1 Beginning merchandise inventory 17units@$15each 12 Purchase 5units@$19each 20 Sale 14units@$37each 24 Purchase 11units@$23each 29 Sale 13units@$37each
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginning invantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDs Oct 3 2,500 Oct. 19 3,000 2 $10 Oct 9 3,500 59 Oct 25 4,000 $11 During October, 10,800 units were sold. Concord uses a'periodic inventary systam. (a) Determine the cost of goods availabla for sale. Cost of goods available for sale eTextbook and Medla E ter Ler Attempts: 0 of 5 used Subrmit AnaAr (b1) Calculate cost per unit. Round answer to 2 decimal places, er 225) Cost per unit eTextbook and Medla Attempts: 0 of 5 used Submit Arawer Save tor Lar
1. Calculate cost of ending inventory and cost of goods sold using periodic FIIFO, LIFO, and Weighted Average Cost methods. 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: # of Units Description Beginning Inventory 5 Jan. 15 Purchase Cost per Unit 20.00 | $ Total Cost 4 20 $ 400.00 27 22.00 594.00 6 Jan. 20 Purchase 33 30.00 990.00 7 Goods Available for Sale 80 1,984.00 8 Less: January Sales 36 9. Ending Inventory 44 10 11 12 Required: 13 1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 14 15 FIFO Ending Inventory 16 Description # of Units Cost per Unit Total Cost 17 Jan. 20 Purchase 33 $ 30.00 | $ 990.00 18 Jan. 15 Purchase 19 44
Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 580 units at $ 8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.
Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the Inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date January 1 January 5 January 8 Sale January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 Description January 20 January 25 Beginning inventory Purchase Sale return Purchase Purchase return Sale Purchase $ $ $ $ $ $ $ Quantity Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving average cost per unit answers to 3 decimal places, eg. 5.251.) Moving-Average Cost per unit $ 100 eTextbook and Media 139 111 10 55 5 88 18 Unit Cost or Selling Price $13 16 27 27 18 18 31 20
Solve the problem using the information given in the table and the first- in, first-out inventory method. Round to the nearest dollar. 45 units are in the ending inventory.Beginning inventory: 35 units at $6.14June 3: 45 units at $6.62August 5: 30 writs at $7.08 Determine the cost of ending inventory Answer: ($312)
ces From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. Mc Graw Hill Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Units 5 10 Cost of ending inventory Cost of goods sold 12 15 18 20 32 16 -L Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev caps lock shift 5 of 10 1 JUL 30 Q A Z W S Next 3 E X 4 D R Co 5 F T V G Y A H 8 J 9 K W 0 L P

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS