Haresh Date of PurchaseUnitsUnit Cost*Total CostJanuary 106,000$ 9January 188,00010$ 54,00080,000Totals14,000$ 134,000* Includes purchase price and cost of freight.SalesDate of SaleUnitsJanuary 54,000January 122,000January 205,000Total11,00011,000 units were on hand at the end of the month.Cost of Goods Available for SaleFIFONumber Cost perof unitsunitCost ofGoodsAvailable forSaleRequired:1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.Ending Inventory - Periodic FIFONumber ofCost of Goods Sold - Periodic FIFONumber ofunits soldCost perunitCost ofGoods Soldunits inendingCost perunitEndingInventoryinventoryBeginning Inventory8,000$ 8.00$64,000$8.00$0$8.00$0Purchases:January 10January 186,000 $ 9.0054,000$9.00Total8,00022 000$ 10.0080,000$10.00$198 000n$0$9.000$ 10.00nበ$00n

Under FIFO (first-in, first-out), the assumption is that goods that were first purchased are sold…

Answered: Date of Purchase Units Unit Cost* Total…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

See similar textbooks

Similar questions

Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Trini Company had the following transactions for the month. Numberof Units Costper Unit Total Beginning inventory 1,070 $22 $23,540 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34,840 Purchased Nov. 1 1,250 27 33,750 Totals (Goods available) 4,700 116,050 Ending inventory 950 ? Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Cost of Goods Sold A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG)
Trini Company had the following transactions for the month. Numberof Units Costper Unit Total Beginning inventory 1,080 $22 $23,760 Purchased May 31 1,030 23 23,690 Purchased Jul. 15 1,320 26 34,320 Purchased Nov. 1 1,200 27 32,400 Totals (Goods available) 4,630 114,170 Ending inventory 910 ? Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Cost of Goods Sold A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Units Purchased During the Year Date Units Cost per Unit Total Cost Beginning Inventory 20,000 5.10 $102,000 February 25 40,000 5.25 210,000 April 9 55,000 5.35 294,250 Totals 115,000 606,250 Units Sold During the Year Date Units February 28 50,000 April 15 12,000 Subtotals 62,000 What is cost of goods sold using perpetual system, LIFO cost flow?
Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat Beginning inventory 1,080 $22 S23,760 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34, 840 Purchased Nov. 1 1,240 27 33,480 Totals (goods available) 4,700 116,000 Ending inventory 910 Cakulate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-cut (LIro) C. Weighted Average (AVG)
Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Trini Company had the following transactions for the month. Number Cost of Units per Unit Total Beginning inventory 1,050 $22 $23,100 Purchased May 31 1,030 23 23,690 Purchased Jul. 15 1,340 26 34,840 Purchased Nov. 1 1,200 27 32,400 Totals (Goods available) 4,620 114,030 Ending inventory 950 Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round you intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Cost of Goods Sold A. First-in, First-out (FIFO) $. B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.
Sunland Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $2 $300 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8. (a1) Calculate cost of goods available for sale. The cost of goods available for sale $Enter the cost of goods available for sale in dollars eTextbook and Media Attempts: 0 of 3 used (a2) Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.) June 1 $Enter a dollar amount June 12 $Enter a dollar amount June 15 $Enter a dollar amount June 23 $Enter a dollar amount June 27 $Enter a dollar…
Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per unit ($348 ÷ 3 units) Item Beta Units Cost Purchase 1 $114 Purchase 1 116 Purchase 1 118 3 $348 $116 Assume that one unit is sold on April 27 for $159. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-ou and (c) weighted average cost method. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory $ $ $
The following data relates to component L512: Ordering costs $100 per order Inventory holding costs $8 per unit per annum Annual demand 1,225 units What is the economic order quantity (to the nearest whole unit)? A 175 units B 62 units C 44 units D 124 units

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS