Calculate the cost of goods available for sale using the following data: Purchase P 80,000 Transportation In 3,000 3, 200 Purchase Returns and Allowances Beginning Inventory 31,000 Purchase Discounts 2,100
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- Learning Objective 2: Compare ending inventory and cost of goods sold—FIFOvs. LIFO) Paulson’s specializes in sound equipment. Company records indicate the followingdata for a line of speakers:Unit Cost$4964JunDate12713ItemBalance...................Purchase.................Sale ........................Sale ........................Quantity18376Sale Price$115103Requirements1. Determine the amounts that Paulson’s should report for cost of goods sold and endinginventory two ways:a. FIFOb. LIFO2. Paulson’s uses the FIFO method. Prepare the company’s income statement for the monthended June 30, 2018, reporting gross profit. Operating expenses totaled $340, and theincome tax rate was 35%.(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Spear Corporation’s inventory records for its retail division show thefollowing at May 31:May 1 Beginning inventory ............... 10 units @ $160 = $1,60015 Purchase................................. 5 units @ 161 = 80526 Purchase................................. 14 units @ 170 = 2,380At May 31, 11 of these units are on hand. Journalize the following for Spear Corporation underthe perpetual system:1. Total May purchases in one summary entry. All purchases were on credit.2. Total May sales and cost of goods sold in two summary entries. The selling price was $560per unit, and all sales were on credit. Assume that Spear uses the FIFO inventory method.3. Under FIFO, how much gross profit would Spear earn for the month ending May 31? Whatis the FIFO cost of Spear Corporation’s ending inventory?I IBM Learning = Copy of Jacqueline. Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $4,200 $16,800 Aug. 7 Purchase 15 units at $4,300 64,500 Dec. 11 Purchase 13 units at $4,400 57,200 32 units $138,500 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ 78,700 V b. Last-in, first-out (LIFO) 77,000 V Weighted average cost C. Feedback Check My Work a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units…
- years ended June 30, 2019 and 2018: Cost of Goods Available for Sale Nature Foods Grocery reported the following comparative income statements for the Beginning Merchandise Inventory Less: Ending Merchandise Inventory During 2019, Nature Foods Grocery discovered that ending 2018 merchandise inven- inventory error-two years an Merchandise Inventory 361 Learning Objective 5 1.2019, NI $36,500 NATURE FOODS GROCERY Income Statements Years Ended June 30, 2019 and 2018 2019 Net Sales Revenue Cost of Goods Sold: 2018 $ 134,000 $ 119,000 $ 17,000 78,000 $ 14,000 67,000 81,000 Net Cost of Purchases 95,000 18,000 17,000 Cost of Goods Sold 77,000 64,000 57,000 Gross Profit 55,000 Operating Expenses 26,000 21,000 $ 31,000 Net Income $ 34,000 tory was overstated by $5,500. Requirements 1. Prepare corrected income statements for the two years. 2. 2 State whether each year's net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or…Click to watch the Tell Me More Learning Objective 7 video and then answer the questions below. 1. The total units to be produced in a period is calculated as a. estimated units sold plus desired ending inventory less estimated beginning inventory b. estimated units sold less desired ending inventory add estimated beginning inventory c. estimated units sold plus desired ending inventory plus estimated beginning inventory d. estimated units sold less desired ending inventory less estimated beginning inventory b 2. Cost of goods sold is calculated as a. beginning finished goods inventory plus cost of goods manufactured less beginning finished goods inventory b. beginning finished goods inventory plus cost of goods manufactured plus beginning finished goods inventory c. beginning finished goods inventory less cost of goods manufactured less beginning finished goods inventory d. beginning finished goods inventory less cost of goods manufactured plus beginning finished goods inventory d…(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Griffin Company’s inventory records for its retail division show thefollowing at December 31:Dec 1 Beginning inventory ............... 9 units @ $165 = $1,48515 Purchase................................. 5 units @ 166 = $ 83026 Purchase................................. 13 units @ 175 = $2,275At December 31, 11 of these units are on hand. Journalize the following for Griffin Companyunder the perpetual system:1. Total December purchases in one summary entry. All purchases were on credit.2. Total December sales and cost of goods sold in two summary entries. The selling price was$500 per unit, and all sales were on credit. Assume that Griffin uses the FIFO inventorymethod.3. Under FIFO, how much gross profit would Griffin earn for the month ending December 31?What is the FIFO cost of Griffin Company’s ending inventory?
- Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $25.92Tube C CengageNOWV2 | Online teaching and learning resourc... Using the following information for a periodic inventory system, what is the amount of net income (loss)? Purchases Inventory, September 1 Administrative expense Rent revenue Sales 1,146 Selling expense $825 Inventory, September 30 11,074 58,402 $28,452 7,276 697 Interest expense Oa. $32,565 Ob. $807 Oc. $24,654 X Od. $27,288 Dashboard 807
- Lesson 7: Valuing Inventory 11. Describe how to find inventory value using the average cost method.7:28S W □ e6-20 Learning Objectives 2, 3 1. COGS $2,140 ⠀⠀⠀ Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: May 1 Beginning merchandise inventory 11 Purchase 23 Sale 26 Purchase 29 Sale QAA C 16 tires @ $65 each 363/ 1480 10 tires @ $78 each 12 tires @ $88 each 14 tires @ $ 80 each Requirements 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. 18 tires @ $ 88 each 5G 70% Ę 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. GO ||| 0 < : ×1. Find the trade discount and net price. (Lesson 1) Item List Price Trade-Discount Trade Discount Net Price Rate iPad $239.00 15%