-Required informationProblem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fourinventory methods (LO6-3, 6-4,6-5)[The following information applies to the questions displayed below.]Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month ofMarch. Greg's Bicycle Shop uses a periodic inventory system.TransactionsBeginning inventoryDateMarch 1Units20Unit CostTotal CostMarch 5March 9Sale ($300 each)Purchase1510March 17March 22March 27March 30Sale ($350 each)Purchase8598$ 200$ 4,0002202,200102302,300Sale ($375 each)Purchase12282502,000$10,500For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 saleconsists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory andeight bikes from the March 22 purchase.Problem 6-2A Part 1Required:1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.Ending inventoryCost of goods sold

Ending Inventory = $3,100Cost of Goods Sold = $7,400Explanation:Step 1:Cost of Goods Available for…

Answered: - Required information Problem 6-2A…

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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Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
Required information [The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($165 each) Purchase Sale ($180 each) Purchase Sale ($190 each) Purchase Ending inventory Cost of goods sold Units 8 5 10 8 10 11 12 Unit Cost Total Cost $148 1,184 138 128 118 $ $ 1,380 1,280 1,416 5,260 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) December 7 Date December 14 Average cost December 14 December 15 December 21 Average cost December 21 Totals 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost # of units Goods purchased Cost per unit Weighted Average - Perpetual: Inventory Value $ $ 0.00 0.00 $ 0.00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold $ 0.00 # of units Inventory Balance Cost per unit Inventory Balance $ 0.00
Required information [The following information applies to the questions displayed below] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 10 Unit Cost $340 330 320 310 Total Cost $5,440 3,300 3,200 3,100 $15,040 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 28 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-17A (Algo) Periodic: Inventory costing with weighted average LO P3 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round cost per units to 2 decimal places. Purchases: December 7 Total December 14 December 21 18 units @ $10.00 cost 35 units @ $15.00 cost 28 units @ $18.00 cost Goods Available for Sale # of units Cost per unit 18 $ 35 $ 28 $ 81 $ 10.00 15.00 18.00 14.92 Weighted average - Periodic Cost of Goods Available for Sale $ 180 525 504 1,209 Cost of Goods Sold # of units sold 53 Average Cost per Unit Cost of Goods Sold $ 0.00 # of units in ending…
Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above sales transactions of EcoMart Merchandising to prepare journal entries. < The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. View transaction list Journal entry worksheet 1 2 Date October 01 3 Note: Enter debits before credits. Record entry 4 5 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. General Journal 6 Clear entry 7…
Required Information [The following Information applies to the questions displayed below.] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Date March 1 March 5 Average March 5 March 9 Activities Beginning inventory Purchase Sales Complete this question by entering your answers in the tabs below. March 18 Purchase Purchase Sales Totals Average March 18 HTT 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific Identification. For specific Identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase. 85 units from the March 18 purchase, and 125 units from the March 25 purchase. March 25 Average March 25 March 29 Totals Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per…
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units $16.00 cost 20 units $22.00 cost 15 units @ $24.00 cost # of units Goods Available for Sale 0 Cost per unit Specific Identification Cost of Goods Available for Sale $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 0 Ending Inventory of units Cost per Ending in ending unit Inventory inventory 0 $0.00 $…
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
! Required information [The following information applies to the questions displayed below.] 14 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Purchases: 21 Total December 7 December December Cost of Goods Available for Sale Cost of Goods Available for Sale # of units 10 $6.00 12.00 20 Cost per unit 15 45 14.00 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost $ $ 60 240 210 510 Periodic LIFO: Cost of Goods Sold # of units sold X Answer is not complete. 15 15 Cost per unit 14.00 Cost of Goods Sold $ 210 210 GA GA $ Inventory Balance # of units in ending inventory 0 Cost per unit $6.00 12.00 Ending Inventory $ $ 0 0 0
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $21 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost # of units Goods Available for Sale 10 20 15 45 Cost per unit $ 7.00 13.00 15.00 Specific Identification Cost of Goods Available for Sale $ $ 70 260 225 555 Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold 8 $7.00 $ 7 13.00 0: 15 $ 56 91 147 Ending Inventory # of units in ending…

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