Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold Ending inventory %24 Gross profit b. First-in, first-out (FIFO) Cost of goods sold Ending inventory Gross profit c. Weighted-average (round the unit price) Cost of goods sold %24 Ending inventory Gross profit d. Last-in, first-out (LIFO) Cost of goods sold Ending inventory Gross profit

Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold Ending inventory %24 Gross profit b. First-in, first-out (FIFO) Cost of goods sold Ending inventory Gross profit c. Weighted-average (round the unit price) Cost of goods sold %24 Ending inventory Gross profit d. Last-in, first-out (LIFO) Cost of goods sold Ending inventory Gross profit

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Description: e AccoQ AccoUnitAccoG the iG WheG A meO Que:O ChapG A me+AcccассоасcoomAssume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase cons

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
O Unit O Acc G the G Whe G A me O Que. O Chap GA me acco Accc O Ac Accc acco om etakeAssignmeniMam.do?nvoker 8takeAssignmentSessiont ocator-8inprogr Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold 24 Ending inventory %$4 Gross profit %24 b. First-in, first-out (FIFO) Cost of goods…
HUUW OL UE enu UI e aun aLUu U eUu, LELem aL Unit Cost $ 45 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 (S160 each) 1, 600 2, 300 (1, 250) 1,000 (1,500) 49 75 Assuming that for Specific identification method (item id) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out b. Weighted average cost. c First-in, first-out. d. Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the…
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Numberof Units PerUnit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: SpecificIdentification First-In,First-Out Last-In,First-Out WeightedAverage Cost Cost of Goods Sold fill in the blank fill in the blank fill in the blank fill in the blank Ending Inventory fill in the blank fill in the blank fill in the blank fill in the blank Gross Margin fill in the blank fill in the blank fill in the blank fill in the blank
Smart Tech's beginning Inventory and purchases for the month of August were as follows: Cost per * of Units Unit Amount Beginning Inventory 600 $7.00 $4,200 First purchase $7.50 3,000 400 Second purchase 500 $8.00 4,000 Third purchase 300 $8.75 2,625 Number of units avallable for sale 1,800 $13,825 On hand Number of units sold 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending Inventory for August 31, using each of the followting methods. For the welghted-average method, round the average unit cost to two dedmal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory a. First-in, first-out (FIFO) b. Last-In, first-out (LIFO) c Welghted-average cost
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Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Number : Per of Units Unit Date Transaction Jan. 1 Beg. Inv. 50 $15 | Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost Cost of Goods Sold 3,640 2,970 3,890 3,434 Ending Inventory 3,430 4,100 3,180 3,636 Gross Margin 1,460 2,130 1,210 1,666
Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made, The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each, At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold $ Ending inventory Gross profit $ b. First-in, first-out (FIFO) Cost of goods sold $4 Ending inventory 24 Gross profit $ c. Weighted-average (round the unit price) Cost of goods sold $ Ending inventory Gross profit d. Last-in, first-out…
A company had the following purchases during its first year of operations: Purchases Sales Beginning inventory 40 units at $25 January 20 units at $27 May 45 units at $45 September 50 units at $34 October 15units at $48 November 85 units at $33 What is the quantity of units available for sale for the year? $15 $195 $60 O $135
Assume the beginning Inventory as of January 1 conststed of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending Inventory shows 700 units. Compute the cost of goods sold and the ending Inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific Identafication: of the units sold, 300 were from the beginning Inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold Ending Inventory Gross profit b. Arst-in, first-out (FIFO) Cost of goods sold Ending Inventory Gross profit %24 C Weighted-average (round the unit price) Cost of goods sold Ending inventory Gross profit d. Last-in, first-out (LIFO) Cost…