Do not give image format Case - Me - I'm - Irish Company sells cases for smart phones and notepad computers. Case - Me - I'm- Irish groups inventory by the device manufacturer for which the caseprovided the following information regarding inventory at the end of the current year.(Click the icon to view the data.)i (Click the icon to view the abbreviation definitions.)Read the requirements.Complete the table below to identify the market value per unit amounts for each product, the total cost amounts, and the total market value amounts.MarketCost perUnitper Unit Total MarketGroup #Smart phone caseNotepad caseSubtotal - General TechManufacturer # of UnitsGeneral TechGeneral TechSmart phone case Pacific BaseNotepad casePacific BaseSubtotal-Pacific BaseTotali Data TableGroup #Smart phone caseNotepad caseSmart phone caseNotepad caseManufacturer CRC # Of UnitsGeneral TechGeneral TechPacific BasePacific Base$ 10164Total Cost11900 $700450650SPDisposal NPM1 $21119 $326284 $12317Cost720519More InfoDefinitions:CRCSPDISPOSALNPM= Current Replacement Cost= Selling Price= Costs of Completion and Disposal= Normal Profit MarginPrint Donemade. Case - Me - I'm - Irishp

PART 1. Case-me I'm-Irish CompanyTo determine the market value we have to take the MIDDLE VALUE of…

Answered: Case-Me - I'm-Irish Company sells cases…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter16: Manufacturing Accounting (mfg)

Section: Chapter Questions

Problem 3R: The following data pertain to 2012 activities of Twisp Industries: Use your completed worksheet to...

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The following data pertain to 2012 activities of Twisp Industries: Use your completed worksheet to determine the firms cost of goods sold for 2012. Remember to change the year in row 24 and to enter new beginning inventory balances. Save the 2012 file as MFG3. Print the worksheet when done. If sales and other expenses were identical in 2011 and 2012, during which year did Twisp earn more income? Why?
Suppose a divison of Florida Instruments Incorporated that sells computer microchips has these inventory records for January 2018: Date Item Quantity Unit Cost Total Cost Jan 1 Beginning Inventory 140 units $ 8 $ 1,120 6 Purchase 50 units 14 700 21 Purchase 200 units 16 3,200 27 Purchase 70 units 17 1,190 Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. 2. Suppose you are the financial vice president of Florida Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b.…
Use the information provided to answer the questions. Complete the table provided using the weighted average cost (AVCO) method (with the weighted average cost per unit expressed to the nearest cent). 1.1 INFORMATION Purchases Issues Balance Date Quantity Price Amount Quantity Price Amount Quantity Price Amount TRANSACTIONS The following transactions of Sinotec Manufacturers (that uses the perpetual inventory system) took place during April 2021 in respect of a component used in production: April Transactions 01 Opening inventory 50 units @ R20 per unit 06 Issued to production 30 units 16 Purchased from a supplier 170 units@ R22 per unit 20 Retumed to the supplier (See purchase on 16th) 100 units 21 Issued to production 80 units
Assume the following data for Burnette Merchandising for 2023: View the data. On December 31, a physical count reveals 15 units in ending inventory. Assume a perpetual inventory system and all sales occurred prior to October 30th. Under the FIFO method, cost of goods sold on the income statement would be: OA. $375. OB. $537. OC. $162. D. $420. Data Beginning inventory March 18 purchase June 10 purchase October 30 purchase Print 10 units at $7 each 15 units at $9 each 20 units at $10 each 12 units at $11 each Done - X
Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Date Transaction Quantity Price Cost Jan. 1 Beginning inventory 1,000 $12 Feb. 4 Purchase 2,000 18 Feb. 20 Sale 2,300 $30 Apr. 2 Purchase 3,200 23 May 4 Sale 2,000 33 (a) Your answer has been saved. See score details after the due date. Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 77,900 Ending inventory 43,700 (b) Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $22 Oct. 9 Purchase 140 24 Oct. 11 Sale 100 40 Oct. 17 Purchase 100 25 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 27 Oct. 29 Sale 110 45 (a1) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Oct. 9 Beginning inventory 54 $23 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39 (a1) Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted-average cost per unit $
You are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit…
MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X
WHAT IS THE WEIGHTED-AVERAGE COST PER UNIT BASE OFF THE CHART?? You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic method for inventory. Date Description Quantity Unit Cost orSelling Price June 1 BEGINNING INVENTORY 39 41 June 4 PURCHASE 139 46 June 10 SALE 111 68 June 11 SALE RETURN 14 68 June 18 PURCHASE 53 47 June 18 PURCHASE RETURN 9 47 June 25 SALE 68 73 June 28 PURCHASE 32 51
Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results. 3. COGS plus ending inventory FIFO Spec. Ident. Wtd. Avg. LIFO COGS Ending Inv. Total Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 700 * 15 300 $7 20 300 ** 27 400 $7 Units were sold for the following amount:…
You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $26 Oct. 9 Purchase 125 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 70 45 Oct. 25 Purchase 80 31 Oct. 29 Sale 105 45 A) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit _______________________________ B) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Gross profit $ $ $

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