jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions:
Q: Yount Company reports the following for the month of June. Units Unit Cost Total Cost June 1…
A: Inventory is the balance of goods purchased for the motive of sale or for further production into a…
Q: Hassan Company reports the following for the month of June. Units Unit cost Total Cost June…
A: Definition: Perpetual inventory system: The method or system of maintaining, recording, and…
Q: An entity is a wholesaler of office supplies. The activity for Model II calculators during July is…
A: Average Cost method is per unit cost of production obtained by dividing the total cost by the total…
Q: The following balances appeared in the inventory accounts of Forest Components for July. Materials…
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: What is the moving average UNIT COST of the inventory on January 31?
A: The moving average cost equals the total cost of the items purchased divided by the number of items…
Q: Bronze Company had the following transactions realting to inventory during January: Unit…
A: FIFO, or First In, First Out method is one of the commonly used methods of inventory valuation which…
Q: Ok, so I have determined the cost of goods sold and value of ending inventory for the month of…
A: Ending Inventory units = 40 units Weighted average cost per unit = $ 3.458 Value of Ending inventory…
Q: May 1 Beginning inventory 162 units @ $30 per unit 12 Purchased 112 units@ $35 per unit 16 Sold 180…
A: FIFO states that the inventory purchased first would be sold first. Whereas, LIFO states that the…
Q: Gallery Leather is using the following information to compute it's cost of goods sold: March - 1 -…
A: >LIFO method, or Last-in, First-out method can be used to allocate the cost of goods available…
Q: Pump-It, INc., sells weight-lifting equipment. The sales and inventory records of the company for…
A: The inventory can be valued using various methods as LIFO, FIFO and average method.
Q: Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…
A: Specific identification method: Specific identification method is a method in which the company…
Q: Metro Computer Company had the following balances and transactions during 2014. Beginning inventory…
A: As per LIFO method, the ending inventory would consist of items from the first purchases as the…
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.…
A: Ending Inventory Valuation using FIFO, LIFO and Weighted Average Method. FIFO Method: In this…
Q: Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:…
A: Weighted average method is a method of inventory valuation where unit cost of goods available is…
Q: JM Ltd had the following material transactions during November. Number of units Cost per unit…
A: Formula: Weighted average cost per unit = Total Value / Number of units
Q: Larkspur, Inc. reports the following for the month of June. Units Unit Cost Total…
A: FIFO : First in First Out. It assumes that the oldest inventory is sold first. LIFO : Last in First…
Q: In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought…
A: Average cost per unit = Cost of goods available for sale / Total units available for sale
Q: The following data was obtained from the records of ABC Inc., for the current year. Sales during…
A: A.FIFO Cost of goods sold 80*8=640 65*10=650 55*12=660 10*14=140 Total 210 units= 2090 Cost of…
Q: Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the…
A: Determine the inventory available for sale: Date Particulars Units Unit cost Total Cost April…
Q: Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost…
A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first.
Q: Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August…
A: LIFO means last in first out whereas FIFO means first in first out. Inventory and cost of goods sold…
Q: MNO Manufacturing Company which uses the periodic inventory system showed the following transactions…
A: Inventory in the business can be valued by various methods like FIFO method, Weighted average…
Q: Cost of ending inventory Cost of materials issued
A: Moving average method: Under this method moving average cost is calculated based on the weighted…
Q: Using the specific identification method: Date Units purchased Cost per unit Ending inventory…
A: Ending inventory refers to amount of inventory ,company has stored in the warehouse at the end of…
Q: Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July…
A: Solution 1: Computation of COGS and ending inventory - Periodic Weighted Average cost method…
Q: Sunland Company reports the following for the month of June. Date Explanation Units…
A: 3. Moving-Average - Under the Moving-Average Method, the cost is considered to be average at the…
Q: Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike…
A: Special identification method: The specific identification inventory valuation method is a system…
Q: Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July…
A: Under the weighted average cost method, each unit of inventory is valued as: Cost of each unit=…
Q: The following balances are from the accounts of Crabtree Machining Companm Direct materials…
A: Solution Given Direct material purchased during the year 517200 Cost of goods sold…
Q: Montana Cycles started July with 25 bicycles that cost $36 each. On July 16, Montana bought 35…
A: Costing methods are the methods of costing the inventory according the quantity of inventory and the…
Q: Whispering Winds Corp. reports the following for the month of June. Units Unit Cost…
A: Cost of goods sold shows the carrying value of goods that have been sold during a particular period…
Q: The units of an item available for sale during the year were as follows: January 10 Inventory 27…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:…
A: Weighted Average cost per unit = Cost of Goods Available for sale / Total Units Available
Q: Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year ended December 31…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300…
A: The cost of the ending inventory and the cost of goods sold can be computed by various methods. The…
Q: Using periodic costing procedures, determine (l) cost of the year-end inventory and. (2) cost of…
A: Average Cost per unit = Total cost of the units Available for sale/Total units available for Sale…
Q: There are no beginning finished goods inventory in the month of October. During October, Malik Inc.…
A: Work in progress means the goods which has started but not finished .Once goods are ready , it is…
Q: In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided…
A: “Since you have posted multiple questions, we will solve the first question for you. To get…
Q: Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod…
A: The periodic method of inventory is a different method that says inventory should be calculated at…
Q: Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August…
A: Date Purchases Cost of goods sold Ending inventory Units UnitCost TotalCost Units UnitCost…
Q: Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART? Crane Company reports the…
A: Cost of goods available for sale: It is the value of goods that are available for sale. It is…
Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…
A: Inventory is the current asset posted in the balance sheet of the company.
Q: Required: 1. Compute the cost of goods sold for November and the invenitory at the end of November…
A: Inventories are required to be record properly as it impacts significantly on the profits of the…
Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…
A: INVENTORY COSTING :- 1. Inventory costing is very crucial as we need to present in the financial…
Q: McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost…
A: Weighted Average cost method: In this method, the value of closing inventory is calculated on the…
Q: The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $…
A: Total units available for sale = 440+130+240+70 = 880 units Ending units = Total units available for…
Q: The following data on materials purchased and issued during the month of June were shown: the total…
A: solution : concept while calculating total units and cost of inventory using FIFO method as the name…
Q: If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost of goods…
A: Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…
Q: Harpo's Used Cars uses the specific identification method of costing inventory. During March, Harpo…
A: Gross Profit: Difference between the sales and the cost of goods sold is called gross Profit. Gross…
Step by step
Solved in 2 steps with 1 images
- 2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the current year, Sea Travel purchased 15 Wings at the following costs. Purchase Date Units Purchased Unit Cost Total cost May 2 4 $7000 $28,000 May 20 2 $7100 14,200 May 25 8 $7250 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute LIFO COGS: Ending inventory: Date Debit Credit Db Cr2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the current year, Sea Travel purchased 15 Wings at the following costs. Purchase Date Units Purchased Unit Cost Total cost May 2 4 $7000 $28,000 May 20 2 $7100 14,200 May 25 8 $7250 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a)the cost of goods sold on May 28 and b)The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c)Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the: Show Calculation. a. Average cost COGS: Ending inventory: Date Debit Credit Db Cr b.FIFO COGS: Ending inventory: Date Debit Credit Db Cr…2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
- Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed World's most popular models is the Kazomma 900 dirt bike. During the current year, Speed World Cycles purchased eight of these bikes at the following costs. Purchase Date July 1 July 22 Aug. 3 Units Purchased Unit Cost 2 3 3 8 $4,950 5,000 5,100 Total Cost $ 9,900 15,000 15,300 $ 40,200 On July 28, Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory at September 30, the end of Speed World's fiscal year. Assume that Speed World Cycles uses a perpetual inventory system. (See the data provided.) Required: a-1. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using Average cost. a-2. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using FIFO method. a-3. Compute…Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed scooters at the following dates and acquisition costs: Purchase Date Units Unit Cost Total Cost Jan 1 3 $4,150 $12,450 Jan 22 3. 4,650 13,950 Mar 3 4,850 14,550 6. $40,950 On April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a periodic inventory system. Required: 1. Compute the ending inventory value at April 30, 2022 and the cost of goods sold through this date under each of the periodic costing procedures 1. Average cost 2. FIFO 2. Calculate the gross profit and the gross profit percentage under each of the costing methods.Novak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 unit at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic approach. What is the average cost of cost of good sold: $__
- Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $20.00 each. Jefferson paid operating expenses throughout the year, a total of $3,900. Ignore income taxes for this exercise. Prepare Jefferson's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading. Complete the income statement by selecting the appropriate heading and income statement labels, and then calculating the amounts for each of the three required inventory methods. (Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole dollar.) Sales revenue Cost of goods sold Gross profit Operating expenses Net income Jefferson Print Supplies, Inc.…Carson Print Supplies, Inc., sells laser printers and supplies. Assume Carson started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80 each). During the year, the company purchased 800 containers of ink at $9.80 and sold 600 units for $21.50 each. Carson paid operating expenses throughout the year, a total of $4,000. Ignore income taxes for this exercise. Prepare Carson’s income statement for the current year ended December 31 using the aver-age-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading.6. Rosas Company started a promotional program in which for every 15 box tops returned, customers received a special mug. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information for the current year: Units Amount Product Sales 10,000 20,000,000 150,000 Mugs purchased 500 Mugs distributed 350 What amount should be recorded by Rosas Company as Estimated Liability for the current year?
- Watson Print Supplies, Inc., sells laser printers and supplies. Assume Watson started the year with 90 containers of ink (average cost of $8.50 each, FIFO cost of $8.90 each, LIFO cost of $7.80 each). During the year, the company purchased 720 containers of ink at $10.30 and sold 580 units for $19.75 each. Watson paid operating expenses throughout the year, a total of $4,050. Ignore income taxes for this exercise. Prepare Watson's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading. Complete the income statement by selecting the appropriate heading and income statement labels, and then calculating the amounts for each of the three required inventory methods. (Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole dollar.) Sales revenue Cost of goods sold Gross profit Operating expenses Net income ▼ Watson Print Supplies, Inc. Income Statement…Crankshaft Company manufactures equipment. Crankshaft products range....unit selling prices range from $200,000 to $1,500,000....Crankshaft has the arrangement with Winkerbean....Winkerbean purchases equipment from Crankshaft for a price of $1,000,000. Crankshaft determines installation to be $50,000. Cost of equipment is $600,000. Crankshaft delivers equipment of June 1, 2020 and completes installation on Sept. 30, 2020. Equipment has useful life of 10 years. How should the transaction of $1,000,000 be allocated among the service obligation? Prepare journal entries for this revenue arrangement on June 1 and Sept. 30,Toys Co. started a new promotional program. For every 10 box tops returned, customers receive a basketball. The entity estimated that only 60% of the box tops reaching the market would be redeemed. Sales of products 100,000 units for P 30,000,000 Basketballs purchased 5,500 units for P 4,125,000 Basketballs distributed 4,000 units . What is the premium expense for the year? ______ What is the amount of year -end estimated liability associated with this promotion? ________ respectively * A.4,125,000 and 3,000,000 B.7,500,000 and 4,500,000 C.4,500,000 and 1,500,000 D.1,500,000 and 1,500,000 E.4,500,000 and 4,125,000