June 4 June 11 June 18 June 25 A. $2.30 C. $2.26 Units Received 70 30 60 40 Unit Cost You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. $3.00 $2.10 $2.40 B. $2.10 D. $2.22
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- June 4 June 11 June 18 June 25 Units Received 70 A. $2.30 C. $2.26 30 LESSON 6-8 Accessibility: Investigate 60 40 Unit Cost You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. $3.00 $2.10 $2.40 B. $2.22 Copyright © 2003-2022 International Academy of Science. All Rights Reserved. LESSON 1-5 LESSON 9- D. $2.10odule Three Assignment - ACC x * CengageNOWv2 | Online teachir x com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... O eBook Show Me How Gross Profit During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit? Previous Next Check My Work 6:37 AM 45°F A D E a O 11/13/2021June 4 June 11 June 18 June 25 Units Received 30 A. $2.46 C. $2.42 80 50 40 Unit Cost You sell 100 units in $2.80 June. Calculate the cost of goods sold using first-in, first-out. $2.20 $2.40 $2.60 B. $2.38 LESSON 6-8 LESSON 1-5 LESSON 9- utressibility investigate D. $2.20 Copyright © 2003-2022 International Academy of Science. All Rights Reserved. + O
- Units Received Unit You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. Cost June 4 70 June 11 30 $3.00 June 18 60 $2.10 June 25 40 $2.40 A. $2.22 B. $2.10 C. $2.30 D. $2.26 003 - 2021 Acellus Corporation. All Rights Reserved.¢ iCloud x Q Accounti x Norfolk S x Q CIS Test : xb Answere x Week 6 - X Paraphra x BLOG 31 X + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false ☆ Tp Upo Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units @ $42 Feb. 17 Purchase 9 units @ $44 Jul, 21 Purchase 4 units @ $45 Nov. 23 Purchase 18 units @ $46 There are 7 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. C. Determine the inventory cost by the weighted average cost method. %24 %2473 Ch5 Homework A NWP Assessment Player U Ô https://educatio. o NMDWS Login SIS Student and Parent.. * My Home Home O Pearson Sign In + Ch5 Homework Question 3 of 8 View Policies Current Attempt in Progress Carla Vista Company buys merchandise on account from Tamarisk Company. Th selling price of the goods is $1,230 and the cost of the goods sold is $710. Both companies use perpetual inventory systems Journalize the transactions onthe books of both companies. (If no entry is reguirec select "No Entry" for the account Utes cnd en e0 for the amounts. Credit account title are automatically indented when amourt senterec. Do not indent marually) Debit Account Titles and Explanation Carla Vista Tamarisk insert prt sc -> backspace 8. 6.
- * CengageNOWv2 | Online teachin x S Module Three Assignment - ACC cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * O eBook Show Me How Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) million Previous Next Check My Work 6:38 45°F 11/13< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $Final Exam Units Unit You sell 100 units in $2.00 June. Calculate the cost of goods sold using last-in, first-out. Received Cost June 4 70 June 11 30 $3.00 June 18 60 $2.10 June 25 40 $2.40 A. $2.22 B. $2.10 C. $2.30 D. $2.26 21 Acellus Corporation. All Rights Reserved.
- WEN eBook Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Units Cost $118 121 April 2 April 15 April 20 Total Show Me How Feedback Item Beta a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Check My Work Purchase Purchase Purchase $363 Average cost per unit $121 ($363 ÷ 3 units) Assume that one unit is sold on April 27 for $175. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. 1 1 1 Gross Profit 6A 69 3 000 Aut 124 Ending Inventory Check My Work a. Sales - cost of goods sold = gross profit. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. b. Sales - cost of goods sold = gross profit. LIFO means the last units purchased are assumed to be the first to be sold. Therefore, ending…Gill 4Gilll| 0.1K/s 10:23 AM 63% e [Template] AS.. H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 P1,260,000 39,600 300,000 26,400 46,200 1,320,000 Purchase Discounts Purchase Returns and Allowances Purchases Required: Compute the value of the lost merchandise. (Ending Merchandise Inventory). I. The partial income statements of five different companies are as follows: 2 3 Net Sales Merchandise Inventory,1/1/2020 Net Cost of Purchases Goods Available for Sale Merchandise Inventory,1/31/2020 |Cost of Goods Sold Gross Profit P 250,000 290,000 400,000 a b 80,000 110,000 160,000| 50,000 70,000 120,000 160,000 390,000 h e k m 40,000 30,000 70,000 f 140,000 230,000 40,000 n 380,000 50,000 160,000 Required: Replace the lettered blanks with the appropriate amounts. -00- 4/ 4U v ab x, x A Paragraph Styles Font Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units e $5e $4,e0 Purchases: 40 units @ $51 40 units @ $52 January 18: January 28: Sales: January 12: 30 units January 22: January 31: 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold Fo