Bb.41. Compute cost of goods sold, assuming Blue uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and fidecimal places, e.g. 6,548.)(a)Date1/12/4(b)4/2(c)2/20(a)(d)11/4(e)(f)Periodic system, FIFO cost flowVPerpetual system, FIFO cost flowPeriodic system, LIFO cost flowPerpetual system, LIFO cost flowPeriodic system, average-cost flowPerpetual system, moving-average cost flowBlue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.TransactionBeginning inventoryPurchaseSalePurchaseSaleYour answer is correct.Quantity3,2004,2004,7005,2004,400Price/CostWeighted average cost per unit $$1827463550$$200150$$$$Cost of goods soldICalculate the weighted average cost per unit. (Round answer to 4 decimal places, eg. 2.7613)

In the FIFO method, the oldest products in inventory are the first ones sold. Conversely, in the…

Answered: Compute cost of goods sold, assuming…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 17GI

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0WCre skipped FOB ship- () On Fehruay 28 Pit packaged goods and had them ready for shipping to a customer ecination The invoice rice was $350 plus $25 for freight; the cost of the items recaivinuRreooct indicates that the goods were received by the customer 1L eDniar, vit received the goods on March 1. (B 1 siaaged goods set aside in the warehouse because they are no longer salea- p0ods orginally cost $400 and, originally, Pitt expected to sell these items or $600. Instructionns For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. For each item that is not included in ending inventory, indicate who owns it and what account, if any, it should have been recorded in. of goods sold and y using FIFO, P6-2A Mullins Distribution markets CDs of numerous performing artists. At the begin- ning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. Dur- ing March, Mullins made the…
Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.)
For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average 4852 $ 4590 SA $ 2748 $ 3090 Cost of goods sold 4852 $ Ending inventory $ 2828 Gross profit $ 2746 GA $ 2746 $ 3008
(b) Prove the cost of goods sold calculations. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Apr. 1 Apr. 12 Weighted Average Units Check of Cost of Goods Sold: $ Unit Cost units x $ $ $ Total Cost per unit = $
Consider the following transactions for DeTrees Company for the month shown in chronological order: Number of Units Unit Cost Sales 100 $66 Beginning inventory Purchased Sold 80 75 50 $120 Sold 25 125 Ending inventory 105 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67). ion
Problem 8-06 Waterway Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,900 $18 2/4 Purchase 3,900 26 2/20 Sale 4,400 44 4/2 Purchase 4,900 34 11/4 Sale 4,100 48 Your answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 27.3675 SHOW SOLUTION LINK TO ΤΕXΤ
Cost-to-retail ratio under the cost method is calculated: A. After both markups (net) and markdowns (net) B. After markdowns (net) and before markups (net) C. After markups (net) and before markdowns (net) D. Before both markups (net) and markdowns (net)
Cost-to-retail ratio under the cost method is calculated: O A. After markdowns (net) and before markups (net) O B. After markups (net) and before markdowns (net) O C. Before both markups (net) and markdowns (net) D. After both markups (net) and markdowns (net)
Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory: the Inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date January 1 January 5 January 8 Sale January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 Description January 20 January 25 Beginning inventory Purchase Sale return Purchase Purchase return Sale Purchase $ $ $ $ $ $ $ Quantity Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving average cost per unit answers to 3 decimal places, eg. 5.251.) Moving-Average Cost per unit $ 100 eTextbook and Media 139 111 10 55 5 88 18 Unit Cost or Selling Price $13 16 27 27 18 18 31 20
Consider the following: Code: A = Gross profit to net sales ratio B = Gross profit to cost of goods sold ratio Which equation is correct? A A = B / (1 + B) B A = (1 + B) / B C A = (1 − B) / B D A = B / (1 − B)
int Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 purchased Sept. 5 purchased Oct. 10 sold 335 units @$ 79/unit 250 units @s 83/unit 415 units @$ 159/unit 245 units @$ 77/unit 300 units @s 63/unit 555 units @$ 159/unit Gale Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.) a FIFO b Moving weighted average Ending Inventory Cost of Goods Sold Artiun
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