Culver Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 147 tents. This consists of 49 tents purchased in February at a cost of $211 each and 98 tents purchased in March at a cost of $229 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 10 17 24 30 Purchases Units 193 285 Unit Cost $277 291 Units 72 263 203 Sales Unit Price $380 380 380

Culver Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 147 tents. This consists of 49 tents purchased in February at a cost of $211 each and 98 tents purchased in March at a cost of $229 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 10 17 24 30 Purchases Units 193 285 Unit Cost $277 291 Units 72 263 203 Sales Unit Price $380 380 380

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Description: Please do not give solution in image format thanku Culver Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 147 tents. This consists of49 tents purchased in February at a cost of $211 each and 98 t

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
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Lee Ltd. has the following units and costs for the month of April. Beginning inventory, April 1, 1,000 units at $20 (Cost) Purchase 1, April 9, 1,200 units at $23 (cost) Sold 1, April 12, 2,100 units at $40 (Retail) Purchase 2, April 22, 800 units at $25 (Cost) If Lee uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a.$18,000 b.$22,300 c.$45,300 d.$49,600
Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer
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Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the 30 units of this product in inventory at January 31 have a total cost of: