el x My Home CengageNOWv2 | o x Mail - West, Grace K X b Ask a Question | bart X eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Calculator Brief Exercise 6-33 (Algorithmic) Applying the Cost of Goods Sold Model Milton Company reported inventory of $127,000 at the beginning of 2014. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year determined that the cost of inventory on hand was $69,850. Required: 1. What was Milton's cost of goods sold for 2014? 2$ 682,150 V 2. What is Milton's gross margin for the year? Feedback V Check My Work Apply the cost of goods sold model. The determination of cost of goods sold requires an allocation of the cost of goods available for sale between ending and cost of goods sold. 1:27 3/23/2 DELL PrtScr Insert Home End F9 F10 F11 F12 F5 F6 F7 F8 F4 & ) %24 8 9. T. %24
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- v2.cengagenow.com + Мy Home CengageNOWv2 | Online teaching and le... b Search results for 'Cornerstone Exercise... b Weighted average cost flow method und... Cornerstone Exercise 6-23 (Algorithmic)... Homework: Chapter 6 еВook Cornerstone Exercise 6-23 Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 %D 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 $3,500 %3D 29 Sale 2 225 units @ $25 Assume that the company uses a perpetual inventory system. > Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold Cost of ending inventory Feedback Check My Work For cost of goods sold using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of…odule 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 11/13/2021ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%25... A ☆ mework i Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2 Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory JESTE Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 1. FIFO 2. Moving weighted average 24 69 119 64 68 158 Unit Cost Cost of Goods Sold $ 49 $ 54 $59 $59 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Saved Ending Inventory Help
- My Home * CengageNOWv2 | Online teachin x im/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Pause eBook Print Item Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $116,600 $38,880 (e) Cost of goods manufactured 825,900 (c) 180,000 Cost of finished goods available for sale (a) $540,000 $1,100,000 Finished goods inventory, June 30 130,000 70,000 () Cost of goods sold (b) (d) $945,000 a. b. $4 c. 24 d. е. f. %$4 Previous Next Check My Work 3 more Check My Work uses remaining* CerqageNOWv2| Online teachin * CengageNowv2 | Online teachir x +. agenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. * O eBook 4 Show Me How Inventory Analysis A company reports the following: Cost of goods sold $262,800 Average inventory 52,560 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days Next Check My Work 11:14. 64°F Sunny 12/3/2 brt sc deete%24 %24 Cengage Learning signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook 4Show Me How ECalculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purchase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? ツ 日 a 五 prt sc f12" end home
- e| MyUSF A My Home CengageNOWv2|Online teachir x engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpro. to Product J is one of the many products manufactured and sold by Oceanside Company. An income statement by product line for the past year indicated a net profit for Product J of $2,750. This net profit resulted from sales of $275,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost of goods sold represents fixed factory overhead costs and that 40% of the operating expense is fixed. If Product J is retained, the revenue, costs, and expenses are not expected to change significantly from those of the current year. Because of the large number of products manufactured, the total fixed costs and expenses are not expected to decline significantly if Product J is discontinued. Prepare a differential analysis report dated February 8 of the current year. If an amount is zero, enter "0". If…* CengageNOWV2 |Online teachi X (310) Inventory Cost Flow First a https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLo... Chapter 10 Lab Application eBook Calculate the cost of gods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 850 $70 Purchased 610 72 Sold 400 $90 Sold 350 100 Ending inventory 710 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of units Unit Cost Total Cost of units Unit Cost Total Cost Unit Cost of units Total Cost Beginning Purchase Sale Sale 1:5 O O * A 4O D ENG O Type here to search 5/1Manger x My Home x CengageNOWv2 |Online teachin x * CengageNOW2|Online teachin x engagenow.com/im/takeAssignment/takeAssignmentMain.do?invoker-&xtakeAssignmentSessionLocator=&inprogress=false 台 ☆ Paused eBook. Print ttem Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $116,600 $38,880 (e) Cost of goods manufactured 825,900 (c) 180,000 Cost of finished goods available for sale (a) $540,000 $1,100,000 Finished goods inventory, June 30 130,000 70,000 (F) (b) (d) $945,000 Cost of goods sold a. 16 b. 5.17 C. d. e. 1. (Previous Next Check My Work 3 more Check My Wotk uses remaining Save and Ex Submit Assigment for Grading Progress: 5/8 items All work saved. 103 AM AssignmentL Score: 10.28% 36'F Sunny ^DO e d INE
- Edit View History Bookmarks Window Help A education.wiley.com ssan D 74) XAYAAD XIKMO OO. w NWP Assessment Playe. N Solved > 5-1 Accounti.. C Home | Chegg.com A DQ9: Data Mining - S Question 5 of 10 - /3 view Policies Current Attempt in Progress Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3,34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. (Round cost per unit to 2 decimal places, e.g. 15.25 and ending inventory and cost of goods sold to the nearest dollar, e.g. 5,275.) Ending inventory Cost of goods sold $ Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR 7 tv ... 80* CengageNOWv2 |x C Power Serve Comp. X ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentScssionLocator &inprogress=false eBook Calculator Print Item The conderised pruduct-line income statement for Rhinebeck Company for the month of October is as follows: Rhinebeck Company Product-Line Income Statement For the Month Ended October 31 Hats Gloves Mufflers Sales $65,800 $88,500 $27,600 Cost of goods sold (25,800) (32,100) (13,800) Gross profit $40,000 $56,400 $13,800 Selling and administrative expenses (29,000) (34,500) (14,500) $11,000 $21,900 $(700) Operating incorne (loss) Fixed costs are 12% of the cost of goods sold and 36% of the selling and administrative expenses. Rhinebeck Company assunes that fixed costs would not be materially affecter discontinued. a. Prepare a differential analysis dated October 31 to determine if Mufflers should be continued (Alternative 1) or discontiriued (Alternative 2). If an amount is zero, enter "0 indicate a loss. Differential Analysis…b google My App Bb Lecture Bb Lecture Bb Chapter Cer X Mail - N Bb Columb * Using w b traslate Traduct + https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?in.. ... Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 900 $50 Purchased 640 52 Sold 400 $100 Sold 350 110 Ending inventory 790 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning 900 50 V 45,000 Purchase 640 52 33,280 V 1,540 45.02 X 78,280: Sale 400 45.02 X 18,008 X 1,140 45.02 X 60,040: 350…