Please do not give solution in image format thanku Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top sellinghockey stick. The hockey stick sells for $130.DescriptionMar. 1 Beginning InventoryMar. 3 PurchaseMar. 6 PurchaseMar. 17 SaleMar. 23 PurchaseMar. 31 SaleUnits17621121. FIFO2. Moving weighted average5754144Unit Cost$ 42$ 47$ 52Required:Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do notround your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)Cost of GoodsSold$ 52EndingInventory

FIFO stands for First in first out. The unit cost is calculated as totalc ost divided by the number…

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 Mar. 3 Purchase Mar. Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 6 Purchase Units 17 62 112 57 54 144 Unit Cost $ 42 $ 47 $ 52 $ 52

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 Mar. 3 Purchase Mar. Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 6 Purchase Units 17 62 112 57 54 144 Unit Cost $ 42 $ 47 $ 52 $ 52

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.6DC

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PART A The Snowboarding Company provided the following information for one of its top-selling snowboards: Date Item Units Nov. 1 Beginning inventory 26 Cost per unit $197 5 Sale 12 $300 selling price per unit 12 Purchase 65 $210 16 Sale 50 $305 selling price per unit Required: Assuming a periodic inventory system. Calculate the cost of goods sold using a weighted-average Calculate the cost ending inventory using a weighted-average PART B The Snowboarding Company provided the following information for one of its top-selling snowboards: Date Item Units Cost per unit Nov. 1 Beginning inventory 26…
Required Information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 200 units@ $53.00 per unit 275 units@ $58.00 per unit FIFO 135 units@ $63.00 per unit 250 units@ $65.00 per unit 860 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 115 units from beginning Inventory and 245 units from the March 5 purchase: the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two…
PART A The Snowboarding Company provided the following information for one of its top-selling snowboards: Date Item Units Cost per unit Nov. 1 Beginning inventory 26 $197 5 Sale 12 $300 selling price per unit 12 Purchase 65 $210 16 Sale 50 $305 selling price per unit Required: Assuming a perpetual inventory system. Calculate the cost of goods sold using moving-weighted-average on November 5 and November 16. . . PART BKruger Corp. reported the following sale and purchase transactions in January…
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 11/13/2021
Problem 2 Assume that ABC store bought and sold a line of dolls during December as follows: Beginning inventory Sale Purchase Sale 13 units @ 9 units 17 units @ 13 units ABC uses the perpetual inventory system. 1. 2. 3. $11 $13 Requirements Compute the cost of ending inventory, cost of goods sold using FIFO. Compute the cost of ending inventory, cost of goods sold using LIFO. Which method results in a higher cost of ending inventory, cost of goods sold?
Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS under the Average Cost method for Discount Company? Round to average cost to nearest penny and round average CGS to nearest dollar. Select one: a. $26 b. $56 c. $50 d. $35 e. $32 f. $47 PreviousSave AnswersNext
Done Jedi Knights_Prob.pdf Q Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units 200 600 400 Unit Cost $150 160 170 Required: Show your work! 1.) What is the cost of goods available for the company? $ D Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $
CALCULATOR FULL SCREEN PRINTER VERSION 4 BACK NEXT OURCES Exercise 6-09 a1,a2, b (Part Level Submission) vork 5-02 a-c 5-04 a- el Moath Company reports the following for the month of June. Units Unit Cost Total Cost -C (Part June 1 Inventory 200 $5 $ 1,000 12 Purchase 400 6 2,400 1,a2, b mission) 23 Purchase 300 7 2,100 30 Inventory 100 y Study (a1) MYour answer is correct. Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost 6.11 SHOW SOLUTION LINK TO TEXT eement I Privacy Policy I © . Version 4.24.21.1 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wilev & Sons. Inc.
Problem 6-6A Alternative cost flows-perpetual LO2, 3 Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 28 units with a unit cost of $22. Date Oct. 3 Oct. 6 Oct. 12 Oct. 19 Oct. 23 Oct. 30 Oct. 31 Units Unit Cost 18 28 38 23 Purchases Required 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. a. FIFO b. Moving weighted average. Round all unit costs to two decimal places and round all other numbers to the nearest dollar. 2. Using the calculations in Part 1, complete the following table: Sales. Cost of goods sold. Gross profit... 23 25 27 28 3. Does using FIFO or moving weighted average produce a. A higher gross profit? b. A higher ending inventory balance? 4. Calculate the gross profit percentage for FIFO and moving weighted average for the month of October. Round to the…
eBook Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity JFW1 Show Me How SAWS Feedback 157 Check My Work Cost per Unit C $50 Market Value per Unit (Net Realizable Value) $53 22 Check My Work Under lower-of-cost-or-market, for each item in inventory, choose the lower of total cost price or the total market price as the assigned value for computing inventory cost. First you must compute the total cost and total market for each item. All work saved. Email Instructor A Save and Exit < Submit Assign
* 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