June 4 June 11 June 18 June 25 Units Received A. $2.30 C. $2.26 2889 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. $2.22 D. $2.10

June 4 June 11 June 18 June 25 Units Received A. $2.30 C. $2.26 2889 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. $2.22 D. $2.10

Name: June 4June 11June 18June 25UnitsReceived70A. $2.30C. $2.2630LESSON 6-
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Description: June 4June 11June 18June 25UnitsReceived70A. $2.30C. $2.2630LESSON 6-8Accessibility: Investigate6040UnitCostYou sell 100 units in$2.00 June. Calculate the costof goods sold usinglast-in, first-out.$3.00$2.10$2.40B. $2.22Copyright © 2003-2022 Interna

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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June 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
< 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 $
¢ 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 %24
* 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
Date Jan 1, Beginning 100 ہے کشا || Invase 400 May 8, Purchase 800 Nov 3, Purchase 500 Merchandise Available 1800 العاب select one: 2) $10,800 :) $11, 368 1 $115970 ) $11,900 amentity cost Per unit $18.00 $15.00 $20.00 $21.00 Total COST $1800 $570 units are unsold. Using the FIFO (periodic) withod, the cost assigned to the ending merchandise invent is $7,600.00 $16,000.00 $10, 500.00 $35,900.00
U 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
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
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…
4 Date June 6 Type here to search 10 14 16 26 Purchases Units 1,160 1,780 970 Unit cost $134 135 136 Your answer is correct. Units 950 1,660 Sales Unit price $201 206 Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Usa average cost calculations. Round answers to 2 decimal places. e.g 5.52.) At
lem Set GO GO ALGO ALGO 2.ALGO 12 5.01. ALGO 5.06 05.04 ] 06.07 ALGO E.06.04 ALGO E.06.06 ALGO eBook < N Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $41 Sale 38 units at $62 First purchase 20 units at $42 Sale 17 units at $64 Second purchase 28 units at $43 Sale 19 units at $65 The firm uses the perpetual inventory system, and there are 18 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? S b. What is the total cost of the ending inventory according to LIFO?
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.
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.