Sport 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 Sale1. FIFOUnits.196411459581482. Moving weighted averageRequired: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.)Unit Cost$44$49$54Cost of GoodsSold$54EndingInventory< Prevwww2 of 8 ---Nex

Lets understand the basics.In FIFO basis company assumes that, goods purchased first are sold first.…

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. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 19 64 114 1. FIFO 2. Moving weighted average 59 58 148 Unit Cost $44 $49 $54 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.) Cost of Goods Sold $54 Ending Inventory

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. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 19 64 114 1. FIFO 2. Moving weighted average 59 58 148 Unit Cost $44 $49 $54 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.) Cost of Goods Sold $54 Ending Inventory

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

See similar textbooks

Similar questions

Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butchs ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units.
Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?
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. 6 Purchase. Mar. 17 Sale Mar 23 Purchase Mar. 31 Sale Units 29 74 124 1. FIFO 69 78 168 Ending Inventory Unit Cost $54 $ 59 5.64 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.) $.64 Cost of Goods Sold
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 Units Unit Cost Mar. 1 Beginning Inventory 19 $ 44 Mar. 3 Purchase 64 $ 49 Mar. 6 Purchase 114 $ 54 Mar. 17 Sale 59 Mar. 23 Purchase 58 $ 54 Mar. 31 Sale 148 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.)
I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations) Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question. Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system. Beginning Inventory: 100 units @ $6.00 per unit First Purchase: 100 units @ $7.00 per unit Sale: 150 units @ $15.00 per unit Second Purchase: 150 units @ $8.00 per unit Sale: 150 units @ $15.00 per unit
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. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 21 66 116 61 62 152 1. FIFO 2. Moving weighted average Unit Cost $ 46 $51 $ 56 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.) Cost of Goods Sold $56 Ending Inventory
PLEASE HELP! Michael uses its periodic inventory system and the following information is available: Sales $ 62,800 Beginning Inventory 10,100 Ending Inventory 8,200 Purchases 49,800 What is the cost of goods sold? $51,700 $8,200 $59,900 $49,800
help me
Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Chesney Corporation. (Round the average cost per unit to the nearest cent.) (Click the icon to view the data.) The cost of ending inventory is The cost of goods sold is Data table Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Quantity Unit Cost 170 $ 130 300 60 240 11.00 $ 14.00 $ Total - X 1,870 1,820
Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method. Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory: