Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3.710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 Larkspur Company uses the periodic inventory system. (a) Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) Cost of Goods Sold $ 1. FIFO II. Weighted- $ average $ Gross Margin Ending Inventory $ $

Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: Cost Sales March 1 Beginning inventory 3,180 units $96,990 7 Purchase 1,060 units 42,400 8 Purchase 1,590 units 79,500 15 Sale 3.710 units $333,900 20 Sale 742 units 55,650 25 Purchase 530 units 16,430 27 Sale 1,272 units 76,320 Larkspur Company uses the periodic inventory system. (a) Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) Cost of Goods Sold $ 1. FIFO II. Weighted- $ average $ Gross Margin Ending Inventory $ $

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year ended December 31 2018. Prepare an income statement for Gourmet Bones for the year ended December 31 2018. How does the format of the income statement for Gourmet Bones differ from the income statement of merchandiser? Gourmet Bones manufactured 17,900 units of its product in 2018, compare the company's unit product cost for the year, rounded to the nearest cent.
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The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 3 Amount $984,000 $ 410 $ 48 $ 17 $ 155,000 $ 110,000 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar. Contribution margin per unit $ 75,000 $ 120,000 $285,000
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 1 Amount $ 882,000 $ 420 $ 47 $ 20 $ 135,000 $ 110,000 $ 65,000 $ 105,000 $ 280,000 Required 2 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Selling and administrative expenses:
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 1 Required 2 Amount $ 1,144,000 $ 440 Complete this question by entering your answers in the tabs below. Required 3 $48 $ 20 $ 150,000 $ 125,000 $70,000 $ 105,000 $ 305,000 Selling and administrative expenses: Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 1 Required 2 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Complete this question by entering your answers in the tabs below. Required 3 Required 1 Required 2 Amount $ 1,118,000 $ 430 Complete this question by entering your answers in the tabs below. Required 3 $ 50 $ 10 $ 145,000 $ 120,000 $ 80,000…
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 2 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Required 1 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Amount $ 1,428,000…
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 1 Required 2 Amount $ 1,360,000 $ 400 $ 46 $ 18 Complete this question by entering your answers in the tabs below. Required 3 Contribution margin per unit $ 160,000 $ 120,000 $ 70,000 $ 115,000 $ 290,000 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar. X Answer is not complete.
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 1 Complete this question by entering your answers in the tabs below. Required 2 Required 3 Amount $ 1,540,000 $ 440 $48 $17 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement $ 130,000 $ 115,000 $ 65,000 $ 120,000 $ 305,000 Selling and administrative expenses:
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating…
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required 1 Required 2 Required 3 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Amount $ 1,408,000 $ 440 Selling and administrative expenses: