7. Canyon City Retail uses the moving average flow assumption. On July 1, there were 150 units on hand and the total inventory cost was $750. On July 10, 40 more units were purchased at a cost of $6 apiece. Thity units were sold on July 3 and 60 units were sold on July 17. What was the total cost of the units sold on July 17? a 5728 b. $330 c$315 d. $312

7. Canyon City Retail uses the moving average flow assumption. On July 1, there were 150 units on hand and the total inventory cost was $750. On July 10, 40 more units were purchased at a cost of $6 apiece. Thity units were sold on July 3 and 60 units were sold on July 17. What was the total cost of the units sold on July 17? a 5728 b. $330 c$315 d. $312

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

See similar textbooks

Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
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?
The following three identical units of Item Beta are purchased during June: Assume that one unit is sold on June 27 for 110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
1. Bulk Wholesalers took in $378,800 in sales during July. They started the month with inventory worth $173,800 and spent $292,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July. A. $90,912 B. $292,900 C. $375,788 D. $466,700 2.Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $15,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $84,300; Freight In, $3,000; Salaries, $94,300; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,100. A. $58,500 B. $77,300 C. $129,595 D. $135,800
Assume Shopping.com began July with 10 units of inventory that cost a total of $180. During July, Shopping.com purchased and sold goods as follows: View the purchases and sales. Suppose Shopping.com used the LIFO inventory costing method and the periodic inventory system. Using the information above, determine Shopping.com's cost of goods sold at the end of the month. A. $1,065 B. $1,080 C. $105 ○ D. $90 Purchases and sales Jul. 8 Purchase 30 units @ $19 Jul. 14 Sale 25 units @ $38 Jul. 22 Purchase Jul. 27 Sale 20 units @ $21 30 units @ $38 - ☑
The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00. Find the following: a.) Cost of goods sold
On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $315,900 and sales amounted to $611,400. Gross margin on sales was 61%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). Need Help? Watch It Read It Master It
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: August 2 11 units were purchased at $2 per unit. August 18 16 units were purchased at $4 per unit. August 29 13 units were sold. What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.)
10. Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units Cost Beginning inventory Purchase (June 5). Purchase (June 15) Sale (June 20). Sale (June 25). Purchase (June 30) 50 $10 10 16 30 14 40 20 10 20 Assuming Mama's uses a periodic weighted average cost flow assumption, cost of goods sold for June would be a. $512 b. $560 c. $768 d. $720