Calculate the gross profit using: 3.1. FIFO method (10) 3.2. Weighted average method (10)
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QUESTION 3
EPR Industries is a wholesaler that distributes boxes of toy cars to local shops. The
company has a 31 December financial year end.
The following inventory transactions occurred during January 2018:
January Purchases January Sales
1 220 boxes at R220 10 220 boxes at R286
3 440 boxes at R231 14 110 boxes at R286
16 110 boxes at R236 18 220 boxes at R264
25 660 boxes at R249 24 110 boxes at R286
28 220 boxes at R253 26 220 boxes at R264
29 220 boxes at R264 27 330 boxes at R308
31 330 boxes at R308
There was no opening inventory in January 2018.
Required:
Calculate the gross profit using:
3.1. FIFO method (10)
3.2. Weighted average method (10)
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- Longmire Sons nude sales un credit to Alderman Sports totaling 500,000 on April 18. The cost of the goods sold is 400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, 9,000 worth of goods (with a cost of 7,200) are returned by Alderman. Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire Sons.23 DEFROST Company sells snowmobiles using a periodic inventory system. January is their peak business season. Transactions for DEFROST during January 2018 include the following: HW6#17a: Use the following data to answer the Chapter 6 Comprehensive Review Question DATE EVENT 1-Jan Beginning Inventory 5-Jan Purchases+ Freight 13-Jan Sold 18-Jan Sold 23-Jan Purchases + Freight TRANSACTIONS 8 Snowmobiles at $2,000 each 5 Snowmobiles at $2,500 each 9 Snowmobiles at $3,000 each 3 Snowmobiles at $3,000 each 7 Snowmobiles at $2,600 each 3 Snowmobiles at $3,200 each 25-Jan Sold 4-24 24 5 In-Class Exercises Reporting & Analyzing Inventory due at beginning of class on March 18 1-J s minus Cos Average 31-Jan 5-Jan $ 2,335 NA Date 1-Jan NA 23-Jan 31-Jan 31-Jan COST Sales minus Cost of Goods Sold = $ 45,i need help preparing a perpetual invemtory schedule for FIFO, LIFO, and moving - average cost
- Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each Purchase 100 units @ $7.45 each 60 units @ $7.30 each 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45 $12 July 28 30 16 On June 1, Vaughn sold 25 units, and on August 27, 45 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $540 $0 $540 June 1 $0 $300 $240 July 28 $480 $0 $720 Aug. 27 $0 $640 $80 Prepare the perpetual inventory schedule for the above transactions using LIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount $enter a dollar amount $enter a dollar amount June 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar…MERCHANDISING COMPANY: MERCHANDISE INVENTORY Nadhira Corp. is a retailer located in Bandung. The following is inventory transactions for the month ended January 2021. Cost per unit/selling price per Date Explanation Unit unit (Rp000) 01-Sep Beginning inventory 58 40 |07-Sep Purchase 130 43 08-Sep Purchase Return 40 43 15-Sep Sales 88 70 |16-Sep Sales Return 28 70 18-Sep Purchase 80 45 19-Sep Purchase Return 15 45 25-Sep Sales 60 72 26-Sep Sales Return 25 72 |27-Sep Purchase 50 46 |28-Sep Sales 70 73 Instructions: a. Calculate cost of goods sold, ending inventory, and gross profit under perpetual and periodic method for each of the following cost flow assumptions (no rounding): 1. FIFO 2. Average-costing, b. Compare results between the two cost flow assumptions and give your conclusion.
- Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…FIFO Perpetual Inventory And LIFO PLEASE The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 78 $225 $17550 8 Purchase 156 270 42120 11 Sale 104 750 78000 30 Sale 65 750 48750 May 8 Purchase 130 300 39000 10 Sale 78 750 58500 19 Sale 39 750 29250 28 Purchase 130 330 42900 June 5 Sale 78 790 61620 16 Sale 104 790 82160 21 Purchase 234 360 84240 28 Sale 117 790 92430 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit…Waterway Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 (a) Date May 7 June 1 On June 1, Waterway sold 25 units, and on August 27, 41 more units. July 28 (b) . Aug 27 Prepare the perpetual inventory schedule for the above transactions using FIFO. Date Number of Units May 7 June 1 $ Save for Later July 28 $ Aug. 27 $ eTextbook and Media $ 45 $ 30 $ $ Unit Cost $ Purchases $13 16 Purchases Product E2-D2 Prepare the perpetual inventory schedule for the above transactions using LIFO. $ $ $ $ Product E2-D2 $ $ Cost of Goods Sold $ $ $ Cost of Goods Sold $ $ $ $ $ $ Balance Attempts: 0 of 5 used Submit Answer Balance
- Required information [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. Units Acquired at Cost 100 units @ $50 per unit 400 units @ $55 per unit Activities Units Sold at Retail Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 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 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales…A company has the following purchases and sales during March. Using the FIFO perpetual Inventory method, what was the cost of the 22 units sold? Date Activities March 1 Beginning inventory March 2 Purchase March 6 Purchase 6 units @ $44 Units Acquired at Cost 10 units @ $39 = $390 10 units @ $41 $410 = $264 Units Sold at Retail March 8 Sales 22 units @ $73 Multiple Choice O O $888 $976 $927 $849 $1,064Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 310 units at $88 Dec. 10 144 units at $90 Dec. 12 240 units Dec. 20 240 units at $96 Dec. 14 166 units Dec. 31 200 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost ofGoods SoldQuantity Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity…
