Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September 1 September 5 $ September 12 $ September 16 September 19 $ September 26 $ $ September 29 $ The ending inventory e Textbook and Media Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST
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- Record the following transactions using: a) Perpetual and b) Periodic Methoda. During the year, 300 chairs were bought at P150 each or a total purchases of P45,000.b. At the end of the year, a physical count showed only 140 chairs are still on hand.c. Merchandise is sold at 50% above cost.After recording the transactions, determine the following:a. Cost of Goods Soldb. Gross Profitc. Cost of unsold chairsnivig nisbienos pi ul bne Ansl sllinmU bre Ans tory and cost of g periodic FIFO, age-cost. E6-4 Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather's purchases of EZslide snowboards during Sep- tember. During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system. 80gqfno AoolsH of 000 222 ofT SI 00 eboog blos IrioT borpoqxo ton s ahoog odT 85 19dmos mal limu doblisH doe Date diExplanation Sept. 1 Units Unit Cost Total Cost bope Inventory Purchases lite Purchases 12 $ 1,200 to Iauo4,635 o noi104b 80 5,200 boggida aboo 2,100 $100 45 bv 103 50 20 000 105 L indi Sept. 12 bro s Sept. 19 gide Purchases Sept. 26 Totals 127 $13,135 Instructions Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each…Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather’s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $100 $1,200 Sept. 12 Purchases 45 103 4,635 Sept. 19 Purchases 50 104 5,200 Sept. 26 Purchases 20 105 2,100 Totals 127 $13,135 Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 48 Sept. 29 Sale 46 Totals 102 Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September 1 $ 100 September 5 $ ? September 12 $ ?…
- Information related to Swifty Co. is presented below. 1 2. 3. 4 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why(a2) Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 25 $66 $1,650 Sept. 12 Purchases 45 70 3,150 Sept. 19 Purchases 15 72 Sept. 26 Purchases 50 772 1,080 75 3,750 Totals 135 $9.630 Additional data regarding Dorothy's sales of Xpert snowboards are provided below. Assume that Dorothy's uses a perpetual inventory system. Date Units Unit Price Total Revenue Sept. 5 Sale 10 $190 $1,900 Sept. 16 Sale 50 190 9,500 Sept. 29 Sale 60 206 12,360 Totals 120 $23,760 X Your answer is incorrect. Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost. (Round average-cost per unit to 2 decimal places, eg. 12.50 and final answer to O decimal places, e.g. 1,250.) The ending inventory FIFO 4725 LIFO 5225 MOVING AVERAGE COST…
- Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use LIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit sales for the company are 2/10, n/30.) Mar. Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is P12,200). 4 6 Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated March 3, termsny30. Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is 6 P8,100). Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from 11 Defore Industries. 12 Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note payable. Received cash payment from Jennifer Nelson for the March 4 sale less the discount (Invoice No. 954). 14 16 Received a P200 credit memorandum from Defore Industries for unsatisfactory merchandise Pepper purchased on March 11 and later returned. Received cash payment from Dennie Hoskins for the March 6 sale less the discount 16 (Invoice No. 955). Purchased…Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
- JOutna LS A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Aug. 3 Shipping charges Aug. 7 Purchase with cash Aug. 12 PaymentThe Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)