Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company'sinventory for the month of March:March 1 Beginning inventory7PurchasePurchase8(a)15202527SaleSalePurchaseSalei. FIFOii. Weighted-averageLarkspur Company uses the perpetual inventory system.+A$3,180 units1,060 units+A1,590 units3,710 units742 units$530 units1,272 unitsCost$93,81042,40079,50015,794Calculate Larkspur Company's cost of goods sold, gross margin, and ending inventory using:i. FIFOii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g.61,052.)Cost of Goods Sold$tAVASales$$333,90055,65076,320Gross MargintAtA$Ending Inventory

Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Larkspur Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 7 8 (a) 15 20 i. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale Larkspur Company uses the perpetual inventory system. FIFO ii. Weighted-average 3,180 units 1,060 units 1,590 units 3,710 units 742 units 530 units 1,272 units $ Cost $93,810 42,400 79,500 $ 15,794 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 and final answers to O decimal places, e.g. 61,052.) Cost of Goods Sold $ +A $ Sales GA $333,900 55,650 76,320 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: March 1 7 8 (a) 15 20 i. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale Larkspur Company uses the perpetual inventory system. FIFO ii. Weighted-average 3,180 units 1,060 units 1,590 units 3,710 units 742 units 530 units 1,272 units $ Cost $93,810 42,400 79,500 $ 15,794 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 and final answers to O decimal places, e.g. 61,052.) Cost of Goods Sold $ +A $ Sales GA $333,900 55,650 76,320 Gross Margin $ Ending Inventory

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
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Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 15 20 ii. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale i. FIFO 3,120 units 1,040 units Weighted-average 1,560 units $ 3,640 units 728 units 520 units 1,248 units Kingbird Company uses the perpetual inventory system. Cost $92,040 41,600 78,000 15,496 Calculate Kingbird 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 and final answers to O decimal places, e.g. 61,052.) $327,600 Cost of Goods Sold Sales $ 54,600 tA 74,880 Gross Margin $ Ending Inventory
Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 i. 15 ii. 20 25 Beginning inventory Purchase Purchase Sale Sale Purchase 27 Sale FIFO Weighted-average eTextbook and Media 2,940 units Save for Later 980 units Teal Mountain Company uses the perpetual inventory system. $ 1,470 units $ 3,430 units 686 units 490 units 1,176 units Cost $86,730 39,200 Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: 73,500 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 14,602 Cost of Goods Sold Sales $ $308,700 $ 51,450 70,560 Gross Margin $ $ Ending Inventory Attempts: 0 of 2 used Submit Answer
Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 15 i. 20 ii. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale * Your answer is incorrect. Kingbird Company uses the periodic inventory system. FIFO 3,780 units 1,260 units Weighted-average 1,890 units $ 4,410 units $ 882 units 630 units 1,512 units Cost $115,290 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: 50,400 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52.) Cost of Goods Sold 94,500 19,530 250,110 248,724 Sales $ $396,900 66,150 $ 90,720 Gross Margin 303,660 305,046 $ $ tA Ending Inventory 25,074 26,460
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
Teal Mountain Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 7 (a) 8 15 20 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale 32797 i. FIFO 3,660 units ii. Weighted-average 1.220 units $ 1.830 units 4.270 units 854 units 610 units 1.464 units DORIPY Pata unt Teal Mountain Company uses the perpetual inventory system. 20 en je Cost $107,970 48,800 Cost of Goods Sold 91,500 18,178 47622 Sales Calculate Teal Mountain Company's cost of goods sold, gross margin, and ending inventory using: $384,300 i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) 64,050 87,840 Gross Margin Ending Inventory
Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Date May 7 June 1 July 28 On June 1, Vaughn sold 25 units, and on August 27, 46 more units. (a) Prepare the perpetual inventory schedule for the above transactions using FIFO. Date May 7 June 1 July 28 Aug. 27 $ Aug. 27 Number of Units Date May 7 $ tA July 28 $ Aug. 27 $ LA $ $ LA $ $ Prepare the perpetual inventory schedule for the above transactions using LIFO. June 1 $ $ 55 LA 30 tA $ $ Purchases Unit Cost $15 Purchases 18 Purchases LA $ $ LA $ tA $ Product E2-D2 $ tA $ Product E2-D2 $ LA $ Product E2-D2 $ LA Cost of Goods Sold Cost of Goods Sold Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.) $ LA $ LA $ $ Cost of Goods Sold $ LA $ LA W $ $ LA $ $ $ LA $ LA $ tA $ $ LA Balance 20 Balance…