None Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryMarchMarch1020 soldpurchasedMay13purchasedAugust5purchasedSeptember 10 sold271 units @ $ 79/unit227 units @$ 80/unit364 units @$148/unit305 units @$ 76/unit237 units @$ 71/unit536 units @ $148/unitesOntario Skateboard Company employs a perpetual inventory system.Required:1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round thefinal answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)a. FIFOb. Moving weighted averageEnding Inventory Cost of Goods SoldD

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Description: None Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryMarchMarch1020 soldpurchasedMa

The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…

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Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 271 units @$ 79/unit March 10 purchased March 20 sold May August 13 5 purchased purchased 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit September 10 sold 536 units @$148/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory 271 units @$ 79/unit March 10 purchased March 20 sold May August 13 5 purchased purchased 227 units @$ 80/unit 364 units @$148/unit 305 units @$ 76/unit 237 units @$ 71/unit September 10 sold 536 units @$148/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March March 10 purchased 20 sold May 13 purchased August 5 September 10 purchased sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 556 units @$179/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit…
Chapter 1 - Inventories The December 31, 2019 inventory of Hope Company consisted of four products, for which certain information is provided below. Estimated Unit Number disposal cost selling price TITTTT Estimated Normal profit on sales 20% 25% 30% 10% Product Cost of units H per unit 6.50 12.00 25.00 3.00 per unit 40 25 42 120 18 1,000 2,000 3,000 4,000 48 P 190 E 26 Hope Company measures its inventory at the lower of cost and net realizable value on an item-by-item basis. How much is the total inventory value at December 31, 2019? P692,500 P541,000 P529,000 P469,000 a. b. с. d.
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $177 April 15 Purchase 1 179 April 20 Purchase 1 181 Total 3 $537 Average cost per unit $179 ($537 ÷ 3 units) Assume that one unit is sold on April 27 for $234. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $
Problem 6-4A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 eXcel Help Me SOLVE IT CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Gale Company employs a perpetual inventory system. Required 1. Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places. 2. Using your calculations from Part 1, complete the following schedule: Beginning inventory. Feb. 10 purchased... Feb. 20 sold.... Mar. 13 purchased.. Sept. 5 purchased. Oct. 10 sold. Sales... Cost of goods sold.. Gross profit.. 280 units 195 units 360 units 290 units 255 units 510 units @ @ @ @ @ FIFO Analysis Component: How would the gross profits calculated in Part 2 above change if Gale Company had been experiencing increasing prices in the acquisition of additional inventory? $80/unit $84/unit…
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $113 April 15 Purchase 1 117 April 20 Purchase 1 121 Total 3 $351 Average cost per unit $117 ($351 ÷ 3 units) Assume that one unit is sold on April 27 for $164. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $
Question 5 Opening and closing inventory balances and purchases for the month of May2020for CardiniaHearing Ltd are as follows: Units Per unit 7,000 $4.00 Inventory, 1 May Purchase, 3 May Purchase, 15 May Purchase, 20 May Inventory, 31May 8,000 4.10 11,000 4.20 15,000 4.25 20,000 Required: Determine the cost of goods sold for May under each of the following cost flow assumptions: (a) FIFO (b) Weighted average (c) LIFO
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 100 units @ $51.00 per unit Mar. 5 Purchase 225 units @ $56.00 per unit Mar. 9 Sales 260 units @ $86.00 per unit Mar. 18 Purchase 85 units @ $61.00 per unit Mar. 25 Purchase 150 units @ $63.00 per unit Mar. 29 Sales 130 units @ $96.00 per unit Totals 560 units 390 units
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 140 units @ $51.80 per unit Mar. 5 Purchase 245 units @ $56.80 per unit Mar. 9 Sales 300 units @ $86.80 per unit Mar. 18 Purchase 105 units @ $61.80 per unit Mar. 25 Purchase 190 units @ $63.80 per unit Mar. 29 Sales 170 units @ $96.80 per unit Totals 680 units 470 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 85 units…
Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 190 units @ $52.80 per unit Mar. 5 Purchase 270 units @ $57.80 per unit Mar. 9 Sales 350 units @ $87.80 per unit Mar. 18 Purchase 130 units @ $62.80 per unit Mar. 25 Purchase 240 units @ $64.80 per unit Mar. 29 Sales 220 units @ $97.80 per unit Totals 830 units 570 units Problem 6-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 110 units from beginning…
Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 190 units @ $52.80 per unit Mar. 5 Purchase 270 units @ $57.80 per unit Mar. 9 Sales 350 units @ $87.80 per unit Mar. 18 Purchase 130 units @ $62.80 per unit Mar. 25 Purchase 240 units @ $64.80 per unit Mar. 29 Sales 220 units @ $97.80 per unit Totals 830 units 570 units Problem 6-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 110 units from beginning inventory and 240 units from the March 5…
Required Information Problem 6-1A Perpetual: Alternative cost flows LO P1 [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. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 200 units@ $53.00 per unit 275 units@ $58.00 per unit FIFO 135 units@ $63.00 per unit 250 units@ $65.00 per unit 860 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 115 units from beginning Inventory and 245 units from the March 5 purchase: the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two…