Tree Seedlings has the following current-year purchases and sales for its only product.DateJanuary 1January 3February 14February 15June 30November 6November 19ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotalsLIFOUnits Acquired at Cost Units Sold at Retail230 units @ $2 = $ 460@$8@ $3 =Required C372 units280 unitsEndingInventory96 units978 units@ $4 =Complete this question by entering your answers in the tabs below.$1,116$1, 120@$5 $480$Required A Required BDetermine the costs assigned to ending inventory and to cost of goods sold using LIFO.Periodic InventorySystemCost ofGoods Sold3,176The company uses a periodic inventory system.a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.c. Compute the gross profit for each method.138 units250 units220 units608 units@ $8@ $8

Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Answered: Tree Seedlings has the following…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.7C

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Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activition Unite Acquired at Cost E510 Unita Sold at Retail Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase 200 unita -$ 2,000 150 units $40 350 unita $15 5,250 Mar.15 Sales 300 unita e $40 July30 Purchase Oct. 5 Sales det.26 Purchase 450 units e $20 9,000 430 units e $40 100 units $25 2,500 1,100 units $18,750 BB0 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods soid using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
Required information. [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 301 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: The company uses a perpetual inventory system. Units Acquired 110 units 156 units. 160 units 48 units 474 units at Cost $2$ 220 Unita Sold at Retail $3$ 468 @ $4$ 640 $5$ 240 $ 1,568 90 units 130 units 128 units 348 units a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. $8 858 58
Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
Required Information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost 3e0 units e $14.00 - $ 4,200 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 520 units e $19.00 - 9,88e 468 units e $44.80 see units e $24.00 12, 800 488 units e $44.00 200 units e $29.e0 5,800 Totals 1,520 units $31,880 1,198 units Required: Hemming uses a periodic inventory system. (e) Determine the costs essigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs ossigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. a) Perlodic FIFO Cost of Goode Avallable for Sale Cost of Goode sold Ending Inventory Cost of Goode # of unite Cost per unit # of unite Cost per sold Cost of…
Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 60 units @ $2 @$3 = @ $4 Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: The company uses a perpetual inventory system. Required A 86 units. Required B Required C 110 units. ho 28 units 284 units Complete this question by entering your answers in the tabs below. Units Sold at Retail prt sc 38 units. A 80 units 98 units 216 units. delete @ $ 8 @ $8 @ $8 A home nur
! Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 80 units 102 units 130 units 36 units 348 units @ $2 = $ 160 @$3 = = $ 306 @ $4= @ $5 = $ 520 $ 180 $ 1,166 Units Sold at Retail 46 units 100 units 110 units 256 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. @ $8 @ $8 @ $8
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 F 240 units 370 units 440 units 140 units 1,190 units @$16.60 = @ $21.60 = @$26.60 - $ 2,784 6,142 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. 9,504 3,724 $ 22, 154 Units Sold at Retail 180 units 330 units 415 units 925 units @$41.60 @$41.60 @$41.60 Check my
BRADY-LOMBARDI TROPHY COMPANY: Inventory Records for Year 20X1 Date Beg Inventory Purchases: Oct 01, 20X1 Oct 05, 20X1 Oct 10, 20X1 Oct 15, 20X1 Oct 20, 20X1 Total Inventory Total Sold Retail Price Cost of Goods Available for Sale (COGAFS) # units Cost/Unit O c. $40,000 O d. $34,400 O e. $78,100 100 $ 200 $ 100 $ 150 $ 90 $ 220 $ 900 580units sold $500per unit 100 110 120 130 150 160 S COGAFS 10,000 $ 22,000 $ 12,000 $ 19,500 $ 13,800 $ 35,200 $ 112,500 Applying the Weighted Average (WA) Method to cost Inventory: Calculate Ending Inventory ROUND ANSWERS TO NEAREST $ (if applicable) a. $72,500 O b. $112,500.
Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Activities Beginning inventory Sales February 14 February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 40 units Units Sold at Retail @ $2 = $ 80 30 units @ $8 70 units @ $3 = $ 210 60 units @ $8 90 units @ $4 = $ 360 86 units @ $8 20 units 220 units @ $5 = $ 100 $ 750 176 units The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.…
Sample Company has the following data available: Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale Units Purchased Unit Cost Units Sold 400 $10 200 $13 350 300 $14 250 350 $18 400 If Sample Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is A. $10,000 B. $12,600 C. $12,350 D. $13,950

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