1.6 pointsCalculate the goods available for sale for Atlantis Company, in unitsand in dollar amounts, given the following facts about their inventoryfor the period:LO 10.1Numberof UnitsCostper UnitBeginning inventory140$75Purchased goods during the period24077Sold goods during the period80125Purchased goods during the period22080

Answered: 1. 6 points Calculate the goods…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the Weighted average cost per unit?
QUESTION 8 A company had the following purchases during its first year of operations: Purchases 10 units at $40 25 units at $20 Sales January March May 12 units at $60 The company uses FIFO method to determine its cost of inventory. a. What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year?
Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3 Purchase 62 $40 3/4 Sales 72 $60 3/10 Purchase 202 $45 3/16 Sales 82 $70 3/19 Purchase 42 $50 3/25 Sales 122 $70 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.
DATE DETAILS UNITS COST PER UNIT 1 OPENING INVENTORY 20 R85 7 Purchases 23 R90 16 Purchases 33 R95 25 Purchases 18 R100 31 Sales for the month 69 Calculate the value of closing inventory using the Weighted average cost inventory valuationmethod.
The financial statements of CVS Caremark reported the following information (in millions): CVS Caremark Year 2 Year 1 Net sales $126,761 $123, 120 Cost of sales 102,978 100,632 Inventories, net 11, 045 11,032 The inventory turnover ratio for Year 2 is: Group of answer choices 9.33 8.32 10.22 11.48
Savita
Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
Find the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293
What is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00
None
Calculate the correct gross profit for 20xx

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