7. The following information is available regarding costs of printers purchased and sold by XYZ Co. during the past year: Number of Printers Cost per Printer. Total Cost January 1 inventory.. 9 $150 $1,350 July 16 purchases.... 14 $153 $2,142 December 9 purchases..... 5 $157 $785 Available for sale.. 28 $4.277 July 20 sale December 31 inventory..... 19 2 If XYZ Co. uses the perpetual FIFO inventory approach, what is the December 31 inventory? a. $1,397.00 Ob. $1,385.00 c. $1,392.30 d. $1,350.00 Topic covered in 4.6 Report a problem

7. The following information is available regarding costs of printers purchased and sold by XYZ Co. during the past year: Number of Printers Cost per Printer. Total Cost January 1 inventory.. 9 $150 $1,350 July 16 purchases.... 14 $153 $2,142 December 9 purchases..... 5 $157 $785 Available for sale.. 28 $4.277 July 20 sale December 31 inventory..... 19 2 If XYZ Co. uses the perpetual FIFO inventory approach, what is the December 31 inventory? a. $1,397.00 Ob. $1,385.00 c. $1,392.30 d. $1,350.00 Topic covered in 4.6 Report a problem

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Compute the gross margin for FIFO method. Sales revenue Less: cost of goods sold Gross Margin…
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 210 units @ $10.40 = $ 2,184 Jan. 10 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 = 4,774 Mar. 15 Sales 270 units @ $40.40 July 30 Purchase 410 units @ $20.40 = 8,364 Oct. 5 Sales 380 units @ $40.40 Oct. 26 Purchase 110 units @ $25.40 = 2,794 Totals 1,040 units $ 18,116 820 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…
Assume Shopping.com began July with 10 units of inventory that cost a total of $180. During July, Shopping.com purchased and sold goods as follows: View the purchases and sales. Suppose Shopping.com used the LIFO inventory costing method and the periodic inventory system. Using the information above, determine Shopping.com's cost of goods sold at the end of the month. A. $1,065 B. $1,080 C. $105 ○ D. $90 Purchases and sales Jul. 8 Purchase 30 units @ $19 Jul. 14 Sale 25 units @ $38 Jul. 22 Purchase Jul. 27 Sale 20 units @ $21 30 units @ $38 - ☑
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Numberof Units PerUnit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: SpecificIdentification First-In,First-Out Last-In,First-Out WeightedAverage Cost Cost of Goods Sold fill in the blank fill in the blank fill in the blank fill in the blank Ending Inventory fill in the blank fill in the blank fill in the blank fill in the blank Gross Margin fill in the blank fill in the blank fill in the blank fill in the blank
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the average cost method? Oa. $1,510 Ob. $1,250 Oc. $1,375 Od. $1,380 Previous Next
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Number : Per of Units Unit Date Transaction Jan. 1 Beg. Inv. 50 $15 | Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost Cost of Goods Sold 3,640 2,970 3,890 3,434 Ending Inventory 3,430 4,100 3,180 3,636 Gross Margin 1,460 2,130 1,210 1,666
4 Calculate the cost of goods sold dollar value for A65 Company for the month using the first in fırst out method. (FIFO) Provide the calculations. A spreadsheet works best. See example for LIFO. Number of Units Unit Cost Sales Beginning inventory Purchased 800 600 $50 52 $80 90 400 Sold Sold Ending inventory 650
Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending Inventory of $47,500. The average Inventory amount is: Multiple Choice $39,600. $47,500. $87,100.
[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 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 $ 2,091 160 units @ $40.. 300 units @ $15.20 = 4,560 250 units @ $40.. 400 units @ $20.20 = 8,080 375 units @ $40.. 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units mming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 ts from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification thod, calculate the following. Cost of Goods Sold using Specific Identification te Activity nuary 1 Beginning Inventory irch 14 Purchase ly 30 Purchase :tober 26 Purchase Available for Sale Cost of Goods Sold Ending # of…
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the FIFO method? Oa. $1,375 Ob. $1,250 Oc. $1,510 Od. $1,380 Previous Next