0:56 7oneUNCC CanvasMcGraw Hill Connect Diezto.mheducation.com/ext/map/index.htmlGoogle Calendarpomework0Date of PurchaseJanuary 10January 18TotalsRequired informationProblem 8-5 (Algo) Various inventory costing methods (LO8-1,8-4)[The following information applies to the questions displayed below)TotalSalesDate of SaleJanuary 5January 12January 20TotalPerpetual AverageUnita6,0001.00014,000Includes purchase price and cost of freightA company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions forthe month of January are as followsUnita4,0002,0005,00011,000Beginning InventorySale January 5Subtotal Average CostPurchase January 10Sublotal Average CostSale-January 12Subtotal Average CoPurchase January 18Subtotal Average CostSale-January 2011,000 units were on hand at the end of the month16 of 23of0ofYouTube h Stream TV and Movi.....Problem 8-5 (Algo) Part 55. Calculate January's ending Inventory and cost of goods sold for the month using Average cost, perpetual system.Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.Invertory es handNumber Cost per Inventoryof units unitValue$of0PurchasesUnse Couth**10لك$Question 6 - Chapter 8 Homew0DD1010.0000#0Total Coas$ 54,000100,000$ 130,000Numberof unitssoldCost of Goods SoldAverageCost perCost ofGoods Soldb Home I bartlebyTIAA Internships+Seved< PrevCSIE Dashboard6ONext Y

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Description: 0:56 7oneUNCC CanvasMcGraw Hill Connect Diezto.mheducation.com/ext/map/index.htmlGoogle Calendarpomework0Date of PurchaseJanuary 10January 18TotalsRequired informationProblem 8-5 (Algo) Various inventory costing methods (LO8-1,8-4)[The following inf

Business

Accounting

A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals HAEN 6,000 14,000 "Includes purchase price and cost of freight Sales Date of Sale January 5 January 12 January 20 Total Purchases Unit Cass ** 18 Unite 4,000 2,000 5,000 11,000 11,000 units were on hand at the end of the month Total Cost #54,000 $5,000 €134,000

A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals HAEN 6,000 14,000 "Includes purchase price and cost of freight Sales Date of Sale January 5 January 12 January 20 Total Purchases Unit Cass ** 18 Unite 4,000 2,000 5,000 11,000 11,000 units were on hand at the end of the month Total Cost #54,000 $5,000 €134,000

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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Archer Industries prepares quarterly financial statements. During the fourth quarter the following occurred: Purchases: Quantity 9,000 units* 21,000 units 24,000 units 10,000 units 64,000 units Unit Value Total Value $ 54,000 168,000 240,000 160,000 $622,000 $6/u $8/u Oct. 1. Oct. 10 Nov. 20 $10/u Dec. 30 $16/u Available *Beginning Inventory Sales: Unit Value Quantity 11,000 units 10,000 units 31,000 units 52,000 units Total Value Oct. 18 Nov. 12 Dec. 21 Units Sold 18/u $198,000 200,000| 775,000 $1,173,000 20/u 25/u The tax Selling and administrative expenses for the period were $359, 000. rate is 30 percent. A. Calculate the value of ending inventory, the cost of goods sold, and determine reported income (after taxes) under the LIFO periodic method: Optional Work Space For Calculations Ending Inventory Cost of Goods Sold Net Income After Taxes B. If the company had been on the FIFO method, how much more or less would it have paid in income taxes? C. Determine the maximum amount Archer…
A company estimated the sales of 20,000 units during the month of June. The beginning inventory on hand is 2,100 units and the desired ending inventory for the month of June is 2,400 units. How many units should the company produce during the month of June? а. 19,700 units b. 20,300 units с. 24,500 units d. 15,500 units
[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost* Total Cost January 10 5,000 $ 9 $ 45,000 January 18 6,000 10 60,000 Totals 11,000 $ 105,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Perpetual Average Sales Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost 5,000 units were on hand at the end of the month. Sale - January 12 Subtotal Average Cost Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Number of units Purchases Unit Cost* $8 9 10,000 4,000 2,000 X 6,000 3,000 9,000 1,000 X Inventory on hand Cost per unit 7.0000 $ 28,000 0 8.0000 Answer is not complete. Inventory Value 28,000 24,000 52,000 Total Cost $…
Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?
! Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Includes purchase price and cost of freight. Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 5,000 8,000 13,000 11,000 units were on hand at the end of the month. Units 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 3,000 3,000 4,000 10,000 5,000 8,000 21,000 Purchases Unit Cost* $ 10 11 Cost of Goods Available for Sale Cost of Number Unit Goods of units Cost Available for Sale 8,000 $9.00 $ 72,000 10.00 11.00 Total Cost $ 50,000 88,000 $ 138,000 50,000 88,000 $ 210,000 Cost of Goods Sold - January 5 Number of units sold 0 0 0 Cost per unit $…
Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost* Total Cost January 10 6,000 $7 January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Answer is not complete. Inventory on hand Cost of Goods Sold Perpetual Average Cost Number per of units Inventory Value unit Number of units sold Average Cost per Cost of Goods unit Sold Beginning Inventory 7,000 6.0000 ( $…
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3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
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