Based on the following data, determine the cost of goods sold for November: Estimated returns of November sales $14,500 Inventory, November 1 28,000 Inventory, November 30 31,500 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000 2$

Norris Co. purchase and sales data is as follows:         Units   Cost per Unit Aug. 1 Inventory   50   $25   7 Sale   38       18 Purchase   25   $30   24 Sale   ?       29 Purchase   60   $32 The August 24th sale is provided as a slider to vary the quantity sold as follows:   1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO?   $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO?   $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY)  . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale?   $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale?   $ ____________ 6. The…

Urmilaben

Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.

Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $16,700 32,100 334,200 11,400 6,700 4,700

company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units at $15 each May 5 Purchased 270 units at $17 each May 20 Purchased 300 units at $22 each Sold 800 units There was no beginning inventory. Calculate Cost of Goods Sold and Ending Inventory under (a) FIFO, (b) LIFO, and (c) Weighted Average.

Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 10   $8.00       Purchase 1, Dec. 2 22   8.80       Purchase 2, Dec. 5 26   9.05       Sale 1, Dec. 7 19       $20.00   Sale 2, Dec. 10 25       20.00   Purchase 3, Dec. 12 12   9.80       Sale 3, Dec. 14 20       20.00   Anderson's uses a perpetual inventory system. All purchases and sales were for cash.   3.  Compute cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations.) Round your answers to the nearest cent. Cost of goods sold $fill in the blank b442affb1fd1044_5 Cost of ending inventory $fill in the blank b442affb1fd1044_6 4.  Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. If required, round your answers to the…

Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows:   Cost   Retail Celebrity Tan       Merchandise inventory, August 1 $248,000   $344,000 Transactions during August:       Purchases (net) 2,848,000   3,956,000 Sales     4,070,000         Ranchworks Co.       Merchandise inventory, March 1 $215,000     Transactions during March through November:       Purchases (net) 2,863,000     Sales 4,472,000     Estimated gross profit rate 35%       Required: 1.  Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31     Cost Retail     $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3     fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6     $fill in the blank 4c1a98f55fecf8b_8 $fill in…

On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $313,900and sales amounted to $611,400. Gross margin on sales was 67%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). $

Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400 Estimated ending inventory