Blossom Distribution markets CDs of numerous performing artists. At the beginning of March, Blossom had in beginning inventory 2,400 CDs with a unit cost of $6.00. During March, Blossom made the following purchases of CDs. March 5 March 13 2,100 @ $7.00 (a) 3,600 @ $8.00 March 211 March 26 Determine the cost of goods available for sale. Cost of goods available for sale 4,800 @ During March 11,500 units were sold. Blossom uses a periodic inventory system. 2,100 @ $9.00 $10.00
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- Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 4,875 (a) 6,825 $8 $9 March 21 X Your answer is incorrect. March 26 During March 21,000 units were sold. Swifty uses a periodic inventory system. Determine the cost of goods available for sale. 7,850 @ $10 $11 Cost of goods available for sale $ 5,800 181725Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 (1) 4,875 @ $8 6,825 @ $9 (2) During March 21,000 units were sold. Swifty uses a periodic inventory system. ✓ Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? FIFO LIFO March 21 Average-cost March 26 eTextbook and Media 7,850 $10 5,800 @ $11 produces the highest inventory amount for the balance sheet, $ produces the highest cost of goods sold on the income statement, $Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 2,420 CDs with a unit cost of $7. During March, Blue Spruce made the following purchases of CDs. March 5 1,800 @ $8 March 21 5,030 e $10 March 13 3,670 e $9 March 26 1.840 @ $11 During March, 12.310 units were sold. Blue Spruce uses aperiodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale 1349 10 eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost per unit to 3 decimal places, eg 5.275. Round answers to O decimal places, eg 125) FIFO LIFO AVERAGE-COST The ending inventory 24 %24 The cost of goods sold %24
- Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,390 CDs with a unit cost of $7. During March, Concord made the following purchases of CDs. March 5 2,030 @ $8 March 21 5,060 @ $10 March 13 3,260 @ $9 March 26 1,800 @ $11 During March 11,470 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale $4 Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory %24 $4 24 The cost of goods sold $4 2$ 24 Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) produces the highest…Blue Spruce Corp. markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 2,600 CDs with a unit cost of $8. During March, Blue Spruce made the following purchases of CDs. March 5 2,100 @ $9 March 21 5,500 @ $11 March 13 3,700 @ $10 March 26 2,100 @ $12 During March 12,200 units were sold. Blue Spruce uses a periodic inventory system. (a) Correct answer iconYour answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $enter the cost of goods available for sale in dollars Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The…Bramble Distribution markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 4,300 CDs with a unit cost of $6. During March, Bramble made the following purchases of CDs. March 5 March 13 5,375 @ $7 7,525 $8 (a) March 21 Your answer is incorrect. March 26 During March 23,000 units were sold. Bramble uses a periodic inventory system. Determine the cost of goods available for sale. 8,450 @ $9 6,600 @ $10 Cost of goods available for sale $
- Whispering Winds Corp. markets CDs of numerous performing artists. At the beginning of March, Whispering Winds had in beginning inventory 2,800 CDs with a unit cost of $8. During March, Whispering Winds made the following purchases of CDs. March 5 2,000 @ $9 March 21 5,200 @ $11 March 13 4,000 @ $10 March 26 2,000 @ $12 During March 11,900 units were sold. Whispering Winds uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale $enter the cost of goods available for sale in dollars Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $enter an average cost in dollars Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending…HOW DO I FIGURE OUT THE FIFO, LIFO AND AVERAGE-COST . FOR THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system.Prepare journal entries to record each of the following sales transactions of a merchandising company. Assume a perpetual inventory system and use of the gross method (beginning inventory equals $9,000). June 1 Sold 50 units of merchandise to a customer for $150 per unit under credit terms of 2∕10, n∕30, FOB shipping point, and the invoice is dated June 1. The 50 units of merchandise had cost $100 per unit. 7 The customer returns 2 units purchased on June 1 because those units did not fit its needs. The seller restores those units to its inventory (as they are not defective) and credits Accounts Receivable from the customer. 11 The seller receives the balance due from the June 1 sale to the customer less returns and allowances. 14 The customer discovers that 10 units have minor damage but keeps them because the seller sends a $50 cash payment allowance to compensate.
- Futuristic Electronic Center began July with 60 units of merchandise inventory that cost $68 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Futuristic uses the periodic inventory system, and the physical count at July 31 indicates that 90 units of merchandise inventory are on hand. Read the requirements. Data table Jul. 3 Jul. 12 Jul. 18 40 units @ $72 each 50 units @ $90 each 30 units @ $92 each X Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for July totaled $23,000. Compute Futuristic's gross profit for July using each method. 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why?CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows: Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold $83 $85 $88 Multiple Choice $102,700 $105,600 1,200 $99,600 800 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO? $97,500 300 400 900 500 None of the other alternatives are correctWarnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…