Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, when the average cost per unit was $62.00, Boston sold 34 bicycles for $100 each. Boston's cost of goods sold under the FIFO, LIFO and weighted-average methods is summarized as follows: Read the requirements. FIFO LIFO Cost of Goods Sold $ 2,000 $ 2,312 $ Weighted-average 2,108 Requirement 1. Which inventory costing method produced the lowest cost of goods sold? The FIFO LIFO inventory costing method produced the lowest cost of goods sold. weighted-average Requirements 1. Which inventory costing method produced the lowest cost of goods sold? 2. Which inventory costing method produced the highest cost of goods sold? 3. If costs had been declining instead of rising, which inventory costing method would have produced the highest cost of goods sold? Print Done

Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, when the average cost per unit was $62.00, Boston sold 34 bicycles for $100 each. Boston's cost of goods sold under the FIFO, LIFO and weighted-average methods is summarized as follows: Read the requirements. FIFO LIFO Cost of Goods Sold $ 2,000 $ 2,312 $ Weighted-average 2,108 Requirement 1. Which inventory costing method produced the lowest cost of goods sold? The FIFO LIFO inventory costing method produced the lowest cost of goods sold. weighted-average Requirements 1. Which inventory costing method produced the lowest cost of goods sold? 2. Which inventory costing method produced the highest cost of goods sold? 3. If costs had been declining instead of rising, which inventory costing method would have produced the highest cost of goods sold? Print Done

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method?
Novak Marine Products began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 units at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic system. (a) Determine the cost of goods sold under FIFO. Cost of good sold $ eTextbook and Media Save for Later Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c2) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer
Montana Cycles started July with 25 bicycles that cost $36 each. On July 16, Montana bought 35 bicycles at $60 each. On July 31, when the average cost per unit was $50.00, Montana sold 33 bicycles for $105 each. Montana's cost of goods sold under the FIFO, LIFO and weighted-average methods is summarized as follows: FIFO LIFO Weighted-average Cost of Goods Sold $ 1,380 $ 1,980 2$ 1,650 Requirements 1. Which inventory costing method produced the lowest cost of goods sold? 2. Which inventory costing method produced the highest cost of goods sold? 3. If costs had been declining instead of rising, which inventory costing method would have produced the highest cost of goods sold? Requirement 1. Which inventory costing method produced the lowest cost of goods sold? The V inventory costing method produced the lowest cost of goods sold. Click to select your answer(s) and then click Check Answer.
Oman Garments sells garments for an average of OMR 12 and which cost OMR 9 This results in cost-to-retail percentage of 75%. Oman Garment beginning inventory has a cost of OMR 200,000, it paid OMR 125,000 for purchases during the month, and it had sales of OMR 340,000. Determine the amount of the cost of inventory sold of Oman Garments. a.OMR 280,000 b.OMR 275,000 c.OMR 265,000 d.OMR 255,000
Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased 40 bicycles at $68 each. On October 31, when the average cost per unit was $62.00, Boston sold 34 bicycles for $100 each. Boston's cost of goods sold under the FIFO, LIFO and weighted-average methods is summarize follows: FIFO LIFO Weighted-average Cost of Goods Sold $ 2,000 $ 2,312 $ 2,108 Read the requirements. Requirement 1. Which inventory costing method produced the lowest cost of goods sold? The inventory costing method produced the lowest cost of goods sold. Requirement 2. Which inventory costing method produced the highest cost of goods sold? The inventory costing method produced the highest cost of goods sold. Requirement 3. If costs had been declining instead of rising, which inventory costing method would have produced the highest cost of goods sold? If prices had been declining instead of rising, the V method would have produced the highest cost of goods sold. Requirements 1.…
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.
During the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answer
Five Seasons is a merchandiser of packed foods. The company provides the following information for the year. Sales Revenue Cost of Goods Sold Operating Expenses $144,000 63,000 68,000 13,000 24,000 Net Income Number of Units Sold How much was the unit cost per item of product sold? (Round your answer to the nearest cent.) OA. $6.00 OB. $2.63 OC. $5.46 OD. $100.54
A store pays $60 for a set of cookware. Overhead expense on each cookware is 6% of the selling price and the profit is 17% of the selling price. Fill in the missing values in the given merchandizing-calculation table. (Round your answers to two decimal places if needed) Profit (P) Amount ($) Expenses (E) Markup (M) $ Cost (C) Selling Price (S) $ S SA Next Question On cost Markup Rate (%) % On Selling price %
A sports store purchased tennis racquets for $79.16 less 37% for purchasing more than 100 items, and a further 39% was reduced for purchasing the racquets in October. The racquets were sold to customers for $68.71. (a) What is the cost of each racquet? (b) What is the markup as a percent of cost? (c) What is the markup as a percent of selling price? (a) The cost of each racquet is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Shown below are information provided by the bookkeeper of Luna Corporation: A. Sales for the month of December totaled 286,000 units. B. The following purchases were made in December: Date Quantity Unit Cost 12/4 50,000 P13.00 12/8 62,500 12.50 12/11 75,000 12.00 12/24 70,000 12.40 C. There were 108,500 units on hand on December 1 with a total cost of P1,450,000. D. The company uses a periodic FIFO costing system. Its gross…