Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 890 $60 Purchased 630 62 Sold 400 $80 Sold 350 90 Ending inventory 770 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Purchase Sale Sale Total Purchases Total COGS

Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 890 $60 Purchased 630 62 Sold 400 $80 Sold 350 90 Ending inventory 770 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Purchase Sale Sale Total Purchases Total COGS

Name: Calculate the cost of goods sold dollar value for A67 Company for the
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Calculate the cost of goods sold dollar value for A67 Company for the month, consideringthe following transactions under three different cost allocation methods and usingperpetual inventory updating. Provide calculations for weighted average (AVG).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)
Using the weighted average method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of theperiod.Date Activity Units Purchase Price (per unit) Sale Price (per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Weighted average:Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Weighted average:Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale…
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 290 $ 4 June 2 Purchase 80 $ 3 November 5 Sales 310 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,220; Ending inventory $180 Cost of goods sold $1,240; Ending inventory $140 Cost of goods sold $1,160; Ending inventory $240 Cost of goods sold $1,300; Ending inventory $210
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Unit Cost Total Cost $ 80 $ 2,400 Purchase 86 3,440 Purchase 90 Purchase 96 January 1 March 28 August 22 October 14 Goods Available for Sale Units 30 40 60 65 195 a. FIFO b. LIFO c. Weighted Average 5,400 6,240 $ 17,480 The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
The following units of a particular item were available for sale during the calendar year: Jan. 1 3,800 units at $40 Apr. 19 2,600 units June 30 4,400 units at $45 Sept. 2 5,200 units Nov. 15 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Inventory Sale Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold FIFO Method Quantity Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost $ Total Cost
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $11 per unit. Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Required: Unit Cost $3.50 a. Weighted average cost. b. First-in, first-out. 4.00 5.00 Units Total Cost $ 1,085 1,440 310 (210) 360 (170) 80 400 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase.
Akira Company had the following transactions for the month. Total Cost Beginning inventory Purchased Mar. 31 Number of Units A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 130 180 150 460 Purchased Oct. 15 Total goods available for sale Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 70 $1,300 2,160 2,250 5,710 Gross Margin ?
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO) Number of Units Unit Cost Sales Beginning inventory 880 ETT 630 400 350 760 Purchased Sold Sold Ending inventory Beginning Purchase Sale Sale Number of units $50 Cost of Goods Purchased Unit Cost Total Purchases 52 $100 110 Total Cost LIFO (perpetual) Inventory Cost of Goods Sold Number of units Unit Cost 000 Total COGS Total Cost 0 000 Cost of Inventory Remaining Number of units 000000 Unit Cost Total Cost
please solve and explain
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 52 units. (Round your answers to the nearest cent.) Beginning inventoryand purchases Units Unit cost January 1 4 $ 1.20 April 10 11 1.70 May 15 11 2.20 July 22 16 2.45 August 19 17 3.20 September 30 21 3.40 November 10 31 3.60 December 15 17 4.00 Cost of ending inventory Cost of goods sold