None Concord Company's record of transactions concerning part X for the month of April was as follows.PurchasesSalesApril 1 (balance on hand)240$5.50April 54404540@5.60123402311183402674030340440@5.80271,0805.9028150@6.206.40(a1)Your answer is correct.Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7682.)Weighted-average cost per unit(a2)eTextbook and MediaYour answer is incorrect.5.9341Attempts: 1 of 3 usedCompute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only.(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, e.g. 6,548.)(1)FIFOEnding inventory(2)LIFO(3)Average-cost

First-in First-Out Method - Under the First-in First-Out Method, the company uses inventory in the…

Concord Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 240 @ $5.50 April 5 440 4 540 @ 5.60 12 340 11 440 @ 5.80 27 1,080 18 340 @ 5.90 28 150 23 26 740 @ 6.20 30 340 @ 6.40 (a1) Your answer is correct. Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7682.) Weighted-average cost per unit $ 5.9341 (a2) eTextbook and Media Your answer is incorrect. Attempts: 1 of 3 used Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, e.g. 6,548.) (1) FIFO Ending inventory (2) LIFO (3) Average-cost $

Concord Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 240 @ $5.50 April 5 440 4 540 @ 5.60 12 340 11 440 @ 5.80 27 1,080 18 340 @ 5.90 28 150 23 26 740 @ 6.20 30 340 @ 6.40 (a1) Your answer is correct. Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7682.) Weighted-average cost per unit $ 5.9341 (a2) eTextbook and Media Your answer is incorrect. Attempts: 1 of 3 used Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, e.g. 6,548.) (1) FIFO Ending inventory (2) LIFO (3) Average-cost $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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Bonita Company's record of transactions for the month of April was as follows. April 1 (balance on hand) (a1) 4 8 13 21 Purchases 29 Average-cost per unit 780 @ $5.90 $ 1,950 @ 6.00 1,040 @ 6.30 1,560 @ 910 @ 6.50 650 @ 6.40 6,890 6.70 April 3 Search 9 11 23 27 Sales per unit 650 @ $10.00 1,820 @ 780 @ 1,560 @ 1,170 @ 5,980 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 10.00 CO 11.00 11.00 12.00 DELL 9
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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
Akira Company had the following transactions for the month. 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 $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
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5 ES-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) Sales April 3 600 © $6.00 1,500 @ 6.08 500 @ $10.00 9 1,300 @ 10.00 4 8 800 @ 6.40 11 600 @ 11.00 23 1,200 @ 11.00 27 13 1,200 @ 6.50 21 700 @ 6.60 900 @ 12.00 29 500 @ 6.79 4,500 5,300 Instructions (a) Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) FIFO and (2) average-cost. (b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) average-cost. (c) In an inflationary period, which inventory method-FIFO or average-cost-will show the highest net income?
TB MC Qu. 6-93 Inventory records for Marvin Company... 38 Inventory records for Marvin Company revealed the following: of Onite Cost Мar. 1 Beginning inventory 960 $7.28 34 Mar.10 Purchase 570 7.71 Mar.16 Purchase 790 8.16 Mar.23 Purchase 550 8.56 Marvin sold 1,960 units of inventory during the month. Cost of goods sold assuming FIFO would Round your answer to the nearest dollar amount.) Multiple Choice $13,942.
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Gros s marging The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820.