Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 230 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 295-unit purchase at $49 per unit; the second was a 355-unit purchase at $51 per unit. During the period, it sold 585 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO b. LIFO. c. Weighted average. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory EIFO 30.120 LIFO Weighted Average

Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 230 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 295-unit purchase at $49 per unit; the second was a 355-unit purchase at $51 per unit. During the period, it sold 585 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO b. LIFO. c. Weighted average. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory EIFO 30.120 LIFO Weighted Average

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 220 units at $44 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285-unit purchase at $49 per unit; the second was a 380-unit purchase at $51 per unit. During the period, it sold 555 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average, (Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Flounder Corp. had 2,000 units of part T on hand April 1, 2017, costing $ 8 each. During April, Flounder made the following purchases of part T. Unit Units Cost April 4 3,000 $ 8.25 10 4,000 8.40 19 1,000 29 2,900 9.90 A physical count at April 30, 2017 showed 4,100 units of Part T on hand. Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost %24 %24 %24
Alpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. 8) What is the Direct Material cost per equivalent unit for the year? 9) What is the Conversion Cost per equivalent unit for the year? 10) How much is Cost of Goods manufactured for the year? 11) Assume beginning FG inventory was 0 (zero) and that Alpha sold 10% of what it manufactured this year. How much is COGS?
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Company XYZ is a smart phone merchant. The company purchases smart phones directly from the manufacturer and sells them to customers. During the month of April, the company purchased 55 smart phones and paid $800 for each one. The company managed to sell 50 smart phones during the same month for $1,100 each. The company incurred total Selling and Administrative costs of $4,000 of which 20% is fixed costs. ?Assume that XYZ did not have a beginning inventory during April, what was the gross margin ($) for April 7,800 a O 11,800 b O 15,000 .cO 11,000 d O None of the given answers .e O
Concord's Used Cars uses the specific identification method of costing inventory. During March, Concord purchased three cars for $12700, $14600, and $19600, respectively. During March, two cars are sold for a total of $35300. Concord determines that at March 31, the $14600 car is still on hand. What is Concord’s gross profit for March? $1100. $8000. $2200. $3000.
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Please help me with show calculation thanku
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