ENYPHEN CORP. had 1,000 units of Product E on hand at August 1, costing P25 each. Sales and purchases of Product E during the month of August were as follows: DATE 8/5 8/9 8/15 SALES UNITS 450 210 (20) UNIT COST 57 54 57 A. 21,867 and 44,245 B. 21,867 and 46,422 C. 19,042 and 47,070 D. 19,042 and 47,718 DATE 8/2 8/25 8/26 PURCHASES UNITS 300 650 (15) UNIT COST 45.60 43.20 43.20 1. The cost of goods sold and the ending inventory balance using FIFO method shall be A. 16,000 and 66,112 B. 16,000 and 50,112 C. 19,042 and 47,070 D. 19,042 and 47,718 2. The cost of goods sold and the ending inventory balance using AVERAGE-PERIODIC method shall be A. 19,042 and 44,245 B. 19,042 and 47,070 C. 21,867 and 44,245 D. 21,867 and 46,422 3. The cost of goods sold and the ending inventory balance using AVERAGE-PERPETUAL method shall be

ENYPHEN CORP. had 1,000 units of Product E on hand at August 1, costing P25 each. Sales and purchases of Product E during the month of August were as follows: DATE 8/5 8/9 8/15 SALES UNITS 450 210 (20) UNIT COST 57 54 57 A. 21,867 and 44,245 B. 21,867 and 46,422 C. 19,042 and 47,070 D. 19,042 and 47,718 DATE 8/2 8/25 8/26 PURCHASES UNITS 300 650 (15) UNIT COST 45.60 43.20 43.20 1. The cost of goods sold and the ending inventory balance using FIFO method shall be A. 16,000 and 66,112 B. 16,000 and 50,112 C. 19,042 and 47,070 D. 19,042 and 47,718 2. The cost of goods sold and the ending inventory balance using AVERAGE-PERIODIC method shall be A. 19,042 and 44,245 B. 19,042 and 47,070 C. 21,867 and 44,245 D. 21,867 and 46,422 3. The cost of goods sold and the ending inventory balance using AVERAGE-PERPETUAL method shall be

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

See similar textbooks

Similar questions

The data during the month of an enterprise who sells product M are as follows: Sale of 2,000 units at the before-VAT price of VND 300,000/unit in the domestic market. Export 500 units at FOB price of VND 310,000/ unit. Purchase 1,000 units with before-VAT price of VND 250,000/ unit. Purchase 300 units with price of VND 280,000/unit stated on the sale invoice. Deductible Input VAT for other purchased services: VND 1,000,000. VAT rate 10%. Exported goods are supported with sufficient documents as prescribed by law The VAT amount payable is * VND 41,100,000 VND 25,600,000 VND 49,500,000 VND 34,000,000
units which were acquired at ksh. 50 per unit. The operations for the month were as follows: Date Purchases Sales June 2 5,000 @ ksh.48 6,000 @ ksh. 60 5 5,500 @ ksh. 49 7 4,000 @ ksh. 50 11 7,000 @ ksh. 61 12 5,000 @ ksh. 50 13 6,000 @ ksh. 47 18 7,000 @ ksh. 62 19 8,000 @ ksh. 64 20 6,000 @ksh. 49.50 21 5,000 @ ksh. 65 22 7,000 @ ksh. 50 25 6,000 @ ksh. 49 26 2,000 @ ksh. 47 28 500 @ ksh. 60 29 14,000 @ ksh. 64 The company incurred operating cost of ksh. 450,000 during the month. Required: Prepare the stores ledger card using FIFO AND WEIGHTED AVERAGE Ascertain the closing inventory and cost of sales using each of the two methods Prepare the trading account for the month.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Units Purchased Total Cost Date Unit Cost April 6 May 18 $1,134,600 $36.60 31,000 1,287,000 33,000 39.00 June 6 40,000 39.60 1,584,000 July 10 August 10 40,000 42.00 1,680,000 27,200 42.75 1,162,800 October 25 12,800 43.50 556,800 November 4 8,000 44.85 358,800 December 10 384,000 8,000 48.00 200,000 $8,148,000 Sales: April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28,000 October 18,000 November 10,000 December 8,000 Total units 168,000 Total sales $10,000,000 The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO…
[The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
[The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 8 $ 24,000 Jan. 18 4,000 9 36,000 Totals 7,000 60,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
The following information was provided by the bookkeeper of COW, INC.: i. Sales for the month of June totaled 286,000 units. ii. The following purchases were made in June: Quantity 50,000 62,500 75,000 70,000 Date Unit Cost June 4 P13.00 8 12.50 11 12.00 24 12.40 iii. There were 108,500 units on hand on June 1 with a total cost of P1,450,000. Cow, Inc. uses a periodic FIFO costing system. The company's gross profit for June was P2,058,750. 15. What is the total cost of goods sold in June? a. 3,632,200 b. 3,617,900 c. 3,580,126 d. 3,661,250 16. The 286,000 units in June had a unit selling price of a. P20 b. P13 c. P12.70 d. P7.20
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Sheridan Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: \table[[Feb. 20, 600 units,at, $8, Aug. 12, 390 units, at, $10
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
moodle1.du.edu.om/mod/quiz/atte Moodle English (en) - The following sales and purchases are expected over the Four-month period from December to March Purchases Sales December OMR 30000 OMR 26000 January OMR 25000 OMR 30000 February OMR 24000 OMR 24000 March OMR 26000 OMR 28000 Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 30% of the Sales are on credit - and we allow one-month credit period - and 70% of the sales for immediate settlement 3. 40% of the Purchases are on credit - and 1 month credit period - and 60% of the purchases are for immediate settlement 4. The balance of cash as at 1 January was OMR 9000 If the company is preparing a budget from January to March, what will be the Closing balance of cash on March ? Select one: O a. OMR 7800 Oh OMR 2500 to search DELL F5 F6 F10 44 41 # 24 % % & 3 4 5 8 A E Y F GY H i RY NI ÍM この * 00
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
Requlred Informatlon [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 units of Its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 9 Date of Purchase Units Total Cost 6,00e 9, eee Jan. 10 $ 54,000 Jan. 18 10 98,000 Totals 15,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,000 3, еее 6,000 Jan. 12 Jan, 20 Total 14,000 10,000 units were on hand at the end of the month. 3. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of # of units in ending inventory # of # of # of units Cost of Ending Inventory Unit Goods units sold Cost per unit Cost of Cost per unit Cost of Goods Sold of…