Exercise 1: Measuring ending inventory and cost of goods sold in a perpetual systemPicker Paradise carries a large inventory of guitars and other musical instruments. Picker uses theFIFO method and a perpetual inventory system. Business records indicate the following for aparticular line of Honeydew guitars:DateItemQuantity Unit CostMay 01 Balance5$7006 Sale308 Purchase 10$ 8017 Sale430 Sale5Requirements:1. Prepare a perpetual inventory record for the guitars. Then determine the amounts Picker shouldreport for ending inventory and cost of goods sold by the FiFo method.2. Now assume that Picker uses the average-cost method. Prepare Picker's perpetual inventoryrecord for the guitars on the average-cost basis. Round average cost per unit to the nearest centand all other amounts to the nearest dollar.

Inventory: It refers to all items, goods and merchandise that are used for selling products in the…

Exercise 1: Measuring ending inventory and cost of goods sold in a perpetual system Picker Paradise carries a large inventory of guitars and other musical instruments. Picker uses the FIFO method and a perpetual inventory system. Business records indicate the following for a particular line of Honeydew guitars: Date Item Quantity Unit Cost May 01 Balance 5 $70 06 Sale 3 08 Purchase 10 $ 80 17 Sale 4 30 Sale 5

Exercise 1: Measuring ending inventory and cost of goods sold in a perpetual system Picker Paradise carries a large inventory of guitars and other musical instruments. Picker uses the FIFO method and a perpetual inventory system. Business records indicate the following for a particular line of Honeydew guitars: Date Item Quantity Unit Cost May 01 Balance 5 $70 06 Sale 3 08 Purchase 10 $ 80 17 Sale 4 30 Sale 5

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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Done Jedi Knights_Prob.pdf Q Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units 200 600 400 Unit Cost $150 160 170 Required: Show your work! 1.) What is the cost of goods available for the company? $ D Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $
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Purchases and freight cost B-05.05 Gunnison Creamery produces a variety of specialty ice creams and buys ingredients from many suppliers. Each supplier seems to have unique policies about discounts and freight terms. Gunnison Creamery records all purchases "gross" and uses a periodic inventory system. Gunnison recently hired a new bookkeeper and needs your help to develop a template of sample journa! entries for different scenarios. For purposes of preparing the template, assume that the purchase is $1,000 and freight is $100. Cash Discount Discount Condition Freight Terms F.O.B. Shipping point/freight prepaid Scenario 2/10, n/30 taken 2 2/10, n/30 FO.B. Shipping point/freight prepaid missed 3. 2/10, n/30 F.O.B. Destination/freight prepaid taken 4 2/10, n/30 F.O.B. Destination/freight prepaid missed F.O.B. Shipping point/freight collect F.O.B. Shipping point/freight collect 2/10, n/30 taken 2/10, n/30 missed The first scenario is done as an example on the preprinted worksheet, and the…
Cost of good sold over this period ?
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