Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 $330,500 Purchase Discounts $12,450 Purchase returns and allowances $23,870 Sales $276,900 Sales discounts $34,660 Gross purchases $120,400 a. Compute net purchases and cost of goods sold for the month of March.
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|
Inventory, February 28, 2018 |
$450,000 |
| Inventory, March 31, 2018 | $330,500 |
| Purchase Discounts | $12,450 |
| Purchase returns and allowances | $23,870 |
| Sales | $276,900 |
| Sales discounts | $34,660 |
| Gross purchases | $120,400 |
a. Compute net purchases and cost of goods sold for the month of March.
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- Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $16,700 32,100 334,200 11,400 6,700 4,700LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date of transaction Number of units per unit total Jan 1 - Inventory 7,500 $75 $562,500 10 - purchase 22,500 85 1,912,500 28 - sale 11,250 150 1,687,500 30 - sale 3,750 150 562,500 Feb - 5 - sale 1,500 150 255,000 10 - purchase 54,000 87.50 4,725,00 16 - sale 27,000 160 4,320,000 28 - sale 25,000 160 4,080,000 May - 5 - purchase 45,000 89.50 4,027,500 14 - sale 30,000 160 4,800,000 25 - purchase 7,500 90 675,000 30 - sale 26,250 160 4,200,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column…Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $575,757 Cost of merchandise sold during year 193,428 Accounts receivable, beginning of year 43,481 Accounts receivable, end of year 51,054 Merchandise inventory, beginning of year 32,544 Merchandise inventory, end of year 43,018 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number.
- FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 48 $450 $21,600 8 Purchase 96 540 51,840 11 Sale 64 1,500 96,000 30 Sale 40 1,500 60,000 May 8 Purchase 80 600 48,000 10 Sale 48 1,500 72,000 19 Sale 24 1,500 36,000 28 Purchase 80 660 52,800 June 5 Sale 48 1,575 75,600 16 Sale 64 1,575 100,800 21 Purchase 144 720 103,680 28 Sale 72 1,575 113,400 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit…For the year ending 31 August in 2012, Sinatra Inc. reported the followingstatistics In thousand pesos August 31 2012 2011 Net credit sales 2,482 Gross receivables 140 128 inventory 384 312 Cost of goods sold 1,752 For the current year, using a 365-day year, the average number ofdays to convert inventory to sales isa. 65.00 daysb. 51.18 daysc. 72.56 daysd. 71.51 daysSelected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $248,000 $344,000 Transactions during August: Purchases (net) 2,848,000 3,956,000 Sales 4,070,000 Ranchworks Co. Merchandise inventory, March 1 $215,000 Transactions during March through November: Purchases (net) 2,863,000 Sales 4,472,000 Estimated gross profit rate 35% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31 Cost Retail $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3 fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6 $fill in the blank 4c1a98f55fecf8b_8 $fill in…
- LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the…Inventory Analysis A company reports the following: Cost of goods sold $478,150 Average inventory 95,630 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory daysLIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Per Date Transaction Total of Units Unit Apr. Inventory 42 $150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May Purchase 8. 200 14,000 70 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Rhodes Cn.
- Based on the following data, determine the cost of merchandise sold for July: Increase in estimated returns inventory $22,000 Merchandise inventory, July 1 36,700 Merchandise inventory, July 31 70,500 Purchases 733,900 Purchases returns and allowances 25,000 Purchases discounts 14,700 Freight in 10,300Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,200 $76.00 $547,200 10 Purchase 21,600 86.00 1,857,600 28 Sale 10,800 152.00 1,641,600 30 Sale 3,600 152.00 547,200 Feb. 5 Sale 1,440 152.00 218,880 10 Purchase 51,840 88.50 4,587,840 16 Sale 25,920 162.00 4,199,040 28 Sale 24,480 162.00 3,965,760 Mar. 5 Purchase 43,200 90.50 3,909,600 14 Sale 28,800 162.00 4,665,600 25 Purchase 7,200 91.00 655,200 30 Sale 25,200 162.00 4,082,400 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Date PurchasesQuantity…Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $79.00 $592,500 10 Purchase 22,500 89.00 2,002,500 28 Sale 11,250 158.00 1,777,500 30 Sale 3,750 158.00 592,500 Feb. 5 Sale 1,500 158.00 237,000 10 Purchase 54,000 91.50 4,941,000 16 Sale 27,000 168.00 4,536,000 28 Sale 25,500 168.00 4,284,000 Mar. 5 Purchase 45,000 93.50 4,207,500 14 Sale 30,000 168.00 5,040,000 25 Purchase 7,500 94.00 705,000 30 Sale 26,250 168.00 4,410,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…
