<1. Determine the Inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and theperiodic inventory system.Inventory, March 31 s1,010,625 XCost of goods sold s10,891,875 X2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and theperiodic inventory system.Inventory, March 31 sCost of goods sold881,259 X10,921,525 X3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost methodand the periodic inventory system. Round the weighted average unit cost to the nearest cent.Inventory, March 31 sCost of goods sold s4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must entersubtracted or negative numbers use a minus sign.SalesCost of goods soldGross profitInventory, March 31FIFOLIFOWeighted Average

The objective of the question is to determine the inventory on March 31 and the cost of goods sold…

Answered: < 1. Determine the Inventory on March…

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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Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Customer Refunds Payable Income Summary 60,000.00 55,000.00 60,000.00 6,000.00 5,500.00 6,000.00 4,700.00 3,300.00 1,600.00 3,800.00 2,200.00 7,200.00 55,000.00 60,000.00 55,000.00 60,000.00 5,500.00 6,000.00 5,500.00 6,000.00 Sales Sales Returns and Allowances 525,140.00 2,200.00 16,700.00 Beginning inventory 55,000 x Ending inventory 60,000 x
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, what would the (a) the cost of goods sold on July 27 and (b) the inventory on July 31 be?
Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period.Date Activity Units Purchase Price (per unit)Sale Price(per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Cost of Goods Sold (units) Total COGS after…
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DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 20 units @ $14 30 Sale 15 units Assuming a perpetual inventory system and the last - in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a) Cost of goods sold Sfill in the blank 1 b) Inventory, September 30 Sfill in the blank 2
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
B66's transactions involving inventory for the month are shown below. Calculate the dollar amount of Sales, Cost of Goods Sold, Gross Margin and Ending Inventory using the three cost allocation methods (FIFO, LIFO, and Weighted Average) with perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 100 $66 Sold 50 $120 Purchased 80 $75 Sold 25 $125 Ending Inventory 105 Show your calculations and clearly label your solution. Submit your work as an attachment to this assignment.
Bremmer uses a periodic inventory system and the following information is available: Sales Beginning Inventory Ending Inventory Purchases What is the cost of goods sold? Select one: Oa. $230,400 Ob. $96,800 Oc. $133,600 Od. $132,200 $ 230,400 21,200 19,800 132,200

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