ver Corporation has provided the following Information about one of Its laptop computers:Numberof Unitate/1Beginning InventoryCoet per Unit2$Transaction15085015Purchase250950$ 1,0501,10010Purchase35015 Purchase225g the year, Lauer sold 875 laptop computers.was ending inventory using the FIFO cost flow assumption?ultiple Choice$85,000.$109,500.$110,000.$105,000.< Prev60 of 67Next ><.MacBook AirEGO

Name: ver Corporation has provided the following Information about one of I
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Description: ver Corporation has provided the following Information about one of Its laptop computers:Numberof Unitate/1Beginning InventoryCoet per Unit2$Transaction15085015Purchase250950$ 1,0501,10010Purchase35015 Purchase225g the year, Lauer sold 875 laptop co

The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Business

Accounting

mer Corporation has provided the following Information about one of its leptop computers Number Transaction of Unita Coet per Unit 850 Beginning Inventory 150 Purchase 250 2. 950 1,050 %24 $ 1,100 Purchase 350 E5 Purchase 225 the year, Lauer sold 875 laptop computers. as ending inventory using the FIFO cost flow assumption? tiple Choice $85,000. $109,500. $110,000. $105,000.

mer Corporation has provided the following Information about one of its leptop computers Number Transaction of Unita Coet per Unit 850 Beginning Inventory 150 Purchase 250 2. 950 1,050 %24 $ 1,100 Purchase 350 E5 Purchase 225 the year, Lauer sold 875 laptop computers. as ending inventory using the FIFO cost flow assumption? tiple Choice $85,000. $109,500. $110,000. $105,000.

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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Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Date Transaction June. 1 Beginning Balance 5 Purchase 10 Purchase 16 Sale 24 Purchase Grams Cost per Gram 1,200 2,400 2,700 6,000 2,000 P 40.50 40.80 41.20 41.00 O P94,150.36 P94,360.00 O P94,274.29 O P84,500.00
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2. J.K Manufacturing Ltd., a small computer manufacturer and inventory maker for the Perpatual Inventory system. -Demonstrate how to record this stock in Store Record using: 1 / FIFO costing 2/ Weighted Average Costing
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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 21 66 116 61 62 152 1. FIFO 2. Moving weighted average Unit Cost $ 46 $51 $ 56 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $56 Ending Inventory
Answer: 5,250,000 Please help me with the solutions. Thank you.
Chamiching makes hacksaw blades. Inventory values are determined using the first in, first out (FIFO) method. Production and sales data for the first three years appear below. Hacksaw blades Sold Produced Yr 1 18,000 22,000 Yr 2 25,000 23,000 Yr 3 37,000 35,000 Sales price Full cost Yr 1 $10.00 $6.00 Yr 2 $11.00 $6.60 Yr 3 $12.00 $7.60 In the first year, variable costs accounted for half of the full costs. Total fixed production costs increased each subsequent year by 20%, as a result of step-fixed costs and a general inflationary price increase. For Chamiching, which of the following is true? Variable costing income (VCI) exceeds full costing income (FCI) every year VCI exceeds FCI in Yrs 1 and 2 only VCI exceeds FCI in Yrs 2 and 3 only VCI never exceeds FCI
Fly-Buy Aircraft sells a wide variety of model aircrafts and uses a perpetual inventory system. On June 1, Fly-Buy Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $75.00. During June and July, the company had the following purchases and sales for this airplane (all for cash): Purchases Sales Units Unit Cost Units Unit Price June 4 2 $225.00 18 5 $110.00 30 6 250.00 July 5 5 115.00 12 3 270.00 25 2 270.00 Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 52.75.) FIFO Weighted average Cost of goods sold $ $ Ending inventory $ $ Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted…
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# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
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