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 basis of the flow of inventory. LIFO method, FIFO method, and average method are considered as the most popular method for inventory valuation.As per the FIFO method that units are issued first which are purchase first so ending inventory will be from the last purchase. Total units available for sale = 150 + 250 + 350 + 225 = 975 Units sold = 875 Ending inventory = 975 - 875 = 100 Value of ending inventory = 100 * 1100 = 110,000 The correct answer is $ 110,000

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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On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At thedate of this sale, Hudson's perpetual inventory records included the following cost layers for theMillennium laptops: Purchase DateApr. 9May 1Total on hand Quantity Unit Cost 70 30 $1,500$1,600 100 Total Cost$105,000 48,000$153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assumethat Hudson Computing uses the:a. Specific identification method (62 of the units sold were purchased on April 9, and the tmaining units were purchased on May 1).b. Average-cost method.c. FIFO method.d. LIFO method.e. Discuss briefly the financial reporting differences that may arise from choosing the FlFOmethod over the LIFO method.
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3) Vango, Inc. sells part number 86Z to auto parts stores around the world. Information about part number 86Z is contained in the table below. Vango uses a FIFO periodic inventory system. Beginning inventory Purchase Purchase Totals Number of Units 2,000 3,000 5,000 10,000 Unit Cost Total Cost $8.00 $16,000 $8.20 $24,600 $8.60 $43,000 $83,600 Determine the cost of goods sold and ending inventory value of part 86Z, if 4,000 units remain unsold in inventory at the end of the accounting period.
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Q3. Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions: 1. June 10 Purchased 10 televisions from Mitsu Industries on account. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30. 2. June 15 Sold one of these televisions for $450 cash. 3. June 20 Paid the account payable to Mitsu Industries within the discount period. Requirements a. Prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at: 1. Net cost 2. Gross invoice price b. Assume that Lamprino did not pay Mitsu Industries within the discount period but instead paid the full invoice price on July 10. Prepare journal entries to record this payment assuming that the original liability had been recorded at: 1. Net cost 2. Gross invoice price
LIFO and FIFO. What is the differences? Examples
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Question 6?
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 35 80 130 75 90 180 1. FIFO 2. Moving weighted average Unit Cost $ 60 $65 $ 70 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 $70 Ending Inventory I
The following table shows some selected financial information of Grand Company. According to the given information, which of the following shows the Gross Profit Margin correctly? Sales 70000 Purchases 25000 Purchase Returns 3000 Closing Inventory 2000 Opening Inventory 9000 Select one: O a. 0.58 O b.0.61 О с. 0.75 O d. 0.44 ge Next page