MusicPlace specializes in sound equipment Company records indicate the following data for a line of speakers Click the icon to view the data) Read the requirements Requirement 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: a FIFO and b. LIFO (MusicPlace uses a perpetual inventory system Start by determining the amounts that MusicPlace should report for cost of goods sold and ending inventory under a FIFO FIFO method cost of goods sold FIFO method ending inventory Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold LIFO method ending inventory Requirement 2. MusicPlace uses the FIFO method. Prepare the company's income statement for month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and t income tax rate was 40%. (Round answers to the nearest dollar) MusicPlace Income Statement

MusicPlace specializes in sound equipment Company records indicate the following data for a line of speakers Click the icon to view the data) Read the requirements Requirement 1. Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory two ways: a FIFO and b. LIFO (MusicPlace uses a perpetual inventory system Start by determining the amounts that MusicPlace should report for cost of goods sold and ending inventory under a FIFO FIFO method cost of goods sold FIFO method ending inventory Determine the amounts that MusicPlace should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold LIFO method ending inventory Requirement 2. MusicPlace uses the FIFO method. Prepare the company's income statement for month ended March 31, 2021, reporting gross profit. Operating expenses totaled $280, and t income tax rate was 40%. (Round answers to the nearest dollar) MusicPlace Income Statement

Name: Data tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSalePrintQu
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Description: Data tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSalePrintQuantity122Unit Cost Sale Price$59Done71$10396-X MusicPlace specializes in sound equipment. Company records indicate the following data for a line of speakers(Click the icon to view

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...

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Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
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MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information:
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Make assumptions about amounts for beginning inventory, net purchases, and ending inventory. Then use the pick lists (accessed by clicking in the boxed areas within the Calculation of Cost of Goods Sold section) to select the correct amounts for goods available for sale and cost of goods sold. Correct selections turn applicable boxes green. Enter an amount for beginning inventory >>>> Enter an amount for net purchases >>>> Enter an amount for ending inventory >>>> Beginning inventory Plus: Net purchases Goods available for sale Less: Ending inventory Cost of goods sold Calculation of Cost of Goods Sold 0 0 0 0 0 0 0 0
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Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory. (a) Using the FIFO method, the ending inventory is $ and the cost of goods sold is $ (b) Using the weighted-average-cost method, the ending inventory is $ and the cost of goods sold is $ (Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Requirement 2. MusicMagic uses the FIFO method. Prepare MusicMagic's income statement for the month ended November 30, 2017, reporting gross profit. Operating expenses totalled $260, and the income tax rate was 20%. Begin with the heading, and then select the accounts and enter the amounts in the statement. (Round answers to the nearest dollar. Use parentheses or a minus sign for negative income.) Data Table Date Item Quantity Unit cost Sale Price 1 Balance. 8 Sale. 10 Purchase. 30 Sale. November 12 90 9. 145 16 115 6. 175 Print Done