Current Attempt in ProgressNatalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Hergoals for the next 11 months are to sell one mixer per month and to give two to three classes per week.The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shippingcosts in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodicinventory system and now must choose a cost flow assumption for her mixer inventory.The following transactions occur in February to May 2022.Feb. 21625Mar. 23031Apr. 113.30May 427Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,170 ($585 each), FOB destination, terms n/30.She sells one deluxe mixer for $1.100 cash.She pays the amount owed to Kzinski.She buys one deluxe mixer on account from Kzinski Supply Co. for $603, FOB destination, terms n/30.Natalie sells two deluxe mixers for a total of $2,200 cash.She pays the amount owed to Kzinski.She buys two deluxe mixers on account from Kzinski Supply Co. for $1,194 ($597 each), FOB destination, terms n/30.She sells three deluxe mixers for a total of $3,300 cash.Natalie pays the amounts owed to Kzinski.She buys three deluxe mixers on account from Kzinski Supply Co. for $1,830 ($610 each), FOB destination, terms n/30.She sells one deluxe mixer for $1,100 cash. Determine the cost of goods available for sale. At the end of January, Cookie Creations had three mixers on hand at a cost of $580eachCost of goods available for sale $(b)eTextbook and MediaEndinginventoryCalculate() ending inventory, (i) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods:LIFO, FIFO, and average cost. (Round average cost per unit to 3 decimal places, eg 2.225. Round gross profit rate to 2 decimal places, eg25.22%. Round all other answers to O decimal places, eg. 2,525)Cost of goodssoldGross profitGross profitrate$$6537LIFO$FIFOAttempts: 1 of 3 used$Average CostSU

It is one of the key assets of the company. It comprises raw materials, inventory in processing and…

Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week. The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory. The following transactions occur in February to May 2022. Feb. 2 16 25 Mar. 2 Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,170 ($585 each), FOB destination, terms n/30. She sells one deluxe mixer for $1.100 cash. She pays the amount owed to Kzinski. She buys one deluxe mixer on account from Kzinski Supply Co. for $603, FOB destination, terms n/30.

Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week. The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory. The following transactions occur in February to May 2022. Feb. 2 16 25 Mar. 2 Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,170 ($585 each), FOB destination, terms n/30. She sells one deluxe mixer for $1.100 cash. She pays the amount owed to Kzinski. She buys one deluxe mixer on account from Kzinski Supply Co. for $603, FOB destination, terms n/30.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 8EB: Shonda & Shonda is a company that does land surveys and engineering consulting. They have an...

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