Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and thevalue of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the followingtransactions under three different cost allocation methods and using perpetual inventory updating.Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG).You must show your work and calculations--answers that are correct but do not show calculations are gradedas a zero grade. Place your answers in the shaded cells.Number of Units Unit Cost110 $Beginning inventory, March 1Purchased inventory, March 886140 $90Sold inventory for $110 per unit, March 1195If you use the FIFO method,the dollar value of COGS is →and the dollar value of ending inventory is-If you use the LIFO method,the dollar value of COGS is -and the dollar value of ending inventory is-If you use the Weighted Average method,the dollar value of COGS is -and the dollar value of ending inventory is→Problem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory):Select accounts using the drop down dialogue (also assume that the customer paid cash).TransactionAccount nameDebitCreditA. Display the accounting transaction torecord the revenue from the sale on March 11B. Display the accounting transaction torecord the COGS from the sale on March 11

Name: Problem 1 of 2 (note additional problem below): Calculate the cost of
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and thevalue of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the followingtransactions under three different cost allocati

Business

Accounting

problem below): Cost of goods sold dollar value and the alue of ending inventory for En Cee Yoo Company for the sale on March 11, considering the following ansactions under three different cost allocation methods and using perpetual inventory updating. ovide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AV ou must show your work and calculations--answers that are correct but do not show calculations are graded a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost eginning inventory, March 1 urchased inventory, March 8 old inventory for $110 per unit, March 11 110 $ 86 140 $ 90 95 you use the FIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the LIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the Weighted Average method, the dollar value of COGS is - und the dollar value of ending inventory is→ oblem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory): elect accounts using the drop down dialogue (also assume that the customer paid cash).

problem below): Cost of goods sold dollar value and the alue of ending inventory for En Cee Yoo Company for the sale on March 11, considering the following ansactions under three different cost allocation methods and using perpetual inventory updating. ovide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AV ou must show your work and calculations--answers that are correct but do not show calculations are graded a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost eginning inventory, March 1 urchased inventory, March 8 old inventory for $110 per unit, March 11 110 $ 86 140 $ 90 95 you use the FIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the LIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the Weighted Average method, the dollar value of COGS is - und the dollar value of ending inventory is→ oblem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory): elect accounts using the drop down dialogue (also assume that the customer paid cash).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
Inventory Costing Methods and the Periodic MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.(Round answer to two decimal places, if needed.)
Please see image
You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872
Rey
Please do not give image format
Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.
The costs of ending inventory is similar under both periodic and perpetual inventory system if _________________ method is used. a. first-in, first-out (FIFO) b. standard cost c. weighted average d. last-in, first-out (LIFO)
What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice A) $18.00 B)$17.42 C)$19.63 D)$14.00 E)$15.80
ok rint From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending Inventory is 49 units. Note: Round your intermediate calculations and final answers to the nearest cent. 1.0 lerences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 Mc Graw Hill September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 -- Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev lab caps lock shift BUD fr 7 of 10 control JUL 30 A 2 Z 1 W option Next # S E H D command R C 5 F V G Y B H A 8 N J K M O ge command ont
Calculate the ending inventory balance for Carla Vista Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. Answer the following: Ending inventory $_____________ Unit cost of the last item sold $ _______________ All needed information are in the picture.