Question Content Area A company records its inventory purchases at standard cost but also records purchase price variances. The company purchased 5,000 widgets at $8.00 each, and the standard cost for the widgets is $7.60. Which of the following would be included in the journal entry?
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- B66's transactions involving inventory for the month are shown below. Calculate the dollar amount of Sales, Cost of Goods Sold, Gross Margin and Ending Inventory using the three cost allocation methods (FIFO, LIFO, and Weighted Average) with perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 100 $66 Sold 50 $120 Purchased 80 $75 Sold 25 $125 Ending Inventory 105 Show your calculations and clearly label your solution. Submit your work as an attachment to this assignment.Hopkins Company reported the following information related to inventory and sales: Units Unit Cost Beginning inventory 2,200 $20 Purchase Number 18, 200 22 Purchase Number 23,200 23 Sales -10,400 units at $35 per unit. Required: Compute the following amounts: sales revenue, cost of goods sold, gross prodit, and balance sheet invenetory for avereage costing method, fifo, and lifoIf a company records inventory purchases at standard cost and also records purchase price variances, prepare the journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of $7.15. The total amount owed to the vendor for this purchase is $33,525.
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- Required information [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date March 5 April 10 June 19 September 16 November 28 Sales Cost of goods sold Gross margin wwwwwww Transaction Purchased Sold Sold Purchased Sold b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. $ Description 190 items@ $99 115 items @ $193 205 items @ $193 140 items @ $104 105 items @ $198 82,550Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $35,100 100 2019 48,900 120 2020 51,480 130 2021 62,580 140 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Year Ending inventory 2018 35,100 V 2019 %24 2020 2021 %24
- Required information Use the following information for the Quick Study below. (Algo) (8-10) [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Cost of Goods Available for Sale Cost of Goods Available for Pala QS 5-8A (Algo) Periodic: Inventory costing with FIFO LO P3 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round your per unit costs to 2 decimal places.) # of units Units 350 80 110 Cost per unit Periodic FIFO Unit Cost $ 3.40 3.60 3.70 Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost per unit # of units in ending Ending InventoryHELP MECalculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).