FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 9 Unit Cost $260 250 240 230 Total Cost $4,160 2,500 2,400 2,070 $11,130 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.arrow_forwardEddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 Total Cost $4,160 2,500 2,400 2,070 $11,130 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)arrow_forwardDorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 126 Xpert snowboards were sold. Dorothy's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Inventory Purchases (b) Purchases Purchases Totals Units Unit Cost 29 Cost of goods sold 45 20 Your Answer Correct Answer (Used) 50 e Textbook and Media 144 $95 102 104 105 The ending inventory at September 30 $ Total Cost $ $ 2,755 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 4,590 2,080 5,250 $14,675 FIFO The sum of ending inventory and cost of goods sold $ 1,890 12,785 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. $ FIFO $ LIFO 1.710 12.965 LIFOarrow_forward
- Haresharrow_forward! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Cost per Unit $730 Date Transactions Units Total Cost October 1 $ 4,380 Beginning inventory Sale Purchase 6 October 4 4 October 10 740 3,700 October 13 Sale 3 October 20 Purchase 4 750 3,000 October 28 Sale 7 October 30 Purchase 8 760 6,080 $17,160 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods soldarrow_forwardUse the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $31 each. Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.arrow_forward
- [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost $ 5,400 October 1 October 4 October 10 October 13 October 20 October 28 Beginning inventory Sale Purchase $900 4 5 910 4,550 Sale Purchase Sale 920 3,680 7 930 6,510 $20,140 October 30 Purchase 7 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.) X Answer is complete but not entirely correct. Ending inventory $ 6,713.00 X Cost of goods sold $ 13,426.00 Xarrow_forwardTrying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?arrow_forwardRequired information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…arrow_forward
- Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse. Date Transaction Units Unit Cost Total Cost November 1 Beginning inventory 5 300 1,500 November 3 Sale 2 November 8 Purchase 9 320 2,880 November 10 Sale 4 November 17 Purchase 3 340 1,020 Compute the cost of ending inventory for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.arrow_forwardKingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 15 20 ii. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale i. FIFO 3,120 units 1,040 units Weighted-average 1,560 units $ 3,640 units 728 units 520 units 1,248 units Kingbird Company uses the perpetual inventory system. Cost $92,040 41,600 78,000 15,496 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) $327,600 Cost of Goods Sold Sales $ 54,600 tA 74,880 Gross Margin $ Ending Inventoryarrow_forward
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