! Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21, July 25 2 September 19 Purchased 580 units @ $ 9 = Purchased 380 units @ $11 = Purchased 460 units @ $14 = Purchased 270 units @ $16 = $5,220 4,180 6,440 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each. Check Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)

! Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21, July 25 2 September 19 Purchased 580 units @ $ 9 = Purchased 380 units @ $11 = Purchased 460 units @ $14 = Purchased 270 units @ $16 = $5,220 4,180 6,440 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each. Check Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 340 units at $9 on January 1, (2) 630 units at $10 on January 8, and (3) 930 units at $12 on January 29. Assuming 1,170 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO
Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 150 units at $7 on January 1, (2) 560 units at $8 on January 8, and (3) 860 units at $10 on January 29. Assuming 1,065 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO + $ 14,130
Required Information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units@ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
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6. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
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Required Informatlon [The following information apples to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 500 units @ $ 7 = January 20 April 21 July 25 September 19 $3,500 Purchased 30e units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. b. Record the above transactions In general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
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