Required information[The following information applies to the questions displayed below.]Tree Seedlings has the following current-year purchases and sales for its only product.DateJanuary 1January 3ActivitiesBeginning inventorySalesFebruary 14February 15June 30November 6November 19PurchaseSalesPurchaseSalesPurchaseTotalsUnits Acquired at Cost40 unitsUnits Sold at Retail@ $2 =$ 8030 units@ $870 units@ $3=$ 21060 units@ $890 units@ $4=$ 36086 units@ $820 units220 units@ $5=$ 100$ 750176 unitsThe company uses a periodic inventory system.1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.3. Compute the gross profit for each method.Complete this question by entering your answers in the tabs below.Required A Required BRequired CDetermine the costs assigned to ending inventory and to cost of goods sold using FIFO.Periodic Inventory SystemEndingInventoryCost ofGoods SoldFIFO< Required ARequired B >

The inventory can be valued using various methods as FIFO, LIFO and average method. The gross profit…

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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.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activition Unite Acquired at Cost E510 Unita Sold at Retail Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase 200 unita -$ 2,000 150 units $40 350 unita $15 5,250 Mar.15 Sales 300 unita e $40 July30 Purchase Oct. 5 Sales det.26 Purchase 450 units e $20 9,000 430 units e $40 100 units $25 2,500 1,100 units $18,750 BB0 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods soid using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Required information. [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 301 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: The company uses a perpetual inventory system. Units Acquired 110 units 156 units. 160 units 48 units 474 units at Cost $2$ 220 Unita Sold at Retail $3$ 468 @ $4$ 640 $5$ 240 $ 1,568 90 units 130 units 128 units 348 units a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. $8 858 58
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$11.60 F 240 units 370 units 440 units 140 units 1,190 units @$16.60 = @ $21.60 = @$26.60 - $ 2,784 6,142 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. 9,504 3,724 $ 22, 154 Units Sold at Retail 180 units 330 units 415 units 925 units @$41.60 @$41.60 @$41.60 Check my
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $11.80 245 units 390 units 445 units 145 units 1,225 units @ $16.80 = @ $21.80 = @ $26.80 = $ 2,891 6,552 9,701 3,886 $ 23,030 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 190 units 350 units 430 units 970 units @ $41.80 @ $41.80 @ $41.80
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 50 units @ $2 = Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C 78 units FIFO 100 units Periodic Inventory System 24 units 252 units @ $3 = @ $4 = @ $5 = $100 $ 234 $ 400 Complete this question by entering your answers in the tabs below. $ 120 $854 Units Sold at Retail 34 units @ $8 @ $8 @ $8 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 70 units 92 units 196 units Determine the costs assigned to ending inventory and to cost of goods sold…
Help Seve & Ext Submit RJ Corporation has provided the following information about one of Its Iventory Items: ber of Units Coet per Date Transaction 1/1 Unit Beginning Inventory 420 $3,200 6/6 Purchase 790 $3,620 9/10 Purchase 1,180 $4,020 11/15 Purchase 810 $4,210 uring the year, RJ sold 3,020 units. nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.) Multiple Choice O $11,702,391. $11,781,500. $11,662,391. $11,599,700. < Prev 50 of 67 MacBook Air
! Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 80 units 102 units 130 units 36 units 348 units @ $2 = $ 160 @$3 = = $ 306 @ $4= @ $5 = $ 520 $ 180 $ 1,166 Units Sold at Retail 46 units 100 units 110 units 256 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. @ $8 @ $8 @ $8
! Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost 200 units @ $10 = @$15 Required 1 Required 2 350 units Required 3 450 units 100 units 1,100 units = @ $20 = @ $25 Complete this question by entering your answers in the tabs below. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. = $ 2,000 5,250 9,000 2,500 $ 18,750 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Units Sold at Retail 150 units 300…
Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15. July 30 October 5 October 26 Activities Beginning inventory. Sales Purchase Sales Purchase Sales Purchase Totals. Required: Hemming uses a perpetual inventory system. Required 1 Units Acquired at Cost 230 units 350 units Required 2 430 units Required 3 130 units 1,140 units 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. @ $11.20= $ 2,576 @ $16.20 = 5,670 9,116 3,406 $ 20,768 Complete this question by entering your answers in the tabs below. @ $21.20 = anche @ $41.20. @ $41.20 @ $41.20 Check my 1

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