None 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 1ActivitiesBeginning inventoryUnits Acquired at Cost60 unitsJanuary 3SalesFebruary 14Purchase86 units@ $2 = $ 120@ $3 = $ 258Units Sold at Retail38 units@ $ 8February 15.Sales80 units@ $ 8June 30November 6November 19PurchaseSalesPurchaseTotals110 units28 units284 units@ $4 = $ 44098 units@$ 8@ $5=$ 140$ 958 216 unitsThe 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.Complete this question by entering your answers in the tabs below.Required A Required B Required CDetermine the costs assigned to ending inventory and to cost of goods sold using FIFO.Periodic Inventory SystemEndingInventoryCost ofGoods SoldFIFO

FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Answered: Required information [The following…

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

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 Activities Beginning inventory Sales February 14 February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 40 units Units Sold at Retail @ $2 = $ 80 30 units @ $8 70 units @ $3 = $ 210 60 units @ $8 90 units @ $4 = $ 360 86 units @ $8 20 units 220 units @ $5 = $ 100 $ 750 176 units The 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 B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.…
[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail units Date January 1 Beginning inventory 40 January 3 February 14 February 15 June 30 November 6 November 19 Sales Purchase Sales Purchase Sales Purchase Totals 70 90 20 220 units units units units @ $2 @ $3 @ $4 = $ 80 = = @ $5 = $ 210 $360 $ 100 30 60 86 units @ $8 $750 176 units Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. units @ $8 units @ $8
[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…
Required Information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost 3e0 units e $14.00 - $ 4,200 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 520 units e $19.00 - 9,88e 468 units e $44.80 see units e $24.00 12, 800 488 units e $44.00 200 units e $29.e0 5,800 Totals 1,520 units $31,880 1,198 units Required: Hemming uses a periodic inventory system. (e) Determine the costs essigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs ossigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. a) Perlodic FIFO Cost of Goode Avallable for Sale Cost of Goode sold Ending Inventory Cost of Goode # of unite Cost per unit # of unite Cost per sold Cost of…
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. Units Acquired at Cost 60 units @ $2 @$3 = @ $4 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: The company uses a perpetual inventory system. Required A 86 units. Required B Required C 110 units. ho 28 units 284 units Complete this question by entering your answers in the tabs below. Units Sold at Retail prt sc 38 units. A 80 units 98 units 216 units. delete @ $ 8 @ $8 @ $8 A home nur
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activition Unite Acquired at Cost E510 Unita Sold at Retail Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase 200 unita -$ 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.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales 150 units @ $40 Mar.14 Purchase 350 units @ $15 = 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase 450 units @ $20 = 9,000 Oct. 5 Sales 430 units @ $40 100 units @ $25 2,500 $18,750 Oct.26 Purchase Totals 1,100 units 880 units 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 sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
[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 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 $ 2,091 160 units @ $40.. 300 units @ $15.20 = 4,560 250 units @ $40.. 400 units @ $20.20 = 8,080 375 units @ $40.. 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units mming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 ts from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification thod, calculate the following. Cost of Goods Sold using Specific Identification te Activity nuary 1 Beginning Inventory irch 14 Purchase ly 30 Purchase :tober 26 Purchase Available for Sale Cost of Goods Sold Ending # of…
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
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 LIFO Units Acquired at Cost Units Sold at Retail 230 units @ $2 = $ 460 @$8 @ $3 = Required C 372 units 280 units Ending Inventory 96 units 978 units @ $4 = Complete this question by entering your answers in the tabs below. $ 1,116 $ 1, 120 @$5 $480 $ Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Cost of Goods Sold 3,176 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. 138 units 250 units 220 units 608 units @ $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. Activities Date January 1 Beginning inventory Units Acquired at Cost 250 units @ $12.00 Units Sold at Retail = $ 3,000 January 10 Sales 200 units @ $42.00 March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units @ $22.00 = 9,900 420 units @ $42.00 October 26 Purchase Totals 150 units 1,250 units @ $27.00 = 4,050 $ 23,750 980 units 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 sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS