The following information for Dorado Corporation relates to the three-month period ending September 30.       Units   Price per Unit Sales   425,000   $ 36   Beginning inventory   35,000     18   Purchases   400,000     24   Ending inventory   10,000     ?       Dorado expects to purchase 150,000 units of inventory in the fourth quarter of the current calendar year at a cost of $25 per unit, and to have on hand 40,000 units of inventory at year-end. Dorado uses the last-in, first-out (LIFO) method to account for inventory costs.   Determine the cost of goods sold and gross profit amounts Dorado should record for the three months ending September 30. Prepare journal entries to reflect these amounts.

[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…

The following information for Quadrado Corporation relates to the three-month period ending September 30, 2015.     Units Priceper Unit   Sales 185,000    $ 35       Beginning inventory 35,000     27       Purchases 175,000     29       Ending inventory 25,000     ?               Quadrado expects to purchase 225,000 units of inventory in the fourth quarter of 2015 at a cost of $30 per unit, and to have on hand 60,000 units of inventory at year-end. Quadrado uses the last-in, first-out (LIFO) method to account for inventory costs.   a. Determine the cost of goods sold and gross profit amounts to record for the three months ending September 30, 2015.

FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box Direct material required per 100 boxes: Paperboard ($0.30 per pound) Corrugating medium ($0.15 per pound). Direct labor required per 100 boxes ($18.00 per hour). Indirect material Indirect labor Utilities Property taxes Insurance Depreciation. Total C $12,150 95,850 31,500 21,000 16,000. 33,500 $210,000 Total 40 pounds 30 pounds 0.25 hour The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 400,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel. Advertising $115,500 23,500…

A

Please Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period?   81.36 days   60.20 days   58.68 days   89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections?   $181,508   $122,852   $189,819   $192,626

Cherboneau Novelties produces drink coasters (among many other products). During the current year (year 0), the company sold 522,000 units (packages of 6 coasters). In the coming year (year 1), the company expects to sell 544,000 units, and, in year 2, it expects to sell 648,000 units. The target ending finished goods inventory for each month is equal to the next month's sales. However, because of production issues, the ending inventory in the current year is expected to be only 13,000 units. Each unit requires 0.5 pound of cork. At the end of the current year, management expects to have 19,250 pounds of cork in inventory. Management has set a target to have cork on hand equal to one half of next month’s sales requirements. Sales and production take place evenly throughout the year. Required: a. Compute the total targeted production of the finished coaster for the coming year. b. Compute the required amount of cork to be purchased for the coming year. (540,000 units for a is incorrect…

Blossom Specialties, a retailer of West African food products, has completed the following sales forecast for the coming year: January $36,500 July $37,500 February 37,500 August 36,500 March 31,500 September 32,500 April 40,000 October 40,000 May 35,500 November 48,000 June 30,000 December 52,000 Blossom Specialties maintains an ending inventory level of 60 percent of the following month's cost of goods sold. The company's cost of goods sold is 30 percent of sales.