The following information relates to Splish Brothers Ltd.'s inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) *Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.. 61,052.50.) Cost of Goods Sold Gross Margin Ending Inventory

The following information relates to Splish Brothers Ltd.'s inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) *Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.. 61,052.50.) Cost of Goods Sold Gross Margin Ending Inventory

Name: The following information relates to Splish Brothers Ltd.'s inventory
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following information relates to Splish Brothers Ltd.'s inventory transactions during the month of August.UnitsCost/UnitAmountAugust 1 Beginning inventory15$1,650 $24,7506Purchase35$1,32046,2008Sale516Purchase10$1,65016,50020Sale402626Purchase5$

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...

See similar textbooks

Similar questions

Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)