The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 400 units es 8 Purchased 20e units e s1e Purchased 28e units e $13 Purchased 9e units e $15 $3, 200 2,e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each.
Q: Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and…
A: Lets understand the basics. There are various method through which ending inventory and cost of…
Q: Company A conducts the following transaction for the financial year ending Dec. 2011 for a…
A: LIFO (Last in first out) method of inventory valuation shows the inventory which is purchased at…
Q: Tamarisk sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is…
A: Under First in first out method, inventory that is brought at earlier dates are sold first. Whereas…
Q: Required information [The following information applies to the questions displayed below] The Shirt…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Assume an outlet of Bentley began October 2022 with 40 purses that cost the store $40 each. The sale…
A: Answer to Question:- Cost of goods sold under FIFO =$2,830 Gross Profit under FIFO =$2,130 Ending…
Q: Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October,…
A: FIFO : In this method old material are issue first. LIFO : In this method New material are issued…
Q: Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has…
A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method. Using…
Q: Calculate sales revenue and gross profit under each of the four methods.
A: There are four methods of inventory valuation. Specific Identification. First-In, First-Out (FIFO)…
Q: man.2
A: The objective of the question is to prepare journal entries for the given transactions of Pina Ltd.…
Q: Sun Concepts sells and installs solar energy products. Information from the financial statements for…
A: Formula: Average Inventory = ( Beginning inventory + ending inventory ) / 2 Sum of beginning and…
Q: Facts for Questions 19-21 Gould Beverages Company ("GBC") began the month of March with 600 cases of…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: CAN SOMEONE HELP ME FILL OUT THIS CHART? Vaughn Distribution markets CDs of the performing…
A: The various methods used to measure the inventory : 1. FIFO 2. LIFO 3. Weighted average method
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.…
A: Ending Inventory Valuation using FIFO, LIFO and Weighted Average Method. FIFO Method: In this…
Q: 1. Determine the costs that should be assligned to the ending Inventory and to goods sold under the…
A: FIFO Perpetual: Purchase Cost of goods sold Balance Date Quantity Rate…
Q: Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The…
A:
Q: Required information [The following information applies to the questions displayed below.] The Shirt…
A: Total units available for sale = 430 + 230 + 310 + 120 Total units available for sale = 1,090 units…
Q: 1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with…
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.
Q: Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are…
A: Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…
Q: What amount should be recorded by Rosas Company as Estimated Liability for the current year?
A: Estimated Liability at the end of the year is the expected amount of mugs yet to be distributed for…
Q: a. Star Troopers Bhd is a wholesaler that buys and sells toy action figures. The transactions in the…
A: Perpetual inventory record is a method in which changes in inventory levels are recorded in…
Q: Wildhorse Distribution markets CDs of numerous performing artists. At the beginning of March,…
A: COST OF GOODS AVAILABLE FOR SALECost of Goods Available for Sale is computed by adding Beginning…
Q: ! Required information [The following information applies to the questions displayed below.] The…
A: The first in first out method is an inventory valuation method under this approach the the first…
Q: Starshine Coffee Equipment sells European style coffee makers and uses a perpetual inventory system.…
A: The objective of the question is to calculate the ending inventory as at June 30 and the cost of…
Q: On June 1, Dollar Hardware, Inc. had an inventory of 300 gas grills costing $100 each. Purchases and…
A: FIFO Method - Under FIFO Method of inventory valuation company used to sell those inventory first…
Q: Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: ABC Company is a retailer dealing with a single product. Beginning inventory in January 1,…
A: LIFO is the last in first out method of inventory in which inventories purchased at last will be…
Q: 51 tents purchased in February at a cost of $213 each and 92 tents purchased in March at a cost of…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to…
A: Net realizable value means the amount that could be received after deducted all incidental expenses…
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of January 20…
A: Lets understand the basics.FIFO,LIFO and Weighted average cost method are different methods for…
Q: M
A: In periodic inventory system inventory is valued at a particular point of time. For this menthod…
Q: The following buds were available for sale during the year Beginning inventory 15 units at $40 20…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: 2240 13242 LIFO 2000
A: FIFO is a stock valuation method in which inventory that is purchased or produced inventory first is…
Q: Danny’s YoYos sells high quality yoyos. The inventory, purchases, and sales for a recent month in…
A: given Danny’s YoYos sells high quality yoyos. The inventory, purchases, and sales for a recent…
Q: Required: b. Prepare journal entries to record these transactions, assuming that CPI uses a…
A: Given in the question:Inventory at end of December 31, Year 1 = $680,000A perpetual inventory system…
Q: Required information [The following information applies to the questions displayed below.] The Shirt…
A: As per FIFO method, the sales of 930 T-shirts is from:- Particulars Units Amount Jan 20th…
Q: c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.…
A: Note 1: Under FIFO it is presumed sales are made from the earlier unit and under LIFO , it is from…
Q: Required information [The following information applies to the questions displayed below.] The Shirt…
A: Periodic FIFO: Beginning Inventory & Purchases Cost of Goods Sold Ending…
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:…
A: FIFO is the inventory valuation method which says that inventory purchased first will be sold first.…
Q: Rosas Company started a promotional program in which for every 15 box tops returned, customers…
A: Rosas Company estimates that redemption will only be 60% of total sales. Thus, it will create a…
Q: During the year, Wright Company sells 370 remote-control airplanes for $120 each. The company has…
A: Inventory valuation is based on the flow of inventory used by the organization. It can be the first…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit $Type your answer hereGlee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Glee uses a periodic inventory system. v (a) Determine the cost of goods available for sale. Cost of goods available for sale Open Show Work Click if you would like to Show Work for this question: LINK TO TEXTOn October 1, 8A Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct 4. Purchased 30 bicycles at a cost of $200 each from 8B Bicycle Company, terms 2/10, n/30. Oct 6. Sold 18 bicycles to 8C Group for $300 each, terms 1/10, n/30. Oct 7. Returned 2 defective bicycles to 8B Bicycle Company for the Oct. 4 transaction. Oct 13. Agreed to 8C's request for $300 allowance of the Oct. 6 transaction due to inferior Oct 14. Paid 8B Bicycle Company in full, less discount. Oct 20. Received a payment from 8C for the balance of the Oct. 6 transaction. a. Journalize the April transactions using a perpetual inventory system. b. Journalize the April transactions using a periodic inventory system.
- Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Vaughn's purchases of Xpert snowboards during September is shown below. During the same month. 98 Xpert snowboards were sold. Vaughn's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$970 HK$ 22,310 Sept. 12. Purchases 37 1,020 37,740 Sept. 19 Purchases 13 1.040 13,520 Sept. 26 Purchases 47 1,050 49.350 Totals 120 HK$122.920 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg. 125) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, eg. 15.125 and final answers to O decimal places, eg 125) FIFO…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 310 units 150 units 210 units $ 7- $2,170 $9- 1,350 $10- 2,100 90 unite $12 - 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. 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, b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
- Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $106 $ 1,272 Sept. 12 Purchases 45 109 4,905 Sept. 19 Purchases 55 110 6,050 Sept. 26 Purchases 21 111 2,331 Totals 133 $14,558 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g.…sd subject-AccountingRequired 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.
- Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $VaibhRequired Informatlon [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. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptions