FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- COGS?arrow_forwardAnswer step by steparrow_forwardWhat is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: Xarrow_forward
- GIVE PROPER EXPLANATION OF COST OF GOODS AND GROSS MARGIN. YOU MADE A SALE FOR $588,000. THE CUSTOMER PAID IN CASH. YOUR GROSS MARGIN IS 61%. WHAT IS YOUR COST OF GOODS SOLD?arrow_forwardsasaarrow_forwardA firm has beginning inventory of 150 units at a cost of $10 each. Production during the period was 650 units at $13 each. If sales were 600 units, what is the cost of goods sold (assume FIFO)? What is the value of the ending inventory using FIFO? Show your work I also want to learn how to get the answer to this, can you please help provide how you got the answers.arrow_forward
- What is your cost of goods sold?arrow_forwardThe following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4 per unit May 7 Purchase 12 units @ $5 per unit May 10 Sale 14 units May 17 Purchase 10 units @ $6 per unit May 19 Sale 4 units Required:Answer the following questions for Goode Company: a. If perpetual FIFO is used, what is the total ending inventory in dollars?$ b. If perpetual LIFO is used, what is the cost of goods sold for the month?$ c. If weighted average is used, what is the ending inventory? Do not round intermediate calculations. Round your final answer to two decimal places.$ d. If moving average is used, what is the cost per unit sold for the May 10 sale? Round your answer to two decimal places.$arrow_forwardUsing the LIFO method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation.arrow_forward
- During the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answerarrow_forwardIf the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the table below. Number of units on hand Cost per unit Total cost $850 9 $7,650 $1760 11 $19,360 $965 8 $7,720 $470 5 $2,350 Ending inventory 33 $37,080 The cost of goods sold is $ 4arrow_forwardWhat us the weighted average cost per unit?arrow_forward
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