Walte Company just starting business had the following transactions in May: Purchase June 1 Sale June 5 Purchase June 10 130 units @ 5.50 100 units @ 8.00 200 units @ 5.60 $ 715.00 $ 800.00 Purchase Sale June 15 200 units @ 5.70 June 25 325 units @ 8.00 Purchase June 28 150 units @ 5.90 $1,120.00 $1,140.00 $2,600.00 $ 885.00
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- Help Seve & Ext Submit RJ Corporation has provided the following information about one of Its Iventory Items: ber of Units Coet per Date Transaction 1/1 Unit Beginning Inventory 420 $3,200 6/6 Purchase 790 $3,620 9/10 Purchase 1,180 $4,020 11/15 Purchase 810 $4,210 uring the year, RJ sold 3,020 units. nat was cost of goods sold using the average cost flow assumption? (Do not round intermediate calculations.) Multiple Choice O $11,702,391. $11,781,500. $11,662,391. $11,599,700. < Prev 50 of 67 MacBook AirA record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Units Unit Selling Price May 1 – Balance 810 $4.00 May 3 300 $7.00 May 4 - Returned (190) $4.00 May 6 280 $7.00 May 8 800 $4.30 May 12 810 $7.50 May 14 725 $4.40 May 18 400 $7.50 May 22 1,200 $4.50 May 30 1,400 $8.00 May 27 450 $4.80 Required: Assuming that perpetual inventory records are kept, calculate the total cost of goods sold and the ending inventory using moving weighted average Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar. A worksheet template has been provided which you may use if you wish to answer this questionTree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 40 units @ $2 = $ 80 Jan. 3 Sales 30 units @ $8 Feb. 14 Purchase 70 units @ $3 = $ 210 Feb. 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 Nov. 6 Sales 86 units @ $8 Nov. 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units Required:The company uses a perpetual 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 margin for each method.
- A record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Total Units Unit Selling Price Total May 1 – Balance 400 $4.00 $ 1,600 May 3 300 $7.00 May 4 1,300 $4.10 5,330 May 6 1,000 $7.00 May 8 800 $4.30 3,440 May 12 900 $7.50 May 14 700 $4.40 3,080 May 18 400 $7.50 May 22 1,200 $4.50 5,400 May 30 1,400 $8.00 May 27 500 $4.75 2,375 TOTALS 4,900 $21,225 4,000 Required: Assuming that perpetual inventory records are kept, calculate the ending inventory using FIFO Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar.A company has the following: Dec. 1 O $110.50 Dec. 14 Dec. 19 Dec. 21 Purchase 50 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIPO? O$89.50 O $96.00 O$104.00 Units Beginning balance 30 Purchase 60 $100.00 Purchase Cost per unit $1.00 40 $1.05 $1.10Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Problem Date Activity Units Acquired at Cost Total Units Sold at Retail Unit Inventory Jan. 1 Beg. Inventory 400 units @ $14 = Jan. 15 Sale Mar. 10 Purchase Apr. 1 Sale May 9 Purchase Sep. 22 Purchase Nov. 1 Sale Nov. 28 Purchase Totals 200 units @ $15 = 300 units @ $16 = 250 units @ $20= 100 units @ $21 = $5,600 - $3,000 - 200 units @ $30 200 units 400 units $5,000 200 units @ $30 $4,800 - 400 units $2,100 - 200 units 500 units 750 units 300 units @ $35 450 units 550 units 1,250 units $20,500 700 units 550 units Additional tracking data for specific identification: (1) January 15 sale-200 units @ $14, (2) April 1 sale-200 units @ $15, and (3) November 1 sale-200 units @ $14 and 100 units @ $20. 1. What is the Cost of Good Available for Sale? How many units available for sale? 2. Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory…
- E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Averagethe xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .whyQUESTIONS FOURThe following information was provided by Dzemkple Limited for the two weeks month ofAugust, 2018 for material ZorklaleyStock on 01/08/2018 100 units @ GHc 5 per unitDATE PURCHASES DATE ISSUES05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 unitsYou are required to calculate using FIFO and Weighted Average methods of pricing issues:(a) The value of materials consumed during the period(b) The value of stock of materials on the 31/08/2018
- A company just starting business had the following transactions in June: June Purchase 1 Sale June 5 June Purchase 10 June Purchase 15 Sale June 25 250 units @ 8.50 200 units @ 11.00 400 units @ 8.60 400 units @ 8.70 650 units @ 11.00 $2,125 $2,200 $3,440 $3,480 $7,150Purchase June 28 250 units $2,225 @ 8.90 A physical count of merchandise inventory on June 30 reveals that there are 450 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under FIFO. O $7,330 O $7,305 О $3,965 • $3,94097) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00John Adams Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 29 (a1) Purchases 600 @ $6.00 6.08 800 @ 6.40 6.50 Average-cost per unit 1,500 @ 1.200 @ 700 @ 500 @ 5,300 6.60 6.79 April 3 per unit 9 11 23 27 Sales 500 @ $10.00 1,400 10.00 600 @ 11.00 11.00 1,200 @ 900 @ 4,600 Assuming that periodic inventory records are kept in units only calculate the average-cost per unit. (Round answer to 2 decimal places, eg 2.76) 12.00