Waterway Industries has the following data relate to an item of inventory: Inventory, March 1st, 340 unites @ $1.80 Purchase, March 7th, 1370 unites @ $1.90 Purchase, March 16th, 340 unites @ $1.95 Inventory, March 31, 500 unites The value assigned to cost of goods solf if Waterway uses FIFO is: $3018. $965. $2965. $913.

Waterway Industries has the following data relate to an item of inventory: Inventory, March 1st, 340 unites @ $1.80 Purchase, March 7th, 1370 unites @ $1.90 Purchase, March 16th, 340 unites @ $1.95 Inventory, March 31, 500 unites The value assigned to cost of goods solf if Waterway uses FIFO is: $3018. $965. $2965. $913.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me. Thankyou.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. A1 84 C2 D3 (a) Quantity 4 120 110 190 120 Inventory 1 Unit Cost $3.20 Inventory 1.70 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at…
The following data are available for SQM - Sociedad Quimica y Minera S.A. Calculate Inventory Turnover (1 Decimal Place): Revenue 1850 Beg. Inventory 610 End Inventory 670 Credit Sales 1480 COGS 1110 1.8 2.9 1.8 2.3 1.9 O 1.7
Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
261. Subject : - Accounting
Subject: accounting
sss
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
The records for the Flagstaff Company showed the following for the one item they sell during the year ended December 31, 2022: Date of Transactions Units Unit Costs Inventory 1/1 40 $20 Purchase 3/5 120 $24 Sale 5/15 80 Purchase 7/11 40 $22 Sale 9/24 30 Purchase 10/23 50 $26 Sale 11/5 40 Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents): 1) Weighted-average cost (Average cost method the book calls it) 2) First-in, First-out (FIFO) 3) Last-in, First-out (LIFO)
How much should it report as Cost of Goods Sold?