HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Students have asked these similar questions
Car Armour sells car wash cleaners. Car Armour uses a perpetual Inventory system and made purchases and sales of a particular
product in 2023 as follows:
Jan. 1 Beginning inventory
Jan. 10 Sold
Mar. 7 Purchased
Mar. 15 Sold
July 28 Purchased
oct. 3 Purchased
Oct. 5 sold
Total goods available for sale
Required:
1. Calculate the total goods available for sale (in units and cost).
130 units @s 7.20 - $
60 units @$15.70-
320 units es 6.50 =
120 units @ $15.70 =
570 units @s 6.30-
520 units @s 6.20
710 units @ $15.70-
Units
Number of units sold
Number units remaining in ending inventory
4 FIFO
b Moving weighted average
2. Calculate the number of units sold and units remaining in ending inventory.
936.00
942.00
2,080.00
1,884.00
3,591.00
3,224.00
11,147.00
Cost
3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending Inventory and to
goods sold under: (Do not round the Intermediate calculations and round the final answers to…
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular
product in 2023 as follows:
Jan. 1 Beginning inventory
Jan. 10 Sold
Mar. 7 Purchased
Mar. 15 Sold
July 28 Purchased
Oct. 3 Purchased
Oct. 5 Sold
Total goods available for sale
Required:
1. Calculate the total goods available for sale (in units and cost).
Number of units sold
Number units remaining in ending inventory
130 units @ $ 6.90
60 units @ $15.40 =
290 units @ $ 6.20 =
120 units @ $15.40 =
540 units @ $ 6.00 =
490 units @ $ 5.90 =
660 units @ $15.40 =
a FIFO
b. Moving weighted average
Units
$
1,450 $
2. Calculate the number of units sold and units remaining in ending inventory.
Cost
Ending
Inventory
897.00
924.00
1,798.00
1,848.00
3,240.00
2,891.00
10,164.00
840
610
3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to
goods sold under: (Do not round the intermediate…
Required information
[The following information applies to the questions displayed below.]
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases.
Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each.
Purchases on December 7
Purchases on December 14
Purchases on December 21
Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Date
December 7
December 14
Total December 14
Totals
December 15
Total December 15
December 21
Goods purchased
# of units
Cost of Goods
Available for
Sale
10 at $ 6.00 = $ 60.00
$ 240.00
10 units @ $ 6 cost
20 units @ $12 cost
15 units @ $14 cost
Cost per
unit
20 at $ 12.00 =
15 at $ 14.00 = $ 210.00
Perpetual LIFO:
# of
units
sold
8 at
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
$
6.00 =
$
48.00
48.00
Inventory Balance
# of units
10 at
10 at
20 at
2 at
2 at
2 at
13 at
15 at
Cost per
unit
$ 6.00 =
$6.00 =…
Chapter 6 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 6 - Which principle or concept states that businesses...Ch. 6 - Which inventory costing method assigns to ending...Ch. 6 - Assume Nile.com began April with 14 units of...Ch. 6 - Suppose Nile.com used the weighted-average...Ch. 6 - Which inventory costing method results in the...Ch. 6 - Prob. 6QCCh. 6 - At December 31, 2016, Stevenson Company overstated...Ch. 6 - Suppose Maestros had cost of goods sold during the...Ch. 6 - Suppose Nile.com used the LIFO inventory costing...Ch. 6 - Prob. 1RQ
Ch. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - What is the goal of conservatism?Ch. 6 - Prob. 5RQCh. 6 - Under a perpetual inventory system, what are the...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - What does the lower-of-cost-or-market (LCM) rule...Ch. 6 - What account is debited when recording the...Ch. 6 - What is the effect on cost of goods sold, gross...Ch. 6 - When does an inventory error cancel out, and why?Ch. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 15ARQCh. 6 - Prob. 16ARQCh. 6 - Determining inventory accounting principles Ward...Ch. 6 - Prob. 6.2SECh. 6 - Prob. 6.3SECh. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Comparing Cost of Goods Sold under FIFO, UFO, and...Ch. 6 - Prob. 6.8SECh. 6 - Prob. 6.9SECh. 6 - Prob. 6.10SECh. 6 - Prob. 6.11SECh. 6 - Prob. 6.12SECh. 6 - Prob. 6.13SECh. 6 - Using accounting vocabulary Match the accounting...Ch. 6 - Prob. 6.15ECh. 6 - Prob. 6.16ECh. 6 - Use the following information to answer Exercises...Ch. 6 - Prob. 6.19ECh. 6 - Prob. 6.20ECh. 6 - Prob. 6.21ECh. 6 - Prob. 6.22ECh. 6 - Prob. 6.23ECh. 6 - Prob. 6.24ECh. 6 - Prob. 6.25ECh. 6 - Prob. 6.26ECh. 6 - Prob. 6.27ECh. 6 - Prob. 6.28APCh. 6 - Prob. 6.29APCh. 6 - Prob. 6.30APCh. 6 - Prob. 6.31APCh. 6 - Prob. 6.32APCh. 6 - Prob. 6.33BPCh. 6 - Prob. 6.34BPCh. 6 - Prob. 6.35BPCh. 6 - Prob. 6.36BPCh. 6 - Prob. 6.37BPCh. 6 - Prob. 6.38CPCh. 6 - Prob. 6.39PSCh. 6 - Prob. 6.1COPCh. 6 - Prob. 6.1CTDC
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- Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…arrow_forward! Required information [The following information applies to the questions displayed below.] 14 Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Purchases: 21 Total December 7 December December Cost of Goods Available for Sale Cost of Goods Available for Sale # of units 10 $6.00 12.00 20 Cost per unit 15 45 14.00 10 units @ $6 cost 20 units @ $12 cost 15 units @ $14 cost $ $ 60 240 210 510 Periodic LIFO: Cost of Goods Sold # of units sold X Answer is not complete. 15 15 Cost per unit 14.00 Cost of Goods Sold $ 210 210 GA GA $ Inventory Balance # of units in ending inventory 0 Cost per unit $6.00 12.00 Ending Inventory $ $ 0 0 0arrow_forwardRequired information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost of per unit Goods Sold # of units Cost per in ending inventory Cost # of units unit Inventory Purchases: December 7 December 14 December 21 Totalarrow_forward
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