Homework Answers
| Average cost | 21.75 | =34800/1600 |
| Ending inventory units | 700 | =1600-900 |
| 26 | ||
| Cost of ending inventory | 15225 | =700*21.75 |
| Option D $15,225 is correct | ||
| 27 | ||
| Cost of ending inventory | 14550 | =(250*20)+(350*21)+(700-250-350)*22 |
| Option D $14,550 is correct | ||
| 28 | ||
| Cost of goods sold | 18950 | =(250*20)+(350*21)+(900-250-350)*22 |
| Option C $18,950 is correct | ||
| 29 | ||
| Sales revenue | 32400 | =900*36 |
| Less: Cost of goods sold LIFO | 20250 | =(450*23)+(900-450)*22 |
| Gross Profit | 12150 | |
| Gross Profit percentage | 37.5% | =12150/32400 |
| Option A 37.5% is correct |
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Use the following information to answer questions 26 through 29. AAA Co. uses a periodic inventory...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Beginning inventory 1,100 units @ $3.90 Jan 12 Purchase 1,200 units @ $3.70 Jan 18 Sales 1,300 units @ $5.40 Jan 21 Purchase 1,100 units @ $4.00 Jan 25 Purchase 900 units @ $3.80 Jan 31 Sales 1,250 units @ $5.40 TB MC Qu. 05-55 Assuming Chase uses a LIFO cost flow... 1. Assuming Chase uses a LIFO cost flow method, what...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the year consisted of 23,000 units of the company’s one product. These units cost $14 each. During the year, 73,000 units were purchased at a cost of $17 each and 80,500 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 9,000 units at $17. Required: 1. What would be the effect of this purchase on income...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the year consisted of 20,000 units of the company’s one product. These units cost $16 each. During the year, 70,000 units were purchased at a cost of $19 each and 71,500 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 7,500 units at $19. Required: 1. What would be the effect of this purchase on income...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the year consisted of 17,000 units of the company’s one product. These units cost $12 each. During the year, 67,000 units were purchased at a cost of $15 each and 70,000 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 8,500 units at $15. Required: 1. What would be the effect of this purchase on income...
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following...
Required information [The following information applies to the
questions displayed below.]
Hemming Co. reported 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 260 units @ $12.40 = $ 3,224
Jan. 10 Sales 215 units @ $42.40
Mar. 14 Purchase 420 units @ $17.40 = 7,308
Mar. 15 Sales 380 units @ $42.40
July 30 Purchase 460 units @ $22.40 = 10,304
Oct. 5 Sales...
wetome ss theewt &3 w rmasan tamw aresem AAA Co suses a periodic invemtory syem and...
wetome ss theewt &3 w rmasan tamw aresem AAA Co suses a periodic invemtory syem and has the following indiomato in ead to m inventory: nits 250 350 550 ait Cost Tatal Cost S10,000 14,200 24,200 20.209 S.69.600 $40 Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October 2nd 42 44 46 450 1.600 38)What is the cost of ending inventory using the weighted average method? A) $41.325. B) $28.275. C) $40,850. D) $27,950. AAA Co....
Required information (The following information applies to the questions displayed below.) Hemming Co. reported the following...
Required information (The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail 160 units @ $41.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost 230 units @ $11.20 = $ 2,576 350 units @ $16.20 = 5,670 430 units @ $21.20 - 9,116...
Coronado Co. uses a periodic inventory system. Its records show the following for the month of...
Coronado Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 74 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchases
29
13
377
24
Purchases
33
14
462
Totals
96
$1,179
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$
Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following...
Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units 450 units @ $15 @ $20 = = 5,250 9,000 150 units 300 units...
Date Required information [The following information applies to the questions displayed below.) Hemming Co. reported the...
Date Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 - $ 2,576 Jan. 10 Sales 160 units e $41.20 Mar.14 Purchase 350 units $16.20 - 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 units $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20...
Required information [The following information applies to the
questions displayed below.]
Hemming Co. reported 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 260 units @ $12.40 = $ 3,224
Jan. 10 Sales 215 units @ $42.40
Mar. 14 Purchase 420 units @ $17.40 = 7,308
Mar. 15 Sales 380 units @ $42.40
July 30 Purchase 460 units @ $22.40 = 10,304
Oct. 5 Sales...
wetome ss theewt &3 w rmasan tamw aresem AAA Co suses a periodic invemtory syem and has the following indiomato in ead to m inventory: nits 250 350 550 ait Cost Tatal Cost S10,000 14,200 24,200 20.209 S.69.600 $40 Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October 2nd 42 44 46 450 1.600 38)What is the cost of ending inventory using the weighted average method? A) $41.325. B) $28.275. C) $40,850. D) $27,950. AAA Co....
Required information (The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail 160 units @ $41.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost 230 units @ $11.20 = $ 2,576 350 units @ $16.20 = 5,670 430 units @ $21.20 - 9,116...
Coronado Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 74 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchases
29
13
377
24
Purchases
33
14
462
Totals
96
$1,179
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$
Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units 450 units @ $15 @ $20 = = 5,250 9,000 150 units 300 units...
Date Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 - $ 2,576 Jan. 10 Sales 160 units e $41.20 Mar.14 Purchase 350 units $16.20 - 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 units $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20...
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