Homework Answers
Units available for sale = 10,000+9,000+6,000 = 25,000
Units sold = Units available for sale - Ending inventory
= 25,000 - 3,000
= 22,000 units
Under Fifo, units available first are sold first
Cost of Goods Sold (22,000 units)
= (10,000*9.20)+(9,000*8) + (3,000*7.25)
= 185,750
Gross profit = Sales - Cost of Goods Sold
= (22,000*12) - 185,750
= 264,000 - 185,750
= 78,250
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Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000...
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000...
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method, cost of goods sold is a. $29,000. b. $179,900. c. $179,300. d. $178,500
10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Pu...
10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. The weighted average cost per unit is
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000...
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000...
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. $21,750. b. $24,450. c. $25,800. d. $27,600.
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000...
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the cost of goods available for sale? a. $170,700 b. $178,500 c. $207,500 d. $300,000
Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit...
Ferris Company began 2016 with 9,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2016 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
9
$
54,000
Jan. 18
9,000
10
90,000
Totals
15,000
$
144,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
5,000
Jan. 12
3,000
Jan. 20
6,000
Total
14,000...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Units Unit Cost* Total Cost Jan. 10 5,000 $ 7 $ 35,000 Jan. 18 6,000 $8 $48,000 11,000 $83,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8,000 units were on...
Ferris Company began January with 9,000 units of its principal product. The cost of each unit...
Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 9 $ 54,000 Jan. 18 9,000 10 90,000 Totals 15,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on...
Ferris Company began January with 9,000 units of its principal product. The cost of each unit...
Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 9 $ 54,000 Jan. 18 9,000 10 90,000 Totals 15,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on...
19. Storme Shutters has the following inventory information. Nov. 1 Inventory 30 units @$8.00 8 Purchase...
19. Storme Shutters has the following inventory information. Nov. 1 Inventory 30 units @$8.00 8 Purchase 120 units @$8.30 17 Purchase 60 units @$8.70 25 Purchase 90 units @$8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method, cost of goods sold is a. $29,000. b. $179,900. c. $179,300. d. $178,500
10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. The weighted average cost per unit is
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. $21,750. b. $24,450. c. $25,800. d. $27,600.
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the cost of goods available for sale? a. $170,700 b. $178,500 c. $207,500 d. $300,000
Ferris Company began 2016 with 9,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2016 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
9
$
54,000
Jan. 18
9,000
10
90,000
Totals
15,000
$
144,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
5,000
Jan. 12
3,000
Jan. 20
6,000
Total
14,000...
19. Storme Shutters has the following inventory information. Nov. 1 Inventory 30 units @$8.00 8 Purchase 120 units @$8.30 17 Purchase 60 units @$8.70 25 Purchase 90 units @$8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is
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