Homework Answers
- Requirement
|
Specific Identification |
FIFO |
LIFO |
Weighted Average |
|
|
Cost of Goods Sold |
$ 3,640.00 |
$ 2,970.00 |
$ 3,890.00 |
$ 3,434.00 |
|
Ending Inventory |
$ 3,430.00 |
$ 4,100.00 |
$ 3,180.00 |
$ 3,636.00 |
|
Gross Margin |
$ 1,460.00 |
$ 2,130.00 |
$ 1,210.00 |
$ 1,666.00 |
- Working
|
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
50 |
$ 15.00 |
$ 750.00 |
50 |
$ 15.00 |
$ 750.00 |
0 |
$ 15.00 |
$ - |
|
Purchases: |
|||||||||
|
15-Jan |
100 |
$ 18.00 |
$ 1,800.00 |
100 |
$ 18.00 |
$ 1,800.00 |
0 |
$ 18.00 |
$ - |
|
15-Feb |
120 |
$ 21.00 |
$ 2,520.00 |
20 |
$ 21.00 |
$ 420.00 |
100 |
$ 21.00 |
$ 2,100.00 |
|
15-Mar |
80 |
$ 25.00 |
$ 2,000.00 |
$ 25.00 |
$ - |
80 |
$ 25.00 |
$ 2,000.00 |
|
|
TOTAL |
350 |
$ 7,070.00 |
170 |
$ 2,970.00 |
180 |
$ 4,100.00 |
|||
|
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
50 |
$ 15.00 |
$ 750.00 |
0 |
$ 15.00 |
$ - |
50 |
$ 15.00 |
$ 750.00 |
|
Purchases: |
|||||||||
|
15-Jan |
100 |
$ 18.00 |
$ 1,800.00 |
0 |
$ 18.00 |
$ - |
100 |
$ 18.00 |
$ 1,800.00 |
|
15-Feb |
120 |
$ 21.00 |
$ 2,520.00 |
90 |
$ 21.00 |
$ 1,890.00 |
30 |
$ 21.00 |
$ 630.00 |
|
15-Mar |
80 |
$ 25.00 |
$ 2,000.00 |
80 |
$ 25.00 |
$ 2,000.00 |
0 |
$ 25.00 |
$ - |
|
TOTAL |
350 |
$ 7,070.00 |
170 |
$ 3,890.00 |
180 |
$ 3,180.00 |
|||
|
Specific Identification |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
50 |
$ 15.00 |
$ 750.00 |
20 |
$ 15.00 |
$ 300.00 |
30 |
$ 15.00 |
$ 450.00 |
|
Purchases: |
|||||||||
|
15-Jan |
100 |
$ 18.00 |
$ 1,800.00 |
30 |
$ 18.00 |
$ 540.00 |
70 |
$ 18.00 |
$ 1,260.00 |
|
15-Feb |
120 |
$ 21.00 |
$ 2,520.00 |
50 |
$ 21.00 |
$ 1,050.00 |
70 |
$ 21.00 |
$ 1,470.00 |
|
15-Mar |
80 |
$ 25.00 |
$ 2,000.00 |
70 |
$ 25.00 |
$ 1,750.00 |
10 |
$ 25.00 |
$ 250.00 |
|
TOTAL |
350 |
$ 7,070.00 |
170 |
$ 3,640.00 |
180 |
$ 3,430.00 |
|||
|
Average Method |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
50 |
$ 15.00 |
$ 750.00 |
||||||
|
Purchases: |
|||||||||
|
15-Jan |
100 |
$ 18.00 |
$ 1,800.00 |
||||||
|
15-Feb |
120 |
$ 21.00 |
$ 2,520.00 |
||||||
|
15-Mar |
80 |
$ 25.00 |
$ 2,000.00 |
||||||
|
TOTAL |
350 |
$ 20.2000 |
$ 7,070.00 |
170 |
$ 20.2000 |
$ 3,434.00 |
180 |
$ 20.2000 |
$ 3,636.00 |
|
FIFO |
LIFO |
Weighted Average Method |
Specific Identification |
|
|
Sales Revenue |
$ 5,100.00 |
$ 5,100.00 |
$ 5,100.00 |
$ 5,100.00 |
|
(-) Cost of Goods Sold (as calculated above) |
$ 2,970.00 |
$ 3,890.00 |
$ 3,434.00 |
$ 3,640.00 |
|
Gross Margin |
$ 2,130.00 |
$ 1,210.00 |
$ 1,666.00 |
$ 1,460.00 |
Add Answer to:
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year:...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year:...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: keer Date Transaction Jan. 1 Jan. 15 Beg. Inv. Purchase Number Per of Units Unit $15 100 Feb. 15 Purchase 120 March 15 Purhcase Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 25 purchase, and 50 came form the March 15 purchase with the remaining units coming from...
Joe's Product Co. made the following purchases during the current quarter ending on March 31 -...
Joe's Product Co. made the following purchases during the current quarter ending on March 31 - T - - - - - - - - - - - - - - - = = = - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Uni...
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
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31,...
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase Jan. 7 Feb. 16 March 22 Units 3,000 11,000 15,000 29,000 Unit Cost $3.00 4.00 5.00 Total Cost $ 9,000 44,000 75,000 $ 128,000 Totals Sales for the quarter, all...
from the first image answer the questions. This needs to be turned in tommorrow so I...
from the first image answer the questions. This needs to be
turned in tommorrow so I would really appreciate if its done by
today. thanks
Before you begin, print out all the pages in this workbook. Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Balance in inventory Purchased Sold Total $ $2 Date Unit cost Units Total $ Unit cost Total...
Topanga Group began operations early in 2018. Inventory purchase information for the quarter ended March 31,...
Topanga Group began operations early in 2018. Inventory purchase information for the quarter ended March 31, 2018, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system. Date of Purchase Units Unit Cost Total Cost Jan. 7 5,000 $3.00 $ 15,000 Feb. 16 26,000 4.00 104,000 March 22 30,000 5.00 150,000 Totals 61,000 269,000 Sales for the quarter, all at $8 per unit, totaled 37,000 units leaving 24,000...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 265 units $12.60 3,339 Units Sold at Retail Activities Date Jan. 1 Beginning inventory 225 units $42.60 Jan.10 Sales Mar.14 Purchase 430 units $17.60 7,568 370 units $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 465 units$22.60 10,509 440 units $42.60 165 units $27.60 4,554 1,325 units $25,970 1,035 units Totals Exercise 6-8 Specific identification LO P1 Required: Hemming uses...
Conner Company uses the FIFO (First In First Out) inventory method. The Company has the following...
Conner Company uses the FIFO (First In First Out) inventory method. The Company has the following inventory items and costs for the Period. Beginning inventory of 3 units purchased for $3,900 each. January 20, purchase 2 units for $4,200 each. February 3, purchase 3 units for $4,300 each. February 14, sold 5 units for $5,000 each March 15, purchased 2 units for $4,600 each. 1.How many units does the company have in inventory at the end of the quarter on...
Gamma Corp. is preparing its budget for the first quarter of 2015. The following data is...
Gamma Corp. is preparing its budget for the first quarter of 2015. The following data is provided: Inventory, Purchases and COGS Budget Jan Cost of goods sold (a) Desired ending inventory(b) Feb $28,500 9,500 38,000 -10,700 27,300 $30,000 10,700 40,700 -11,000 29,700 Mar $22,500 9,800 32,300 -9,500 Total inventory required less Beginning inventory Purchases 21,309 22,800 (a) COGS = 75% of sales |(b) $5,000 + 20% of COGS for next month The amount of Merchandise Inventory to be shown on...
Jordan Company is a manufacturing firm. Presented below is information concerning one of its products: Compute...
Jordan Company is a manufacturing firm. Presented below is
information concerning one of its products:
Compute the cost of goods sold under the following situations:
Periodic system, FIFO cost flow Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow Perpetual system, LIFO cost flow
Periodic system, weighted-average cost flow Perpetual system,
moving-average cost flow Your answers must be submitted in an Excel
file and must show all calculations used to arrive at the final
answers.
Data given Unit Cost...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: keer Date Transaction Jan. 1 Jan. 15 Beg. Inv. Purchase Number Per of Units Unit $15 100 Feb. 15 Purchase 120 March 15 Purhcase Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 25 purchase, and 50 came form the March 15 purchase with the remaining units coming from...
Joe's Product Co. made the following purchases during the current quarter ending on March 31 - T - - - - - - - - - - - - - - - = = = - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -...
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
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase Jan. 7 Feb. 16 March 22 Units 3,000 11,000 15,000 29,000 Unit Cost $3.00 4.00 5.00 Total Cost $ 9,000 44,000 75,000 $ 128,000 Totals Sales for the quarter, all...
from the first image answer the questions. This needs to be
turned in tommorrow so I would really appreciate if its done by
today. thanks
Before you begin, print out all the pages in this workbook. Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Balance in inventory Purchased Sold Total $ $2 Date Unit cost Units Total $ Unit cost Total...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 265 units $12.60 3,339 Units Sold at Retail Activities Date Jan. 1 Beginning inventory 225 units $42.60 Jan.10 Sales Mar.14 Purchase 430 units $17.60 7,568 370 units $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 465 units$22.60 10,509 440 units $42.60 165 units $27.60 4,554 1,325 units $25,970 1,035 units Totals Exercise 6-8 Specific identification LO P1 Required: Hemming uses...
Gamma Corp. is preparing its budget for the first quarter of 2015. The following data is provided: Inventory, Purchases and COGS Budget Jan Cost of goods sold (a) Desired ending inventory(b) Feb $28,500 9,500 38,000 -10,700 27,300 $30,000 10,700 40,700 -11,000 29,700 Mar $22,500 9,800 32,300 -9,500 Total inventory required less Beginning inventory Purchases 21,309 22,800 (a) COGS = 75% of sales |(b) $5,000 + 20% of COGS for next month The amount of Merchandise Inventory to be shown on...
Jordan Company is a manufacturing firm. Presented below is
information concerning one of its products:
Compute the cost of goods sold under the following situations:
Periodic system, FIFO cost flow Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow Perpetual system, LIFO cost flow
Periodic system, weighted-average cost flow Perpetual system,
moving-average cost flow Your answers must be submitted in an Excel
file and must show all calculations used to arrive at the final
answers.
Data given Unit Cost...
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