Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 15...
Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 15 Xbox′s 360 $ 275 2 Xbox′s from March April 1 45 Xbox′s 360 250 15 Xbox′s from April May 1 60 Xbox′s 360 240 12 Xbox′s from May a. Calculate the ending inventory. Ending inventory $ b. Calculate the cost of goods sold. Cost of goods sold $
Homework Answers
Ans : Ending inventory
| Month | Inventory(a) | Cost(b) | Value(a*b) |
| Mar-01 | 2 units | 275 | 550 |
| Apr-01 | 15 units | 250 | 3750 |
| May-01 | 12 units | 240 | 2880 |
Cost of goods sold
| Month | Units sold (a) | Cost(b) | Value(a*b) |
| Mar-01 | 13 units | 275 | 3575 |
| (15-2) | |||
| Apr-01 | 30 units | 250 | 7500 |
| (45-15) | |||
| May-01 | 48 units | 240 | 11520 |
| (60-12) |
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Using the specific identification method: Date Units purchased
Cost per unit Ending inventory March 1 15...
(a) Using specific identification, calculate the cost of the ending inventory and cost of goods sold....
(a) Using specific identification, calculate the cost
of the ending inventory and cost of goods sold.
(b) Using FIFO, calculate the cost of the ending
inventory and cost of goods sold.
unting II Assignment Chapter 6 DUE - Monday, January 14th, 2019 @ 8:30 am A company made the following purchases during the yesrs 1. Jan. 10 15 units at $390 Mar. 15 25 units at $420 Apr. 25 10 units at $450 July 3020 units at $480 Oct. 10...
using the specific indication inventory method calculate the ending inventory the cost of good sold based...
using the specific indication inventory method calculate the
ending inventory the cost of good sold based on the following
please gelp in excel pleasa
1. Using the "Specific Identification" inventory method, calculate: (a) The Ending inventory, (b) The Cost of Goods Sold. Based on the following: Units Date Purchased Unit Cost 1-Jun 15 $150.00 1-Oct 25 $175.00 1-Dec 35 $200.00 Ending Inventory 3 units 6 units 9 units 2. From the following information: Units Date Purchased Unit Cost Total Cost...
calculate ending inventory and cost of goods sold on augut 31, using the specific identification method....
calculate ending inventory and cost of goods sold on augut 31,
using the specific identification method.
Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost $147 Total cost $ 1,176 August 1 August 4 August 11 August 13 Transactions Beginning inventory Sale ($160 each Purchase Sale (5175 each) Purchase Sale ($185 1,370 August 20 1,270 August 26 August...
compute the cost assigned to ending invetory using specific identification. ontoure Company uses a perpetual inven...
compute the cost assigned to ending invetory using specific
identification.
ontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactie Units Sold at Retail Units Acquired at Cost 580 units @ $40 per unit 420 units @ $38 per unit 180 units @ $25 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase lept. 5 Purchase Tept. 10 Sales Totals 755 units...
FIFO, LIFO, WAV, and Specific Identification. The top portion includes the units at cost and units...
FIFO, LIFO, WAV, and Specific Identification. The top portion
includes the units at cost and units sold.
Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 57e units $50 per unit 380 units 547 per unit 190 units@ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 1e Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept....
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Calculate ending inventory and cost of goods sold using Specific Identification, FIFO, LIFO, and Weighted Average....
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.
DateTransactionsUnitsUnit CostTotal CostMarch1Beginning inventory20$225$4,500March5Sale ($350 each)15March9Purchase102452,450March17Sale ($400 each)8March22Purchase102552,550March27Sale ($425 each)12March30Purchase72751,925$11,425For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.2. Using FIFO, calculate ending inventory and cost of goods sold...
Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
(a) Using specific identification, calculate the cost
of the ending inventory and cost of goods sold.
(b) Using FIFO, calculate the cost of the ending
inventory and cost of goods sold.
unting II Assignment Chapter 6 DUE - Monday, January 14th, 2019 @ 8:30 am A company made the following purchases during the yesrs 1. Jan. 10 15 units at $390 Mar. 15 25 units at $420 Apr. 25 10 units at $450 July 3020 units at $480 Oct. 10...
using the specific indication inventory method calculate the
ending inventory the cost of good sold based on the following
please gelp in excel pleasa
1. Using the "Specific Identification" inventory method, calculate: (a) The Ending inventory, (b) The Cost of Goods Sold. Based on the following: Units Date Purchased Unit Cost 1-Jun 15 $150.00 1-Oct 25 $175.00 1-Dec 35 $200.00 Ending Inventory 3 units 6 units 9 units 2. From the following information: Units Date Purchased Unit Cost Total Cost...
calculate ending inventory and cost of goods sold on augut 31,
using the specific identification method.
Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost $147 Total cost $ 1,176 August 1 August 4 August 11 August 13 Transactions Beginning inventory Sale ($160 each Purchase Sale (5175 each) Purchase Sale ($185 1,370 August 20 1,270 August 26 August...
compute the cost assigned to ending invetory using specific
identification.
ontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactie Units Sold at Retail Units Acquired at Cost 580 units @ $40 per unit 420 units @ $38 per unit 180 units @ $25 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase lept. 5 Purchase Tept. 10 Sales Totals 755 units...
FIFO, LIFO, WAV, and Specific Identification. The top portion
includes the units at cost and units sold.
Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 57e units $50 per unit 380 units 547 per unit 190 units@ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 1e Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept....
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
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