On January 3, Riverbed Corp. purchased 2 portable electronic keyboards for $610 each. On January 20,...
On January 3, Riverbed Corp. purchased 2 portable electronic
keyboards for $610 each. On January 20, it purchased 4 more of the
same model keyboards for $481 each. During the month, it sold 2
keyboards; 1 was purchased on January 3 and the other was purchased
on January 20.
Calculate the cost of goods sold and ending inventory for the month
using specific identification.
| Cost of goods sold | $
|
|
| Ending inventory | $
|
Homework Answers
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On January 3, Riverbed Corp. purchased 2 portable electronic keyboards for $610 each. On January 20,...
Martinez Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
Laker Company reported the following January purchases and sakes data for its only product Required information...
Laker Company reported the following January purchases and
sakes data for its only product
Required information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. old at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 125 units $18.00 - Activities Jan 1 Beginning inventory Jan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units $8.00 125 units $18.00 $2.50...
[The following information applies to the questions displayed below. Laker Company reported the following January purchases...
[The following information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 155 units & $8.00 - $1,240 Jan. 10 Sales 115 units $17.00 Jan. 20 Purchase 90 unitse $7.00 - 630 Jan. 25 Sales 95 units $ 17.00 Jan. 30 Purchase 210 unitse $6.50 - 1,365 Totals 455 units $3,235 210 units The Company...
(The following information applies to the questions displayed below.) Laker Company reported the following January purchases...
(The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 145 units @ $ 7.00 = $ 1,015 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 70 units @ $ 6.00 = 420 85 units @ $16.00 @ $5.50 = 190 units 405 units 1,045...
Riverbed Corp uses a periodic inventory system and reports the following for the month of June....
Riverbed Corp uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 105 $5 $ 525 Purchases 2,250 1,435 23 Purchases Inventory * Your answer is incorrect. Calculate weighted average unit cost. (Round answer to 3 decimal places, s. 5.125.) Weighted average unit cost $ 2565 e Textbook and Media x Your answer is incorrect. Compute the cost of the ending inventory and the cost of...
Laker Company reported the following January purchases and sales data for its only product.
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of...
[The following information applies to the questions displayed below) Laker Company reported the following January purchases...
[The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 175 units $10.00 - $1.750 Units sold at Retail 135 units $19.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units $19.00 130 units @ $ 9.00 - 250 units @ $ 8.50 - 555 units 1,170 3,125 $5,845 275 units...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
Needs to be done on an excel with fifo, lifo, specific identification, weighted average, journal entries,...
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost $ 5.00 Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Sale, March 14 ($10 each Purchase, May 1 Sale, August 31...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
Laker Company reported the following January purchases and
sakes data for its only product
Required information (The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. old at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 125 units $18.00 - Activities Jan 1 Beginning inventory Jan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units $8.00 125 units $18.00 $2.50...
[The following information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 155 units & $8.00 - $1,240 Jan. 10 Sales 115 units $17.00 Jan. 20 Purchase 90 unitse $7.00 - 630 Jan. 25 Sales 95 units $ 17.00 Jan. 30 Purchase 210 unitse $6.50 - 1,365 Totals 455 units $3,235 210 units The Company...
(The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 145 units @ $ 7.00 = $ 1,015 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 70 units @ $ 6.00 = 420 85 units @ $16.00 @ $5.50 = 190 units 405 units 1,045...
Riverbed Corp uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 105 $5 $ 525 Purchases 2,250 1,435 23 Purchases Inventory * Your answer is incorrect. Calculate weighted average unit cost. (Round answer to 3 decimal places, s. 5.125.) Weighted average unit cost $ 2565 e Textbook and Media x Your answer is incorrect. Compute the cost of the ending inventory and the cost of...
[The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 175 units $10.00 - $1.750 Units sold at Retail 135 units $19.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units $19.00 130 units @ $ 9.00 - 250 units @ $ 8.50 - 555 units 1,170 3,125 $5,845 275 units...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost $ 5.00 Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Sale, March 14 ($10 each Purchase, May 1 Sale, August 31...
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