Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on hand) A 8 13 21 (a2) 29 Average-cost per unit $ Purchases eTextbook and Medial LIFO Your answer is correct. Average-cost 960 @ $5.20 Inventory $ 2,400 @ 1,280 @ 1,920 @ 1,120 @ 800 @ (1) FIFO 8,480 5840 5.30 6227 5.60 5.70 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 5.80 6.00 $ 5.56 per unit April 3 9 11 23 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, eg. 2,760.) (2) LIFO 27 Sales 800 @$10.00 2,240 @ 10.00 960 @ 11.00 1,920 @ 11.00 1.440 @ 12.00 7,360 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Attempts: 3 of 7 used

Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on hand) A 8 13 21 (a2) 29 Average-cost per unit $ Purchases eTextbook and Medial LIFO Your answer is correct. Average-cost 960 @ $5.20 Inventory $ 2,400 @ 1,280 @ 1,920 @ 1,120 @ 800 @ (1) FIFO 8,480 5840 5.30 6227 5.60 5.70 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 5.80 6.00 $ 5.56 per unit April 3 9 11 23 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, eg. 2,760.) (2) LIFO 27 Sales 800 @$10.00 2,240 @ 10.00 960 @ 11.00 1,920 @ 11.00 1.440 @ 12.00 7,360 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Attempts: 3 of 7 used

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10. 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990 @ 3.30 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.
Bonita Company's record of transactions for the month of April was as follows. April 1 (balance on hand) (a1) 4 8 13 21 Purchases 29 Average-cost per unit 780 @ $5.90 $ 1,950 @ 6.00 1,040 @ 6.30 1,560 @ 910 @ 6.50 650 @ 6.40 6,890 6.70 April 3 Search 9 11 23 27 Sales per unit 650 @ $10.00 1,820 @ 780 @ 1,560 @ 1,170 @ 5,980 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 10.00 CO 11.00 11.00 12.00 DELL 9
John Adams Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 29 (a1) Purchases 600 @ $6.00 6.08 800 @ 6.40 6.50 Average-cost per unit 1,500 @ 1.200 @ 700 @ 500 @ 5,300 6.60 6.79 April 3 per unit 9 11 23 27 Sales 500 @ $10.00 1,400 10.00 600 @ 11.00 11.00 1,200 @ 900 @ 4,600 Assuming that periodic inventory records are kept in units only calculate the average-cost per unit. (Round answer to 2 decimal places, eg 2.76) 12.00
5 ES-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) Sales April 3 600 © $6.00 1,500 @ 6.08 500 @ $10.00 9 1,300 @ 10.00 4 8 800 @ 6.40 11 600 @ 11.00 23 1,200 @ 11.00 27 13 1,200 @ 6.50 21 700 @ 6.60 900 @ 12.00 29 500 @ 6.79 4,500 5,300 Instructions (a) Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) FIFO and (2) average-cost. (b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) average-cost. (c) In an inflationary period, which inventory method-FIFO or average-cost-will show the highest net income?
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
5. Fabric Ca sells to wholesalers on tems of 2/15, net 30. An analysis of Fabric Co.s trade recrivable balances on December 31, 20x1, revealed the following Age in days 0-15 Rearivable balances 180,000 16-30 108,000 90,000 72,000 54000 36,000 31-60 61-90 91-120 121 - 150 Total accounts recrivables 540000 Fabric Co. uses the aging of reoeivables mthod The estimated peroentages of collectablity based on past experiemce are shown bedow: Accounts that are overdue for less than 31 days Accounts that are overdue 31 -60 days Accounts that are overdue 61 -90 days Accounts that are overdue 91 - 120 days Accounts that are overdue for over 120 day 97% 90 65% 40% The allowance for doubeful accounts has a balance of P18,000 as of Janary 1, 20x1. Write-offs and recoveries during the year amounted to P6,000 and P3,000, respectively. How mach is the doubtful accunts epense for the year? a. 15600 b. 9,000 c. 22,600 d. 28,200
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150
Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days days
Novak Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 708 @ $5.00 April 3 590 @ $10.00 4 1,770 @ 5.09 9 1,652 @ 10.00 8 944 @ 5.38 11 708 @ 11.00 13 1,416 @ 5.48 23 1,416 @ 11.00 21 826 @ 5.68 27 1,062 @ 12.00 29 590 @ 5.87 5,428 6,254 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit $ per unit LINK TO TEXT Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $ Average-cost $