A company just starting business had the following transactions in June: June 250 units @ Purchase $2,125 1 8.50 June 200 units @ Sale $2,200 5 11.00 June 400 units @ Purchase $3,440 10 8.60 June 400 units @ Purchase $3,480 15 8.70 June 650 units @ Sale $7,150 25 11.00 Purchase June 28 250 units @ 8.90 $2,225 A physical count of merchandise inventory on June 30 reveals that there are 450 units on hand. Assume that no returns occurred during the month and no discounts were given. Using the perpetual inventory method calculate COGS under FIFO. $7,330 O $7,305 O $3,965 O $3,940
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- 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 9John 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) 12.00E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
- Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T transactions during the month are as follows: 1 Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600 28 March 2,000 Required: (a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method of pricing issues. (b) Calculate the value of inventory for the financial year ended 31 March 2019. (c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.2. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale Date January 1 February 5 March 16 Activities Purchase Purchase Sale Units Acquired at Cost 100 units @ $10 = $1,000 60 units @ $12= $720 Units Sold at Retail 40 units @ $16A record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Units Unit Selling Price May 1 – Balance 810 $4.00 May 3 300 $7.00 May 4 - Returned (190) $4.00 May 6 280 $7.00 May 8 800 $4.30 May 12 810 $7.50 May 14 725 $4.40 May 18 400 $7.50 May 22 1,200 $4.50 May 30 1,400 $8.00 May 27 450 $4.80 Required: Assuming that perpetual inventory records are kept, calculate the total cost of goods sold and the ending inventory using moving weighted average Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar. A worksheet template has been provided which you may use if you wish to answer this question
- a. Star Troopers Bhd is a wholesaler that buys and sells toy action figures. The transactions in the last four months of 2020 were recorded as below: C. Month September October November December Units Purchased 300 200 250 100 Unit purchase price RM 8 First-in-first-out (FIFO) b. Last-in-first-out (LIFO) 10 11 Units sold 260 180 220 It is the policy of the company to purchase on the tenth day and sell on the last day of each month. All product purchased were kept in a storeroom before sales. 140 Required: Record the above transactions in a store ledger card using each of the following stock valuation methods: Cumulative weighted average cost (CWACO). (Calculate the weighted average cost per unit to 4 decimal places.)A record of transactions for the month of May is as follows: Purchases Sales Units Unit Cost Total Units Unit Selling Price Total May 1 – Balance 400 $4.00 $ 1,600 May 3 300 $7.00 May 4 1,300 $4.10 5,330 May 6 1,000 $7.00 May 8 800 $4.30 3,440 May 12 900 $7.50 May 14 700 $4.40 3,080 May 18 400 $7.50 May 22 1,200 $4.50 5,400 May 30 1,400 $8.00 May 27 500 $4.75 2,375 TOTALS 4,900 $21,225 4,000 Required: Assuming that perpetual inventory records are kept, calculate the ending inventory using FIFO Note: All unit costs are to be four decimal places; all other amounts are to be rounded to the nearest whole dollar.The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units at $30 $600 June 16 Purchase 28 units at $35 980 Nov. 28 Purchase 45 units at $38 1,710 ______________________________________________________ 93 units $3,290 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number. $__________
- Angel Company provided the following data for June 30:June 1 Balance 5,000 units @ P20.00 eachJune 3 Sale 3,000 units @ P35.00 eachJune 10 Purchases 6,000 units @ P21.50 eachJune 13 Purchases 3,000 units @ P20.50 each June 20 Sales 1,500 units @ P35.00 eachJune 25 Purchases 2,000 units @ P22.00 eachJune 28 Sales 5,500 units @ P35.00 eachJune 30 Sales 2,500 units @ P35.00 eachRequirements: Compute the inventory cost at the end of June based on the following cost-flowassumptions:1. Specific Identification. Assume that the inventory left at the end of the month came from theJune 10 purchases.2. FIFO – Periodic3. FIFO – Perpetual4. Weighted Average5. Moving Average – PerpetualNovak Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 440 @ $7.50 April 5 640 4 740 @ 7.70 12 540 11 640 @ 8.00 27 1,480 18 540 @ 8.00 28 150 26 940 @ 8.40 30 540 @ 8.70 (a1) Your Answer Correct Answer Correct answer iconYour answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ eTextbook and Media Solution Attempts: 3 of 3 used (a2) Your Answer Correct Answer (Used) Partially correct answer iconYour answer is partially correct. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1)…Angel Company provided the following data for June 30:June 1 Balance 5,000 units @ P20.00 eachJune 3 Sale 3,000 units @ P35.00 eachJune 10 Purchases 6,000 units @ P21.50 eachJune 13 Purchases 3,000 units @ P20.50 eachCollege of Accounting Education3F, Business & Engineering BuildingMatina, Davao CityPhone No.: (082)300-5456 Local 137- 200 -June 20 Sales 1,500 units @ P35.00 eachJune 25 Purchases 2,000 units @ P22.00 eachJune 28 Sales 5,500 units @ P35.00 eachJune 30 Sales 2,500 units @ P35.00 eachRequirements: Compute the inventory cost at the end of June based on the following cost-flowassumptions:1. Weighted Average2. Moving Average – Perpetual