Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top sellinghockey stick. The hockey stick sells for $130.DescriptionMar. 1 Beginning InventoryMar. 3 PurchaseMar. 6 Purchase.Mar. 17 SaleMar 23 PurchaseMar. 31 SaleUnits29741241. FIFO6978168EndingInventoryUnit Cost$54$ 595.64Required:Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do notround your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)$.64Cost of GoodsSold

Answer :FIFO (First in first out) = In this method it is assumes that the oldest products have been…

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases anc hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase. Mar. 17 Sale Mar 23 Purchase Mar. 31 Sale Units 29 74 124 69 78 168 Unit Cost $54 $59 5.64 $64 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the foll round your "Unit Cost" answers, Round all other intermediate and final answers to nearest whole dolle

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases anc hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase. Mar. 17 Sale Mar 23 Purchase Mar. 31 Sale Units 29 74 124 69 78 168 Unit Cost $54 $59 5.64 $64 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the foll round your "Unit Cost" answers, Round all other intermediate and final answers to nearest whole dolle

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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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale- Mar. 23 Purchase Mar. 31 Sale Units 34 79 129 74 88 178 1. FIFO 2. Moving weighted average Unit Cost $ 59 $ 64 $69 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $ 69 Ending Inventory
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $125. Description Units Unit Cost Mar. 1 Beginning Inventory 15 $ 40 Mar. 3 Purchase 60 $ 45 Mar. 6 Purchase 110 $ 50 Mar. 17 Sale 55 Mar. 23 Purchase 50 $ 50 Mar. 31 Sale 140 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 1. FIFO Units. 19 64 114 59 58 148 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $44 $49 $54 Cost of Goods Sold $54 Ending Inventory < Prev www 2 of 8 --- Nex
Xpert Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Xpert's purchases and sales of the ultra-lightweight snowboard in October: Transaction Date Oct. 1 Beginning inventory 10 Purchase 12 Sale 13 Purchase 25 Sale 27 Purchase Units 25 30 (42) 35 (45) 20 Unit Purchase Price $295 300 305 310 Unit Sales Price $450 460 Instructions a. Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Xpert uses a perpetual inventory system. Round the weighted average cost per unit to two decimal places. b. What would be the ending inventory and cost of goods sold if Xpert used FIFO and weighted average in a periodic inventory system? Round the weighted average cost per unit to two decimal places. Record transactions in perpetual and periodic inventory systems.
Use Exhibit 18-1 to determine the sales tax (in $) and calculate the total purchase price (in $) for the item. (Round your answers to the nearest cent.) Item SellingPrice SalesTax TotalPurchase Price Hair dryer $19.22
Complete the invoice itemization by finding the total amount (in $) for each item, the merchandize total (in $), and the total amount of the invoice (in $). Stock # Description Unit Price Amount 4811V Stereo Receivers 50 x $296.50 $ 511CX Blu-Ray Players 25 x $131.28 $ 6146M Home Theater Systems 40 x $657.12 $ 1031A LCD TVs 20 x $594.00 $ Merchandise Total $ Insurance + Shipping $ Invoice Total $ (b) What are the discount date and the net date if the shipment arrived on July 15? Discount Date Net Date (c) While in transit, five Blu-ray players and four LCD TVs were damaged and will be returned. What is the amount (in $) of the returned merchandise? What is the revised merchandise total (in $)? Returned merchandise$ Revised merchandise total$ (d) What are the amount (in $) of the cash discount and the net amount due if the discount is taken? (Round your answers to the nearest cent.) Cash discount$ Net…
Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. (a) 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases. Cost of goods sold $ Ending inventory Units $ 34 FIFO 24 (42) 43 (49) 35 45 Unit Cost/Price $299 304 467 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to O decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 309 519 314 $ $ Average Cost
Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 38 units with a unit cost of $32. Purchases Sales Date Units Unit Cost Units Unit Price Oct. 28 33 Oct. 33 $ 68 Oct. 12 38 35 Oct. 19 38 $ 68 Oct. 23 48 37 Oct. 30 43 $ 68 Oct. 31 33 38 Required: 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. (Do not round intermediate calculations. Round weighted average all unit costs to two decimal places and round all other numbers to the nearest dollar.) Ending Inventory Cost of Goods Sold a FIFO b Moving weighted average
Use the following information for Pets Galore, a retail merchandiser of pet supplies to compute the Goods Available for Sale. Website Maintenance $7,500.Delivery Expense 900.Freight In 2,100.Purchases 42,000.Ending Merchandise Inventory 3,900.Revenues 57,000.Marketing Expenses 9,500.Beginning Merchandise Inventory 8,900.
Use the following information to answer Exercises E6- Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Unit Cost Quantity Date Item $ 53 24 Nov. 1 Balance 20 6. Sale 70 30 8 Purchase 30 17 Sale 30 Sale 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited usee the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. ucing the FIFO inventory cost-
Use Exhibit 18-1 to determine Sales Tax in (K and Calculate the Total purchase price (in) for the Item. (Round Your Answer to the nearest Cent) 2 Item Hair Dryer Selling Price Sales Tax $$17.28 Total Purchase Rrice
The following information extracted from LULU Hyper Market. Net Sales $20,000 Expenses $4,000 Beginning Inventory $10,000 Goods Purchased $3,000 Ending Inventory $,3000 You are required to calculate 1) Cost of Goods Sold. 2) Gross Profit. 3) Net Income. Ice the editor to format your answer