Cost of Goods Sold = [ ? ]
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![A small gift shop has a beginning inventory that is valued
at $9,120. If the additional inventory detailed in the box
is purchased, and the ending inventory is valued at
$1,940 after a certain period, what is the cost of goods
sold over this period?
Additional Inventory Purchased
Item
Cost
Units
Total
puzzles
$15.00
10
$150.00
shirts
$18.00
12
$216.00
key chains $5.50
$88.00
Cost of Goods Sold =
[ ?]
Round to the nearest hundredth.
Enter
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- PLEASE HELP! Michael uses its periodic inventory system and the following information is available: Sales $ 62,800 Beginning Inventory 10,100 Ending Inventory 8,200 Purchases 49,800 What is the cost of goods sold? $51,700 $8,200 $59,900 $49,800What is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: XA company that purchases inventory costing $10,000 onterms 2/10, n/30, but first returns one-half of those goods,will receive a discount of what amount if it pays on thelast day of the discount period?a. $0 c. $200b. $100 d. $5,000
- Use the following data to calculate the cost of ending inventory using the II f o method. September 1st beginning inventory 15 units at $20 Each. September 10th purchase 20 units at $25 each. September 20th Purchase 25 units at $28 each. September 30th ending inventory 30 units. which is the best Answer? A. $825 b. $750 C. $675 D $600.Solve the problem using the information given in the table and the first- in, first-out inventory method. Round to the nearest dollar. 45 units are in the ending inventory.Beginning inventory: 35 units at $6.14June 3: 45 units at $6.62August 5: 30 writs at $7.08 Determine the cost of ending inventory Answer: ($312)I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations) Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question. Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system. Beginning Inventory: 100 units @ $6.00 per unit First Purchase: 100 units @ $7.00 per unit Sale: 150 units @ $15.00 per unit Second Purchase: 150 units @ $8.00 per unit Sale: 150 units @ $15.00 per unit
- Calculate cost of ending inventory using the retail method: (Round your answer to the nearest cent.) Retail price $102,000 $ 40,000 Cost Beginning Inventory Purchases during the year Sales for year $60,000 $25,000 $60,000 Cost of ending inventoryUse the following information to compute ending inventory in a perpetual inventory system which computes cost of good sold under the FIFO method. 1/1 Beginning inventory 320 units. $ 3.00/unit 1/9 Purchases. 80 units. $ 3.20/unit 1/25 Purchases 100 units. $ 3.34 1/26. Sold 350 units Select one: O A. None of the Above O B. $ 960 O C.$ 494 O D. $ 1056Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.
- Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Description Beginning inventory Purchase Sale Purchase Sale Purchase Oct. 29 Sale eTextbook and Media Ending inventory Cost of goods sold Gross profit Units $ 65 Weighted-average cost per unit $ $ 130 $ 95 e Textbook and Media 95 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 65 75 105 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. Unit Cost or Selling Price $22 LIFO 24 $ 45 $ 25 50 27 50 FIFO $ $ AVERAGE-COSTI have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Can you help me figure this out? Date Transaction # of Units Unit Cost Total Cost Jan. 1 Beginning Inventory 300 $5 $1500 Jan. 19 Purchase 400 6.50 2600 Feb. 2 Purchase 600 7 4200 Mar. 30 Purchase 500 8.50 4250 Apr. 10 Purchase 350 9 3150 May 29 Purchase 700 9.50 6650 Total Purchases: 2550 units--$20850 Jun. 1 Sale 1000 units