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 $49,800
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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
$49,800
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- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butchs ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
- 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 unitAssume that Marigold Corp. uses a periodic inventory system and has these account balances: Purchases $405,200; Purchase Returns and Allowances $12,400; Purchase Discounts $7,900; and Freight-in $15,800.Determine net purchases and cost of goods purchased. Net purchases $enter a dollar amount Cost of goods purchased $enter a dollar amount Need Help!. Below are the purchases and sales for your business. Use the inventory spreadsheet to assist you in completing the journal entries related to each transaction. Complete this first for FIFO, then LIFO, then Weighted Average. What is the ending inventory for each method? Date Transaction Number of Units Per Unit Total Jan 3 Beginning Inventory 50 $1100 Jan 8 Purchase 100 $1300 Jan 11 Sale 80 $1800 Jan 30 Sale 50 $1900 Feb 8 Purchase 150 $900 Feb 10 Sale 30 $1500 Feb 19 Sale 20 $1750 Feb 28 Purchase 125 $1450 Mar 5 Sale 60 $1200 Mar 16 Sale 80 $1800 Mar 21 Purchase 175 $1500 Mar 28 Sale 100 $2000 FIFO Amount for purchase of inventory Units sale price Value of sale in journal entry Units Cost Units Per unit Purchase Qty Purchase Cost Total Sale Sale…
- Paul Company uses its periodic inventory system and you are given the following information: Sales... $65,100 $16,800 $14,700 $48,300 Inventory- Beginning. Inventory- Ending... Purchases.... ............ How much is the gross profit? A. $14,700. B. $50,400. C. $48,300. D. $65,100.From the following information, could you help Bill calculate his cost of merchandise sold? Beginning inventory $2,500 Purchases $3,000 Purchase returns $400 Purchase discounts $100 Ending inventory $2,100 Cost of merchandise soldBeginning 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 cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system? Please show all calculations in order to receive credit.
- Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Purchases Feedback -X Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time sale is made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. Cash ✓ b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Feedback Check My Work (b) The exercise assumes the invoice will be paid within the discount period, so the seller records the sale at the discounted amount. c. Refunded $390 to customer for defective merchandise that was not returned. If an amount box does not require an entry,…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 Oct. 29 Beginning inventory Description Purchase Sale Purchase Sale Purchase Sale Units Unit Cost or Selling Price $22 65 130 95 95 65 75 105 24 45 25 50 27 50 Ending inventory $ Cost of goods sold Gross profit Solution eTextbook and Media (a3) $ $ * Your answer is incorrect. Gross profit rate LIFO 2270 LIFO 6680 6095 i 32.3 Calculate the gross profit rate under each of the following methods. 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) $ % $ $ FIFO FIFO 2650 6300 i 6475 34.4 % $ $ $ AVERAGE-COST 2452 6498 i 6277 Attempts: 3 of 3 used AVERAGE-COST 33.3 %Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $12,100 with terms 2/10, net 30. The cost of the goods sold was $7,865. If an amount box does not require an entry, leave it blank.