Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 556 units @$179/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Rou final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)

Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 purchased September 10 sold 286 units @$ 85/unit 216 units @$ 89/unit 375 units @$179/unit 305 units @$ 82/unit 260 units @$ 73/unit 556 units @$179/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Rou final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) a. FIFO b. Moving weighted average Ending Inventory Cost of Goods Sold 2. Using your calculations from Part 1, complete the following schedule: (Do not round intermediate calculations. Round the answers to 2 decimal places. Round all weighted average unit costs to two decimal places.)

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Description: Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Beginning InventoryMarchMarch10 purchased20 soldMay13

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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Problem 6-7A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory March 10 purchased March 20 sold May 13 purchased August 5 September 10 purchased sold 271 units @$ 79/unit 227 units @$ 80/unit 364 units @$148/unit 305 units @ $ 76/unit 237 units @ $ 71/unit 536 units @$148/unit Ontario Skateboard Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Do not round intermediate calculations. Round the final answers to 2 decimal places. Round all weighted average unit costs to two decimal places.) Sold
Chapter 1 - Inventories The December 31, 2019 inventory of Hope Company consisted of four products, for which certain information is provided below. Estimated Unit Number disposal cost selling price TITTTT Estimated Normal profit on sales 20% 25% 30% 10% Product Cost of units H per unit 6.50 12.00 25.00 3.00 per unit 40 25 42 120 18 1,000 2,000 3,000 4,000 48 P 190 E 26 Hope Company measures its inventory at the lower of cost and net realizable value on an item-by-item basis. How much is the total inventory value at December 31, 2019? P692,500 P541,000 P529,000 P469,000 a. b. с. d.
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $113 April 15 Purchase 1 117 April 20 Purchase 1 121 Total 3 $351 Average cost per unit $117 ($351 ÷ 3 units) Assume that one unit is sold on April 27 for $164. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $177 April 15 Purchase 1 179 April 20 Purchase 1 181 Total 3 $537 Average cost per unit $179 ($537 ÷ 3 units) Assume that one unit is sold on April 27 for $234. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Problem 6-4A Gross profit comparisons and cost flow assumptions-perpetual LO2, 3 eXcel Help Me SOLVE IT CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Gale Company employs a perpetual inventory system. Required 1. Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places. 2. Using your calculations from Part 1, complete the following schedule: Beginning inventory. Feb. 10 purchased... Feb. 20 sold.... Mar. 13 purchased.. Sept. 5 purchased. Oct. 10 sold. Sales... Cost of goods sold.. Gross profit.. 280 units 195 units 360 units 290 units 255 units 510 units @ @ @ @ @ FIFO Analysis Component: How would the gross profits calculated in Part 2 above change if Gale Company had been experiencing increasing prices in the acquisition of additional inventory? $80/unit $84/unit…
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Q 6.26: Ray's Recliners began May with 100 units of the ultimate recliner with a unit cost of $175 in inventory Relevant information is listed as follows: May 6 May 13 May 25 May 29 Purchase 150 units at $200 per unit Sale 125 units at $500 per unit 100 units at $225 per unit 175 units at $400 per unit Purchase Sale If Ray's Recliners uses the LIFO inventory cost flow assumption, what is its gross profit for the month?
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Problem 5 * Baby Co. recorded the following data pertaining to raw material X during January 2023: Received Your answer Units Cost 8.00 Date 1/1/23 Inventory 1/11/23 Issue 1/22/23 Purchase 4,000 9.40 The moving-average unit cost of X inventory on January 31, 2023, is. Issued 1,600 on Hand 3,200 1,600 5,600
QUESTION 14 ABC Corporation has the following inventory information for March, 2019: Units $Unit cost $ Total Cost Beg. Inv. 10.50 26,250 2,500 Purchase 1 10.75 34,400 3,200 Purchase 2 11.00 29,700 2,700 Purchase 3 11.25 22,500 2,000 Total 112,850 10,400 On March 31, ABC has 2,700 units in ending inventory. Using the periodic LIFO (last-in, first-out) method, what is the value of ending inventory on March 31? O a. $28,400 O b. $28,350 O c. $30,375 O d. $30,200