Ques 9: Rogers made few purchases and few sales for apple iPod. Calculate the Gross profit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ques 9: Rogers made few purchases and few sales for apple iPod. Calculate the Gross profit and Cost of Goods Sold for Apple iPod for Rogers for the month of Jan by using perpetual inventory system (20 pts) a. FIFO (10 Pts) b. Moving Weighted Average Method (10 pts). Round off the figures. Date Inventory Units Price $ Jan 1 Beg. Inventory 211@ 120 (C.P) Jan 7 Sales Jan12 Purchase Jan 15 Sales Jan 24 Purchases Jan 28 Sales Selling Price Cost Price 210@ 200 (S.P) 100@ 130 (C.P) 120 @270 (S.P) 90 @ 100 (C.P) 105 @270 (S.P) S. P= C.P= Ques 9: Rogers made few purchases and few sales for apple iPod. Calculate the Gross profit and Cost of Goods Sold for Apple iPod for Rogers for the month of Jan by using perpetual inventory system (20 pts) a. FIFO (10 Pts) b. Moving Weighted Average Method (10 pts). Round off the figures. Date Inventory Units Price $ Jan 1 Beg. Inventory 211@ 120 (C.P) Jan 7 Sales Jan12 Purchase Jan 15 Sales Jan 24 Purchases Jan 28 Sales Selling Price Cost Price 210@ 200 (S.P) 100@ 130 (C.P) 120 @270 (S.P) 90 @ 100 (C.P) 105 @270 (S.P) S. P= C.P=
Expert Answer:
Answer rating: 100% (QA)
Answer Gross Profit and Cost of Goods Sold Please give a thumbs up if you f... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd. (11) 2. What observations can you make about the common-size statements? List at least...
-
Cost of goods sold is shown as a distinct line item on the income statement. Where is information related to cost of goods sold shown on the statement of cash flows under both the direct and indirect...
-
The actual variable cost of goods sold for a product was $ 70 per unit, while the planned variable cost of goods sold was $68 per unit. The volume increased by 1,200 units to 7,000 actual total...
-
Explain the difference between impregnation and infiltration. Give some applications for each?
-
Energy-conservation advocates claim that storm windows can substantially reduce energy losses (or gains). Consider a vertical 1.0-m-square window covered by a storm window with an air gap of 2.5 cm....
-
Propose a mechanism for the acid-catalyzed condensation of n-propyl alcohol to n-propyl ether, as shown above. When the temperature is allowed to rise too high, propene is formed. Propose a mechanism...
-
Describe how ethical theories, principles, virtues, and values are helpful to caregivers and the ethics committee in resolving ethical dilemmas.
-
The Hamilton Company balance sheet on January 1, 2007 was as follows: The Korbel Company is considering purchasing the Hamilton Company (a privately held company) and discovers the following about...
-
Please solve this question with clear steps.And.Check the answers or make sure that they are right. Image transcription text 4 QUESTION 4 (40 Points) Using the finite element method, determine the...
-
In Part III (Appendix 11B) of the audit case, the audit staff of Adams, Barnes & Co. identified specific revenue risks on working paper RA-12 (page 494). However, the Summary of Audit Approach...
-
Presented below is financial information for Oriole Company. Cash received from revenues from customers $19,840 Cash received from owner (investment) 6,200 Cash paid for new equipment 3,565 Cash paid...
-
CoursHeroTranscribedText Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. (If no entry is required for a transaction/event, select "No journal entry...
-
Explain the legal requirements that require financial reporting in accordance with IFRS in the European Union. b) Explain the legal requirements that require financial reporting in accordance with...
-
What does this mean "Is AMIR QURAISHI LLC owned or controlled by a common parent, that files its Federal Income Tax returns on a consolidated basis?
-
The tHREE most popular contactless payment systems are apple pay, google pay and Samsung pay. Each has advantages and disadvantages. Using internet research, these three different systems. Create a...
-
Suppose the velocity of money (V) is constant. Money supply (M) is growing at 5% per year, output (Y ) is growing at 2% per year and interest rate (r) is 4%. Using the knowledge of the quantity...
-
You decide to levitate a paperclip (m = 1 g). For that, you generate a vertically oriented (from the ground upward) uniform electric field E = 200 V/m. Then you add an electric charge to the...
-
A copper rod of length L =18.0 in is to be twisted by torques T (see figure) until the angle of rotation between the ends of the rod is 3.08. (a) If the allowable shear strain in the copper is 0.0006...
-
Charlotte Foods Corporation manufactures and distributes prepared foods. Slidell, Inc. operates more than 300 restaurants located in 19 states. The following schedule lists the year-end current...
-
Each unit of product made by Jeremy, Inc. sells for $120. The company has an annual production and sales volume of 35,000 units. Costs per unit are as follows: Direct...
-
Following are selected December 31 account balances of Kosciusko, Inc. prior to the preparation of year-end adjusting journal entries: Property, Plant &...
-
Do you know about the chart of accounts in your organization as it pertains to information you receive?
-
If you receive reports in the course of your work, do you believe that they are prepared for outside (third party) use or for internal (management) use? What leads you to believe this?
-
If so, is it similar to one of the three formats illustrated in this chapter? If not, how is it different?
Study smarter with the SolutionInn App