Roma Company uses the Periodic Inventory System. It reported the following transactions for the month of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Roma Company uses the Periodic Inventory System. It reported the following transactions for the month of July 2021: Transaction Cost / units Price per Cost/ unit ($) price ($) Date # of Total 1/7 Beginning Inventory 200 4 800 5/7 Purchase 500 2500 7/7 Sale 400 8 3200 15/7 Purchase 500 5.5 2750 22/7 Sale 350 8 2800 30/7 Purchase 200 6 1200 If the company uses FIFO to value its inventory, Calculate the value of Cost of goods sold for July, 2021. Roma Company uses the Periodic Inventory System. It reported the following transactions for the month of July 2021: Transaction Cost / units Price per Cost/ unit ($) price ($) Date # of Total 1/7 Beginning Inventory 200 4 800 5/7 Purchase 500 2500 7/7 Sale 400 8 3200 15/7 Purchase 500 5.5 2750 22/7 Sale 350 8 2800 30/7 Purchase 200 6 1200 If the company uses FIFO to value its inventory, Calculate the value of Cost of goods sold for July, 2021.
Expert Answer:
Answer rating: 100% (QA)
Ans Total units sold 400 350 750 units FIFO Cost of go... View the full answer
Related Book For
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
Posted Date:
Students also viewed these accounting questions
-
Assume Sunland Company uses the periodic inventory system and has a beginning inventory balance of $ 6000 , purchases of $ 78000 , and sales of $ 102000 . Sunland closes its records once a year on...
-
The Hawk Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, (c) weighted-average methods. Loyola sells only one...
-
The Nicole Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, (c) Weighted-average methods. Nicole sells only one...
-
Prepare a set of profile leveling notes for the data listed and show the page check. All data is given in feet. The elevation of BM A is 1364.58, and the elevation of BM B is 1349.26. Rod readings...
-
This exercise is the first exercise in a sequence that begins an accounting cycle. The cycle is continued in Chapter 2 and completed in Chapter 3. Lydons Yard Care, Inc., began operations and...
-
A research MD designs a study to examine the relationship between the dose of a drug and the cumulative urine volume (CUMVOL) for a drug being considered as a diuretic. The selected group of 24...
-
The following production information about quality costs has been gathered for September: Using these data, calculate the following: a. Total cost to rework b. Profit lost from not reworking all...
-
Forced-convection heat transfer in flow between parallel plates (Fig. 10B.7), a viscous fluid with temperature-independent physical properties is in fully developed laminar flow between two flat...
-
When it comes to Walmart potentially switching over from GAAP to IFRS, there are both advantages as well as challenges. IFRS is currently used by many countries globally, which may make it easier for...
-
Consider the deterministic world below (part (a)). Allowable moves are shown by arrows, and the numbers indicate the reward for performing each action. If there is no number, the reward is zero....
-
(10 points) Consider the following 4-stock portfolio: Stock Investment Beta $100,000 1.50 $150,000 -0.25 $250,000 1.25 $500,000 0.75 A B C D The market required rate of return is 12 percent and the...
-
If a11 a12 [b11 b12] A = and B a21 a22 b21 b22 are arbitrary vectors in R22, then the mapping (A, B) = a11b11+ a12b12 + a21b21+ a22b22 defines an inner product in R22. Use this inner product to...
-
Discuss two ways in which this type of crime has or will change the face of investigations in the United States. Identify and discuss two technological tools that could be used to investigate the...
-
How to: 60 Second Elevator Pitch for a Data Analyst in the medical field. 1). Who Am I? Begin by introducing yourself. Current employer or job title and duties/responsibilities. 2). Explain your...
-
What Internet source can one use to answer the following questions? how does inflation impact the identification of a target market? How does inflation impact competitive positioning? How does...
-
Aggregate output Yt is produced from capital Kt and labor Lt according to the following production function: Yt = F (Kt , Lt) = AtK 1/3 t L 2/3 t . If capital grows at 3% per year, population by 1%...
-
Optimize the following codes, a. while i item=10; i=i+item; end
-
Teasdale Inc. manufactures and sells commercial and residential security equipment. The comparative unclassified balance sheets for December 31, 2015 and 2014 are provided below. Selected missing...
-
In August 1991, Ruth Schwartz, executive director of Shelter Partnership, Inc., a nonprofit corporation that provided services for homeless people, was reviewing the way that she accounted for the...
-
Sandy Bond, a recent business school graduate who had recently been employed by Huron Automotive Company, was asked by Huron's president to review the company's present cost accounting procedures. In...
-
Heritage, Ltd., is a U.S. company doing business in 20 countries. Local exchange rates for U.S. $1 at year-end before the introduction of the Euro were The company's records indicate the following...
-
During the 1950s, many profitable manufacturing industries in the United States, such as steel, tires, and autos, were considered oligopolies. Why do you think such firms work hard to keep imports...
-
Under oligopoly, a few large firms control most of the production and sale of a product because a. economies of scale make it difficult for small firms to compete. b. diseconomies of scale make it...
-
One of the reasons that collusive oligopolies are usually short lived is that a. they are unable to earn economic profits in the long run. b. they do not set prices where marginal cost equals...
Study smarter with the SolutionInn App