The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. Units...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.g. 61,052.50.) FIFO Weighted- average +A LA Cost of Goods Sold 79865 VA +A Gross Margin 101635 0 0 +A $ Ending Inventory 1485 The following information relates to Splish Brothers Ltd's inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,650 $24,750 6 Purchase 35 $1,320 46,200 8 Sale 5 16 Purchase 10 $1,650 16,500 20 Sale 40 26 26 Purchase 5 $1,453 7,265 30 Sale 10 All of the units sold were priced at $3,300 per unit. (a) Your answer is incorrect. Splish Brothers Ltd. uses the perpetual inventory system. Calculate Splish Brothers's cost of goods sold, gross margin, and ending inventory for the month of August using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to 2 decimal places, e.g. 61,052.50.) FIFO Weighted- average +A LA Cost of Goods Sold 79865 VA +A Gross Margin 101635 0 0 +A $ Ending Inventory 1485
Expert Answer:
Related Book For
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
Posted Date:
Students also viewed these accounting questions
-
The Klein Department Stores, Inc. chief executive officer ( CEO ) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has...
-
Q 7 A lessee wants to apply the recognition exemption available for short-term leases. How is the short-term recognition exemption applied? Select the one correct option and then select Submit. By...
-
Stock A has a standard deviation of 7%. Stock B has a standard deviation of 12%. The correlation coefficient between the two stocks' returns is 0.4071. What is the risk (standard deviation) for an...
-
The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are...
-
Solve each equation or inequality. |18 - 3x| < -13
-
From which of the following procedures would an auditor obtain evidence about the existence of inventory? a. Physical inventory observation. b. Written representations from management. c....
-
Austin Limited is trying to determine the value of its ending inventory as of February 28, 2014, the companys year-end. The following transactions occurred, and the accountant asked your help in...
-
FILA used new media and social media to help the sport of wrestling win its reinstatement in the Olympic Games. Along with new media, what traditional communication methods could an organization use...
-
A double pipe heat exchanger is made of a 6-nom sch 40 commercial steel outer pipe and a 5-nom sch 40S stainless steel inner pipe. The fluid in the annular space is cyclohexane that has a volumetric...
-
ANALYTICS (5%) For each platform, outline how you will measure analytics and include which metrics you will be measuring to track success? Set benchmarks for each platform's metrics.
-
Usage of Artificial intelligence (AI) in auditing), Proposed Program, and go through the stages of project management (i.e. Defining the project scope, Project time, project cost, human resources)...
-
Using the information from a project below: Activity Predecessor A B C D E F G 3.1 3.2 3.3 A;B B;C D;E F Duration (Days) 10 9 13 15 17 18 10 Construct the network diagram (AON) and identify the...
-
SOLGO Based on the UML class diagram and specification given below, write a complete Java program conqa shivong s Shapes2D +calArea():double Shape -width: double -length: double ii. mush +setWidth()...
-
Design and build a Java application that requires the user to input the payroll data via the console/command line and store it in an appropriate internal structure. There is no requirement for this...
-
} Given the following codes below, What is the printout of the call nPrint("a", 4)? class Test1 { public static void main(String args[]) { int k = 4; nPrint("a", k); } public static void...
-
This will be an individual project. The final project plan with all design, research, and work should be completed by each student individually. Students will become familiar with data management,...
-
Heineken N.V., a global brewer based in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2016 (euros in millions). Prepare the balance sheet for this...
-
A company takes out a seven-year, $750,000 mortgage on December 1. The interest rate on the mortgage is 6.0% per year, and blended payments of $10,956 (including both interest and principal) are to...
-
Nearly Meat Ltd. (NML) is a commercial distributor of plant-based meat substitutes to grocery stores and chains in Western Canada. NML and the companys management team have successfully grown the...
-
On January 1, 2024, Casey Incorporated acquired 25% of the outstanding common shares of List Company Ltd. The details of the acquisition and the earnings for List are as follows: Assume that the net...
-
Find the natural frequencies of a fixed-fixed bar undergoing longitudinal vibration, using three mesh points in the range \(0
-
The ends of a beam are elastically restrained by linear and torsional springs, as shown in Fig. 11.11. Using the finite difference method, express the boundary conditions. k W(x) k 00000 Deflected...
-
Using the fourth-order Runge-Kutta method, solve Problem 11.20. Data From Problem 11.20:- The equations of motion of a two-degree-of-freedom system are given by \(2 \ddot{x}_{1}+6 x_{1}-2 x_{2}=5\)...
Study smarter with the SolutionInn App