Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 246 units Units Acquired at Cost 160 units @ $2 = $ 320 $ 738 110 units @ $3 = 180 units Units Sold at Retail @ $ 8 @ $ 8 210 units $4 = $ 840 158 units @ $ 8 68 units @ $5 = $ 340 Totals 684 units $ 2,238 448 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO < Required A Required B > Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 246 units Units Acquired at Cost 160 units @ $2 = $ 320 $ 738 110 units @ $3 = 180 units Units Sold at Retail @ $ 8 @ $ 8 210 units $4 = $ 840 158 units @ $ 8 68 units @ $5 = $ 340 Totals 684 units $ 2,238 448 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO < Required A Required B >
Expert Answer:
Answer rating: 100% (QA)
To help you with this question well need to calculate the cost of goods sold COGS and the value of the ending inventory under both FIFO FirstIn FirstO... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
1. Assume you are at the mid-point of your project (in terms of schedule), develop a one-page project weekly status report, with the following sections and characteristics a. Project Name - 1 mark b....
-
sell a lot at a 22% net profit. She purchased the lot for $65,450. In order to give Ms. Harrington her desired profit and in order for her to pay her broker an 8% brokerage fee, what must the selling...
-
Develop a data type Quote that implements the following API for quotations: To do so, define a nested class Card that holds one word of the quotation and a link to the next word in the quotation:...
-
Extreme Gamer Software uses the direct charge-off method to account for uncollectible accounts expenses as they occur. Selected transactions for 2016 and 2017 follow. The accounts involved are...
-
Consider the flow of saturated steam at 270.1 kPa that flows through the shell side of a shell-and-tube heat exchanger while the water flows through 4 tubes of diameter 1.25 cm at a rate of 0.25 kg/s...
-
By using six factor formula for \(k\), derive the Eqs. (7.93), (7.94) of Section 7.7.1. dkoo dp= k MB dM dB 8 + (7.93) 1+M B M B2
-
a. If Armstrong Company, with a break-even point at $ 660,000 of sales, has actual sales of $ 880,000, what is the margin of safety expressed (1) In dollars (2) As a percentage of sales? b. If the...
-
On a winter day, a psychrometer has a dry-bulb reading of 35F and a wet-bulb reading of 31F. (Use the data in this table as necessary.) (a) What is the actual moisture content of the air? (Enter your...
-
Create an Employee class that has properties for the following data: Employee name Employee number Next, create a class named Productionworker that is derived from the employee class. The...
-
Discuss your knowledge or experiences working with technology. Discussed the impact you think technology has had and/or will have on organizational processes, leadership, operational efficiencies,...
-
discuss a post that explores and explains the marketing mix elements of the airport Miami international airport identify at least one example related to your chosen airport in each of the four...
-
1. We have two different code sequences. The table bellow shows the instruction counts for each instruction class. The CPI's for each instruction class are 4, 3, 2, and 1, respectively. a. What is...
-
Discuss the benefits of studying competitors' promotion plan before developing a promotion plan for any given small service provider in BC and explain your perspectives of value added to the customer...
-
Discuss some housekeeping and laundry employee practices that can easily be neglected and that can result in spreading infections in a nursing home. What may be some of the reasons for not allowing...
-
Bevan Real Estate Inc. is a real estate holding company with four properties. You estimate that the income from these properties, which is currently $50 mil- lion after taxes, will grow 8% a year for...
-
Determine two different Hamilton circuits in each of the following graphs. A B F G
-
Prepare journal entries for the following merchandising transactions of Dollar Store assuming it uses a perpetual inventory system and the gross method. Nov. 1 5 7 10 13 16 Dollar Store purchases...
-
Prepare Garzon Companys journal entries to record the following transactions for the current year. Jan. 1 Purchases 6% bonds (as a held-to-maturity investment) issued by PBS at a cost of $40,000,...
-
Using information from Exercise 7-10, determine the impact of the December 31, February 1, and June 5 transactions on the accounting equation. For each transaction, indicate whether there would be an...
-
The things that might lead a person to quit might not be the same things that lead a person to stay with an organization. For example, another job offer or the tendency to always be looking for new...
-
Divide the team into three groups. Each group will choose value, brand, or retention equity. Or, if team sizes are smaller, each team will select an equity component. For each equity component,...
-
Generate survey or interview items that would capture value-, brand-, or retention-equity levels in workers. If possible, ask a sample of your friends and neighbors to take a survey based on your...
Study smarter with the SolutionInn App