You have the following information for Sheffield Corp. for the month ended October 31, 2022. Sheffield...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You have the following information for Sheffield Corp. for the month ended October 31, 2022. Sheffield uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $22 Oct. 9 Purchase 120 24 Oct. 11 Sale 90 35 Oct. 17 Purchase 90 25 Oct. 22 Sale 70 40 Oct. 25 Purchase 80 27 Oct. 29 Sale 100 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit 24.528 LA Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO The ending inventory 2260 $ 2660 The cost of goods sold $ Gross profit LA $ LA LA LA $ LA AVERAGE-COST 2460 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO Gross profit rate % FIFO % AVERAGE-COST % You have the following information for Sheffield Corp. for the month ended October 31, 2022. Sheffield uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $22 Oct. 9 Purchase 120 24 Oct. 11 Sale 90 35 Oct. 17 Purchase 90 25 Oct. 22 Sale 70 40 Oct. 25 Purchase 80 27 Oct. 29 Sale 100 40 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit 24.528 LA Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO The ending inventory 2260 $ 2660 The cost of goods sold $ Gross profit LA $ LA LA LA $ LA AVERAGE-COST 2460 Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) LIFO Gross profit rate % FIFO % AVERAGE-COST %
Expert Answer:
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
You have the following information for Bernelli Diamonds. Bernelli Diamonds uses the periodic method of accounting for its inventory transactions. Bernelli only carries one brand and size of...
-
You have the following information for Prospector Gems. Prospector uses the periodic method of accounting for its inventory transactions. Prospector only carries one brand and size of diamondsall are...
-
You have the following information for Gas Saver Plus. Gas Saver Plus uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 1,500 litres at a cost of 40...
-
Name: 9. 11. Bell: Directions: Evaluate each expression using the order of operations. 1. 17-5-4+2 2. 40-32+8+5--2 Date: 5. 2018-(5+3)+7] 3.35-14+2+8 7.1+(-2-5)+(14-17)-4 25 +8+3 4+3 Unit 1: Algebra...
-
Just before Walker Laboratories opened for business, James Walker, the owner, had the following assets and liabilities. Determine the totals that would appear in the firms fundamental accounting...
-
Solve the systems in Problems 39-56 for all real solutions, using any suitable method. \(\left\{\begin{array}{l}12 x-5 y=-39 \\ y=2 x+9\end{array}ight.\)
-
Explain the importance of the following principles when running parallel search methods: task distribution load balancing tree ordering
-
Redwood Industries needs 20,000 units of a certain part to use in its production cycle. The following information is available: Cost to Redwood to make the part: Direct materials...
-
During 2024, Canarie Financial Corporation had the following trading investment transactions: Jan. 5 Purchased 380 FBC common shares for $100 per share. Jan. 15 Purchased 495 DSR common shares for...
-
You have recently started work as a management accountant at Zilber Hotels, reporting to the financial controller. Draft management accounts have been prepared for the year just finished, and the...
-
Having access to an effective data warehouse dramatically increases your ability to make smarter decisions, faster. Without a data warehouse, if you want to do cross-domain analysis, you're stuck...
-
A large model rocket has a mass of 30.0 kg. It's engine can generate a thrust of 750.0 N. A) What is the net force acting on the rocket when its engine is fired? B) What is the acceleration of the...
-
Two identical charges, each 5.81x10 -5 coulombs are separated by 0.29 meters. What is the force of repulsion between the charges in newtons? Express your answer in Scientific Notation. Round to two...
-
A crate is being pulled by a rope which is horizontal to the floor. The crate's mass is 45.0 kg and it is currently accelerating at +3.50 m/s2. The coefficient between the floor and the crate is...
-
You throw a ball straight up into the air at 18 m/s from a height of 32 m above the ground. The weight of ball is 35g. (a) Calculate the time the ball takes to hit the ground. (b) Calculate the...
-
A model electric train requires 14 volts to operate. When it is connected to a 118 volt circuit, a transformer is needed. If the primary coil of the transformer has 435 turns, how many turns must be...
-
please answer it with explaination what does value mean comparingto industry average. 4. A company's stock price is \( \$ 70 \) per share. The company has \( \$ 10 \) billion in total assets. Its...
-
Use a calculator to evaluate the expression. Round your result to the nearest thousandth. V (32 + #)
-
Selected financial data for Stanley Black & Decker, Inc. and Snap-On Tools for 2009 are presented here (in millions). Instructions(a) For each company, compute the following ratios.(1) Current...
-
The following information is available for Gerard Corporation (a) Compute earnings per share for 2012 and 2011 for Gerard, and comment on the change. Gerard??s primary competitor, Thorpe Corporation,...
-
Azenabor Corporation has been using the FIFO cost flow method during a prolonged period of inflation. During the same time period, Azenabor has been paying out all of its net income as dividends....
-
Low1 Ltd is a wholly-owned subsidiary of Highl Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2024 are: Show how the trading loss...
-
A Ltd owns 100% of the issued share capital of B Ltd and 70% of the issued share capital of C Ltd. C Ltd owns 70% of the issued share capital of D Ltd. (a) Which companies are associated with A Ltd?...
-
A company which has seven wholly-owned subsidiaries has taxable total profits of 140,000 for the year to 31 March 2024. Dividends received in the year were 50,000. Calculate the corporation tax...
Study smarter with the SolutionInn App