FREE Trial

Given the following information, calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold,

Question:

Given the following information, calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted aver-age. Assume a periodic inventory system is used.
Given the following information, calculate cost of goods available for
Transcribed Image Text:

Units 50 250 (100) 200 Unit Cost $10 13 Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory $15

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 42% (7 reviews)

FIFO Beginning Inventory 50 units x 10 500 Purchases 250 units x 13 3 250 Goods Availa…View the full answer


answer-question
Answered By
tutor-profile-image
John Kago
Am a processional practicing accountant with 5 years experience in practice, I also happens to have hands on experience in economic analysis and statistical research for 3 years. am well conversant with Accounting packages, sage, pastel, quick books, hansa world, etc, I have real work experience with Strata, and SPSS
4.70+ 31+ Reviews 77+ Question Solved
Related Book For  answer-question
Fundamentals of Financial Accounting

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: November 02, 2015 05:44:48
See More Questions

Students also viewed these Accounting questions

Q:
The following are the transactions for the month of July. Required: Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO,...
A:
Inventory cost flow computations FIFO Beginning inventory purchases 1......
Q:
You have been given the following information for Moores HoneyBee Corp.: a. Net sales = $32,000,000; b. Gross profits = $18,700,000; c. Other operating expenses = $2,500,000; d. Addition to retained...
A:
Net sales 32 000 000 Less Cost of goods sold Step 1 13 300 000 Gross profits 18 700 000 Less Other o......
Q:
Charger Incorporated and Sparks Electrical Company are competitors in the business of electrical components distribution. Sparks is the smaller firm and has garnered the attention of the management...
A:
a Assume Charger is an all equity firm and plans on remaining so after the merger and that the appro......
Q:
Calculate the managerial remuneration from the following particulars of Zen Ltd. the company has only one Managing Director. Net Profit Net Profit is calculated after considering the following:...
A:
To calculate the managerial remuneration for the Managing Director of Zen Ltd we need to consider th......
Q:
Write the general equation of motion for a mass that is on a horizontal frictionless surface and is connected to a spring at equilibrium (a) If the mass is initially pulled in the axis from the...
A:
a For SHM w......
Q:
A 50-kg iron block and a 20-kg copper block, both initially at 80°C, are dropped into a large lake at 15°C. Thermal equilibrium is established after a while as a result of heat transfer...
A:
An iron block and a copper block are dropped into a large lake The total amount of entropy change wh......
Q:
Use indirect truth tables to determine whether the following arguments are valid or invalid.
A:
To determine whether the argument is valid or invalid using an indirect truth table we ll assume the......
Q:
Raymond is a senior partner in a manufacturing firm and is approaching retirement age. In discussing succession planning with the company partners, two alternatives have been presented to Raymond....
A:
Analysis of First Alternative Cash flow components March 31 2016 2017 2018 Total Distribution of prior years income see Note A 205 000 205 000 Distrib......
Q:
In February 2019, ABC Ltd. grants Nancy options to acquire 4,000 shares of the company at an exercise price of $10. At that time, the FMV of the company was $6 per share. On November 1, 2019 when the...
A:
Scenario 1 ABC is not a CCPC Year 2019 Employment Income Nancy exercised 1 000 shares at an exercise price of 10 each when the market price was 11 res......
Q:
Stub Hub is a popular Web site where fans can buy and sell tickets to concerts and sporting events. Below are data representing the amounts (in dollars) that buyers using StubHub spent on Super Bowl...
A:
a 2 123445889 3 0356 4 2 5 0 6 7 5 b This plot gives us an overview of al......
Q:
Complete the following table by indicating which inventory costing method (FIFO or LIFO) would lead to the effects noted in the rows, for each of the circumstances described in the columns....
A:
1 Declining Costs 2......
Q:
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic...
A:
Goods available for sale All methods Units Unit Cost Total Cost Beginning inventory 2 000 40 80 000......
Q:
A radio station that plays classical music has a by request program each Saturday evening. The percentages of requests for composers on a particular night are as follows: Bach........... 5%...
A:
a P Bach or Beethoven or Brahm......
Q:
What is counterpower? Provide an example of counterpower from your own experience.
A:
Counterpower also known as countervailing power refers to the ability of individuals or groups to re......
Q:
What are the trait perspectives on leadership?
A:
Trait perspectives on leadership focus on identifying the specific traits characteristics and attributes that distinguish effective leaders from non leaders These perspectives assume that leaders poss......
Q:
Compare and contrast the resource dependence model of power and politics with the strategic contingency model.
A:
The resource dependence model of power and politics and the strategic contingency model are two theoretical frameworks used to understand power dynamics within organizations Here s a comparison and co......
Q:
How do the theories of Tannenbaum and Schmidts leadership continuum and McGregors Theory X and Theory Y attempt to define leadership?
A:
Tannenbaum and Schmidt s Leadership Continuum and McGregor s Theory X and Theory Y are two prominent theories in the field of organizational behavior that provide different perspectives on leadership......
Q:
Discuss the differences between the internal and external leadership roles surrounding self-managed work teams.
A:
Self managed work teams are a common organizational structure in which employees have a high degree of autonomy and responsibility for their tasks and decision making Leadership within such teams can......
Q:
Evaluating risk and return Bartman Industries and Reynolds Inc.s stock prices and dividends, along with the Winslow 5000 Index, are shown here for the period 20002005. The Winslow 5000 data are...
A:
a b On a stand alone basis it would appear that Bartman is the most risky Reynolds the least risky c......
Q:
Suppose that a business sells 6-month subscriptions to its monthly magazine. On January 1, the company receives a total of $600 for 10 subscriptions. To record this transaction, the company debits...
A:
A 1 Account title and e......
Q:
Coach, Inc. is a maker of handbags and other womens and mens accessories. Assume the following were reported in Coachs adjusted trial balance and were used to prepare its June 30, 2017, year-end...
A:
1 The following accounts might have needed deferral adjustments at June 30......
Q:
Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. Assume the following is a simplified list of accounts and amounts (in millions)...
A:
1 Regis Corporation Adjusted Trial Balance At June 30 2017 in millions Account Titles Debit Credit C......
Q:
ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit...
A:
1 No The amount to be reported for retained earnings on the balance sheet would be the amount report......
Accountancy Accounting For Companies Accounting For Companies 1st Edition - ISBN: 1642879738 - Free Book