On March 1, Tina Cycle Store had an inventory of 100 bicycles at a cost of...
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On March 1, Tina Cycle Store had an inventory of 100 bicycles at a cost of $300 each. During the month of March, the following transactions occurred. March. 4 Purchased bicycles at a cost of $4000 from Wim Cycle Company, terms 2/10, n/30. Paid freight of &$120 cash Sold bicycles to Team UAE for $4800, terms 2/10, n/30, cost of $3,000 Received credit from Wim Cycle Company for the return of defective bicycles for $600. 13 Issued a credit memo to Team UAE for the return of defective bicycles for $900, cost of $300 14 Paid Wim Cycle Company full net amount. Inventory Cost Flow Method 1/1 50 6/2 50 13/9 150 100 units @ units @ units @ units @ units @ $1.00 $1.10 $1.20 $1.30 $1.40 $50 $55 $180 $130 $210 20/10 25/11 150 %3D Units Purchased: 500 units $625 Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company's inventory at October 31 is given below: 400 units @ £10.00 = 800 units @ £10.40 = 600 units @£10.80 = 200 units @ £11.60 = 2.000 units £4,000 8,320 6,480 2.320 £21.120 Beginning inventory Purchase October 8 16 Purchase Purchase Total units and cost 24 On March 1, Tina Cycle Store had an inventory of 100 bicycles at a cost of $300 each. During the month of March, the following transactions occurred. March. 4 Purchased bicycles at a cost of $4000 from Wim Cycle Company, terms 2/10, n/30. Paid freight of &$120 cash Sold bicycles to Team UAE for $4800, terms 2/10, n/30, cost of $3,000 Received credit from Wim Cycle Company for the return of defective bicycles for $600. 13 Issued a credit memo to Team UAE for the return of defective bicycles for $900, cost of $300 14 Paid Wim Cycle Company full net amount. Inventory Cost Flow Method 1/1 50 6/2 50 13/9 150 100 units @ units @ units @ units @ units @ $1.00 $1.10 $1.20 $1.30 $1.40 $50 $55 $180 $130 $210 20/10 25/11 150 %3D Units Purchased: 500 units $625 Toso Company uses the periodic inventory system to account for inventories. Information related to Toso Company's inventory at October 31 is given below: 400 units @ £10.00 = 800 units @ £10.40 = 600 units @£10.80 = 200 units @ £11.60 = 2.000 units £4,000 8,320 6,480 2.320 £21.120 Beginning inventory Purchase October 8 16 Purchase Purchase Total units and cost 24
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Units produced and sold 80000 100000 120000 Total Costs Variable Costs 240000 1000003 300000 1200003 360000 Fixed Costs 320000 320000 320000 Total Cos... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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