Question: Inventory problem: Strand Corp has the following information: Beginning Inventory- 2,000 units @ $20/unit Purchased- 3,000 units @ $25/unit Purchased- 1,500 units @ $30/unit Sold-

Inventory problem:

Strand Corp has the following information:

Beginning Inventory- 2,000 units @ $20/unit

Purchased- 3,000 units @ $25/unit

Purchased- 1,500 units @ $30/unit

Sold- 4,400 units for $50/each

REQUIRED: for FIFO, LIFO and Weighted Average:

  1. Calculate the value of Ending Inventory
  2. Calculate and show the schedule for Cost of Goods Sold
  3. Calculate and show the schedule for Gross Profit
  4. Calculate and show the Gross Profit Percentage (carry out at least 1 decimal place)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Strand Corp has the following information: Beginning Inventory- 2,000 units @ $20/unit= $40,000 Purchased- 1,000 units @ $22/unit= $22,000 Purchased- 1,500 units @ $23/unit= $34,500 Purchased- 1,700...

Q:

Problem #3: Strand Corp has the following information: Beginning Inventory- 10,000 units @ $20/unit Purchased- 30,000 units @ $25/unit Purchased 15,000 units @ $30/unit Sold- 44,000 units for...

Q:

Strand Corp has the following information: Beginning Inventory- 2,000 units @ $20/unit Purchased- 3,000 units @ $25/unit Purchased 1,500 units @ $30/unit Sold- 4,400 units for $50/each REQUIRED: for...

Q:

Strand Corp has the following information: Beginning Inventory- 2,000 units @ $20/unit Purchased- 3,000 units @ $25/unit Purchased- 1,500 units @ $30/unit Sold- 4,400 units for $50/each REQUIRED: for...

Q:

Financial Acctg Project #2 Strand Corp has the following information: Beginning Inventory- 1,000 units @ $200/unit Purchased- 3,000 units @ $250/unit Purchased- 1,500 units @ $325/unit Sold- 4,400...

Q:

Financial Acctg Project #2 Strand Corp has the following information: Beginning Inventory- 1,000 units @ $200/unit Purchased- 3,000 units @ $250/unit Purchased- 1,500 units @ $325/unit Sold- 4,400...

Q:

Strand Corp has the following information: Beginning inventory - 1000 units @ $200/unit Purchased - 3000 units @ $250/unit Purchased - 1500 units @ $325/unit Sold - 4400 units for $500/unit REQUIRED...

Q:

Strand Corp has the following information: Beginning Inventory1,000 units @ $200/ unit Purchased3,000 units @ \$250/unit Purchased1,500 units @ \$325/unit Sold4,400 units for $500 /each REQUIRED: for...

Q:

BAF Company uses a periodic inventory system and its inventory records for June contain the following information: Total Beginning Inventory: 300 units $ 780 Purchased on June 10 400 units $1,170...

Q:

BAF Company uses a periodic inventory system and its inventory records for June contain the following information: Total Beginning Inventory: 300 units 780 Purchased on June 10 400 units $1,170...

Q:

In deciding to go to a new organizational form, what impact should the capabilities of the following groups have on your decision? a. Top management b. Middle management c. Lower-level management

Q:

You are considering an investment in the common stock of Wal-Mart. The following information is from the financial statements of Wal-Mart Stores, Inc. and Subsidiaries included in Form 10-K for...

Q:

A process has an affinity with the processor on which it is currently running

Q:

Hello, I correctly figured out all the answers up until the P value and whether or not to reject the hypothesis. Could you please show the work on how you figure out the P value and then why we would...

Q:

2-14 What types of information systems and business processes were used by Income before migrating to the fully digital system? NTUC Income (Income), one of Singapores largest insurers, has over 2...

Q:

2-10 In this exercise, you will learn how to use spreadsheet software to improve management decisions about selecting suppliers. You will filter transactional data on suppliers based on several...

Q:

2-9 Quincaillerie is a small family hardware store in Paris, France. The owners must use every square foot of store space as profitably as possible. They have never kept detailed inventory or sales...