month of May: May 1 May 6 May 9 May 13 and cost of $350. May...

 

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month of May: May 1 May 6 May 9 May 13 and cost of $350. May 15 May 18 May 23 -Tia's Craft Shop had the following transactions in the Tia purchased inventory on credit for $420, with terms 3/10, n/30. Tia returned $100 of damaged merchandise. Tia paid for merchandise purchased on May 1. Tia sold merchandise to SAVE, Inc. on credit for $600, with terms 2/10, n/30, SAVE, Inc. returned $200 worth of merchandise, with a cost of $116. Tia paid $50 of freight charges for inventory purchased in April SAVE, Inc paid for merchandise purchased on the 13th, Inventory Valuation (LIFO/FIFO/WA) (15 pts.) A company made the following merchandise purchases and sales during the month of July: July 1 July 5 July 9 July 14 July 20 July 30 purchased 380 units at $15 each purchased 270 units at $20 each sold 500 $24 each $30 each There was no beginning inventory. Calculate the COGS & ending inventory values using LIFO, FIFO & weighted avg. purchased 300 sold 250 purchased 250 Fill in the missing amounts for a-h. Company Sutherland Crossen Williams Scott units at units at units at units at Net Sales $100,000 125,000 (e) 88,000 Beginning Inventory $20,000 28,000 (6) 7,000 Net Purchases $59,000 (c) $2,000 29,000 Ending Inventory $16,000 45,000 20,000 (g) Cost of Goods Sold (a) (d) 60,000 33,000 Gross Profit (b) 52,000 36,000 (h) month of May: May 1 May 6 May 9 May 13 and cost of $350. May 15 May 18 May 23 -Tia's Craft Shop had the following transactions in the Tia purchased inventory on credit for $420, with terms 3/10, n/30. Tia returned $100 of damaged merchandise. Tia paid for merchandise purchased on May 1. Tia sold merchandise to SAVE, Inc. on credit for $600, with terms 2/10, n/30, SAVE, Inc. returned $200 worth of merchandise, with a cost of $116. Tia paid $50 of freight charges for inventory purchased in April SAVE, Inc paid for merchandise purchased on the 13th, Inventory Valuation (LIFO/FIFO/WA) (15 pts.) A company made the following merchandise purchases and sales during the month of July: July 1 July 5 July 9 July 14 July 20 July 30 purchased 380 units at $15 each purchased 270 units at $20 each sold 500 $24 each $30 each There was no beginning inventory. Calculate the COGS & ending inventory values using LIFO, FIFO & weighted avg. purchased 300 sold 250 purchased 250 Fill in the missing amounts for a-h. Company Sutherland Crossen Williams Scott units at units at units at units at Net Sales $100,000 125,000 (e) 88,000 Beginning Inventory $20,000 28,000 (6) 7,000 Net Purchases $59,000 (c) $2,000 29,000 Ending Inventory $16,000 45,000 20,000 (g) Cost of Goods Sold (a) (d) 60,000 33,000 Gross Profit (b) 52,000 36,000 (h)

Answer rating: 100% (QA)

ANSWER To calculate the COGS and ending inventory values using LIFO FIFO and weighted average we need to first determine the cost of goods available f... View the full answer