Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in chronological order are as follows: Date Details 2022 01/01 Beginning balance 06/01 Purchased 05/02 Sold @ $12.00 per unit 19/03 Purchased 24/03 Purchased returns 10/04 Sold @ $12.10 per unit 22/06 Purchased 31/07 Sold @ $13.25 per unit 04/08 Sales returns 04/09 Sold @ $13.50 per unit 06/10 Purchased 27/11 Sold @ $15.00 per unit No.of Unit a. FIFO b. Moving weighted average. Round all numbers to 2 decimal places. 800 300 1,000 1,100 80 700 8,400 1,800 20 3,500 500 3,100 Unit Cost 7.00 7.05 7.35 7.50 8.00 Required: Assuming the entity uses perpetual inventory system. Calculate the cost of inventories on hand and the cost of goods sold at 31 December 2022 under: Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in chronological order are as follows: Date Details 2022 01/01 Beginning balance 06/01 Purchased 05/02 Sold @ $12.00 per unit 19/03 Purchased 24/03 Purchased returns 10/04 Sold @ $12.10 per unit 22/06 Purchased 31/07 Sold @ $13.25 per unit 04/08 Sales returns 04/09 Sold @ $13.50 per unit 06/10 Purchased 27/11 Sold @ $15.00 per unit No.of Unit a. FIFO b. Moving weighted average. Round all numbers to 2 decimal places. 800 300 1,000 1,100 80 700 8,400 1,800 20 3,500 500 3,100 Unit Cost 7.00 7.05 7.35 7.50 8.00 Required: Assuming the entity uses perpetual inventory system. Calculate the cost of inventories on hand and the cost of goods sold at 31 December 2022 under:
Expert Answer:
Answer rating: 100% (QA)
a FIFO Beginning Balance 20220101 Units 800 Cost per Unit 700 Total Cost 800 x 7 5600 0601 Purchases ... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in chronological order are as follows: Date Details 2022 01/01 Beginning balance 06/01 Purchased 05/02 Sold...
-
The following schedule summarizes the inventory purchases and sales of Gregory, Inc. during February 2009: Required: (a) What is Gregorys cost of goods available for sale for February 2009? (b) If...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
5.In a nut shell, when you look back over time, the power of image has always been there. Even in the prehistoric era, they used imagery to communicate, and what's even more incredible is that we are...
-
(a) Show that Eqs.33-1, and 33-2 satisfy the wave equations displayed in Problem 102. (b) Show that any expressions of the form E = Emf (k x + wt) and B = B mf (k x + wt), where f (k x + wt) denotes...
-
Why is it important for employee involvement systems to be socially embedded within an organisation?
-
For binary distillation with \(\mathrm{CMO}, \mathrm{v}_{\text {ref,mol }}=0\). If \(\mathrm{CMO}\) is valid, show that \(\mathrm{v}_{\text {ref,mass }} eq 0\) if \(\mathrm{MW}_{\mathrm{A}} eq...
-
Cantrell Company has already manufactured 20,000 units of Product A at a cost of $20 per unit. The 20,000 units can be sold at this stage for $500,000. Alternatively, the units can be further...
-
What could explain this discrepancy? The company saw a decline in sales volume from the previous year. The company charged a higher price for its product in FY2015. The company saw the cost of its...
-
Suspect Company issued $600,000 of 9 percent first mortgage bonds on January 1, 20X1, at 103. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation...
-
Alex is a salesperson and has been employed by CCI for several years. CCI is a Canadian Control Private Corporation (CCPC). The company carries on a business of selling clothing through retail...
-
4. The assets listed below belongs to Paradise Ltd and the information for each asset on 31 December 2011 are given. ACCUMULATED DEPRECIATION ASSET COST MOTOR RM 258400 RM 119000 VEHICLE DEPRECIATION...
-
The current price of a stock is $200, and the continuously compounded risk-free interest rate is 4%. A dividend will be paid every year for the next 3 years, with the first dividend occurring 1 year...
-
A balanced three-phase source supplies power to three wye-connected loads, as depicted in the single-phase diagram of Figure 4.34. LL_load The loads are Load, Load 1: Load 2: Load 3: Load, S = 38 KVA...
-
Revenue per Employee Squeeky Cleaning Services, LLC, provides cleaning services for office buildings. The firm has 10 members in the LLC, which did not change between 20Y8 and 20Y9. During 20Y9, the...
-
Determine your thesis as to whether United States foreign policy decisions should be based on ideals or self-interest. Write a one-page, double-spaced response to the question: United States foreign...
-
Rite Shoes was involved in the transactions described below. 1. Purchased $9,400 of inventory on account. 2. Paid weekly salaries and wages, $1,040. 3. Recorded sales for the first week: Cash:...
-
10m solution. If Ka(HA) = 10 then pOH of solution will be [Given : log4=0.6] (A) 6.7 (B) Greater than 6.7 & less than 7.0 (C) Greater 7.0 & less than 7.3 (D) Greater than 7.3
-
The following data (in thousands) were taken from recent financial statements of Starbucks Corporation: a. Compute the working capital and the current ratio as of September 27, 2009, and September...
-
Based upon the data presented in Exercise 2-13, (a) Prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net...
-
Sales reported on the income statement were $85,600. The accounts receivable balance decreased $7,400 over the year. Determine the amount of cash received from customers.
-
A short connecting pipe between two tanks is clogged with a plug of \(\mathrm{NaCl}\) crystals. The plug formed as a cylinder of circular cross-sectional area with a constant diameter \(D=2.0...
-
An organization with a mission to build is in rapid expansion and growth. An organization with a mission to harvest is in a mature market. Assuming compensation is based on each of the factors listed...
-
Repeat Example \(15-7\) except with a forced flow with a velocity of \(1.05 \mathrm{~cm} / \mathrm{s}\) past the sphere. Use Eq. (15-60b) to determine \(\mathrm{k}_{\mathrm{c}}\). The viscosity of...
Study smarter with the SolutionInn App