The following information relates to Good Kitchen Ltd's inventory transactions during the month of March. Units...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information relates to Good Kitchen Ltd's inventory transactions during the month of March. Units Cost/Unit Amount Mar. 1 Beginning inventory 5,600 $20.00 $112,000 7 Sale 4,300 12 Purchase 2,600 $22.00 $57,200 16 Purchase 700 $22.00 $15,400 18 Sale 1,600 27 Purchase 4,200 $27.00 $113,400 29 Sale 3,600 All of the units sold were priced at $59.00 per unit. Good Kitchen Ltd. uses the periodic inventory system. Calculate Good Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using FIFO. Cost of Goods Sold Gross margin $ Ending Inventory %24 %24 %24 The following information relates to Good Kitchen Ltd's inventory transactions during the month of March. Units Cost/Unit Amount Mar. 1 Beginning inventory 5,600 $20.00 $112,000 7 Sale 4,300 12 Purchase 2,600 $22.00 $57,200 16 Purchase 700 $22.00 $15,400 18 Sale 1,600 27 Purchase 4,200 $27.00 $113,400 29 Sale 3,600 All of the units sold were priced at $59.00 per unit. Good Kitchen Ltd. uses the periodic inventory system. Calculate Good Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using FIFO. Cost of Goods Sold Gross margin $ Ending Inventory %24 %24 %24
Expert Answer:
Answer rating: 100% (QA)
A FIFO Purchase date Available for sale Cost of goods sold Ending inventory Activity U... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
The following information relates to Spiker Manufacturing Inc. for the fiscal year ended July 31, 2011. Assume that there are no tax rate changes, a 30% tax rate applies to all items reported in the...
-
The following information relates to the Plus Factors Group plc for the years to 30 September 20X8 and 20X9: Ordinary dividends were declared as follows: Interim 1.12 pence per share (20X8, l.67p)...
-
The following information relates to Dell City, whose first fiscal year ended December 31, 2019. Assume Dell has only the long-term debt as specified below and only the funds necessitated by the...
-
On August 31, 2014, Nina Herrera borrowed $5,000 from Second State Bank. Herrera signed a note payable, promising to pay the bank principal plus interest on August 31, 2015. The interest rate on the...
-
(Note: This is the same problem as Problem 8-3, but assuming use of the complete or the partial equity method.) The accounts of Pyle Company and its subsidiary, Stern Company, are summarized below as...
-
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of recording the over- and underbillings...
-
Distinguish briefly between the three types of corporate fraud.
-
(a) Generate the material requirements. You need a BOM for each of the three products (A, B, and C), beginning inventory levels, and scheduled receipts. The BOMs are shown in Figure. All items use...
-
1. Create a flowchart for the following program: - Get 3 numbers from user - Check if the biggest of the 3 is odd - - If it is, add 1 to it and Print "Now It Is Even" If it is not get another 3...
-
REPCO performs warranty repair work for name-brand kitchen appliances. REPCO bills appliance manufacturers on a costplus basis. It has a job-costing system that computes the cost of each order by...
-
discuss the concept of epigenetic regulation as a mechanism for maintaining cellular and organismal homeostasis by integrating environmental cues and metabolic signals to modulate gene expression...
-
Jim Junction purchased a building business on November 17,2017 , for \(\$ 400,000\). On July 21, 2018, he exchanged the building for another business building in a like-kind exchange. The new...
-
How can the ill-effects of multicollinearity be mitigated? Describe each potential remedy and note the advantages and disadvantages of each.
-
What are some of the key differences and key assumptions between scientific and interpretive approaches to conducting research in health communication? Give two examples for how each approach can be...
-
In January 2018, Leon McLeod received a gift of a beach cottage valued at \(\$ 250,000\) from his great-uncle who owned a number of such buildings. The cottage was rented each year to college...
-
Carl Cushman, a college professor, age 58, purchased and moved into a house on August 1, 2016. He used the house continuously until September 1 , 2017, on which date he went abroad for a one-year...
-
What is meant by a merger involving 2 corporations, and what is meant by a consolidation involving 2 corporations? Group of answer choices A. In a merger of corporations A and B both corporations...
-
1. Firms may hold financial assets to earn returns. How the firm would classify financial assets? What treatment will such financial assets get in the financial statements in accordance with US GAAP...
-
Select the correct answer for each of the following questions. 1. Which of the following statements concerning the prospectus required by the Securities Act of 1933 is correct? a. The prospectus is a...
-
What is usually included in the plan of reorganization filed as part of a Chapter 11 reorganization?
-
Power Corporation acquired 70 percent of Silk Corporations common stock on December 31, 20X2. Balance sheet data for the two companies immediately following the acquisition follow: At the date of the...
-
Compare the export rankings of the top ten leading exports of 1999 with the rankings of the top ten leading exports in 2010 (see Table 1.3). Discuss some of the reasons why these rankings have...
-
Use Table 1.1 to find the three most open economies in 2009, and the three most closed. How does the growth performance of these countries compare with the growth of the average country in the table?...
-
Use Table 1.1 to find three countries that have gone from being mostly closed to being open from 1980 to 2009. Also, find three countries where the reverse has happened. What has been the implication...
Study smarter with the SolutionInn App