The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. 2 Purchase 1 $ 55 14 Purchase 1 57 28 Purchase 1 62 Total $174 Average cost per unit $ 58 ($174+3 units) Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first- out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Obj. 3 Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Apr. 1 Inventory 420 units at $8 10 Sale 300 units 18 Purchase 280 units at $9 27 Sale 250 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on April 27 and (b) the inventory on April 30. Obj. 3 Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on January 25 and (b) the inventory on January 31. 8. Inventory Turnover and Days' Sales in Inventory Obj. 7 Financial statement data for two years ending December 31 for Holland Company follow: 20Y4 20Y3 Cost of goods sold $4,504,500 $3,715,200 Inventories: Beginning of year 788,000 760,000 End of year 850,000 788,000 a. Determine the inventory turnover for 20Y4 and 20Y3. ANSWER b. Determine the days' sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place c. Are the changes in the inventory turnover and days' sales in inventory from 20Y3 to 20Y4 favorable or unfavorable? The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. 2 Purchase 1 $ 55 14 Purchase 1 57 28 Purchase 1 62 Total $174 Average cost per unit $ 58 ($174+3 units) Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first- out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Obj. 3 Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Apr. 1 Inventory 420 units at $8 10 Sale 300 units 18 Purchase 280 units at $9 27 Sale 250 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on April 27 and (b) the inventory on April 30. Obj. 3 Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on January 25 and (b) the inventory on January 31. 8. Inventory Turnover and Days' Sales in Inventory Obj. 7 Financial statement data for two years ending December 31 for Holland Company follow: 20Y4 20Y3 Cost of goods sold $4,504,500 $3,715,200 Inventories: Beginning of year 788,000 760,000 End of year 850,000 788,000 a. Determine the inventory turnover for 20Y4 and 20Y3. ANSWER b. Determine the days' sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place c. Are the changes in the inventory turnover and days' sales in inventory from 20Y3 to 20Y4 favorable or unfavorable?
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on...
-
When VGS = 0.5 VGS(off) . gm. is -------------- the maximum value. Select one: a. one-fourth b. three-fourths c. equal to d. one-half
-
If a business fails to make payroll deposits, who is held responsible?
-
What is the pH of a solution that is (a) Prepared by dissolving 3.30 g of (NH4)2SO4 in water, adding 125.0 mL of 0.1011 M NaOH, and diluting to 500.0 mL? (b) 0.120 M in piperidine and 0.010 M in its...
-
What types of regulatory compliance are organizations responsible for?
-
1. How does the post-closing holding company structure protect the interests of the financial sponsor group, creditors, and the utilitys customers, employees, and other stakeholder groups? 2. What...
-
Examine critically the approach taken by the courts to applications to exclude real evidence under s.78 of the Police and Criminal Act 1984. Question 2: Cesar, a known gang member, is charged with...
-
Two vessels of volumes V and V contain the same ideal gas. The pressures in the vessels are p and temperatures are T, and T, respectively. The two vessels P2 and the are now connected to each other...
-
The comparative balance sheets for Carla Vista Corporation appear below: CARLA VISTA CORPORATION Comparative Balance Sheet at December 31st 2027 2026 Assets Cash $ 17,160 $ 12,840 Accounts receivable...
-
You are considering the purchase of an income producing property that has a net operating income of $250,000 per year. If you apply the market derived cap rate of 6.75%. What is the value of the...
-
Claire and lucy decide to organize their business pinkco as a c corporation. Claire distribures inventory (fmv $28,000, basis, $21,000), equipment (FMV $51,000, basis 0) and cash ($41,000). Pinkco....
-
Bob and Vikki are a married couple with $250,000 in assets. $100,000 of their assets were inherited by Vikki during the marriage when her uncle died. They live in Nevada, which is a...
-
The opening inventory at retail for the Intimate department is $395,000. Purchases for the month are $37,500, returns to vendors were $9,200, transfers out to the outlet store were $990, and employee...
-
Holly inherited $10,000 of city of atlanta bonds in february. In March, she received interest of $500, and in april she sold the bonds at $200 gain. Holly redeemed series ee u.s. Savings bonds that...
-
The test statistic in the NeymanPearson Lemma and the likelihood ratio test statistic K are intimately related. Consider testing H 0 : = 0 versus H a : = a , and let * denote the test statistic...
-
The shaft consists of a solid segment \(A B\) and a hollow segment \(B C\), which are rigidly joined by the coupling at \(B\). If the shaft is made from A-36 steel, determine the maximum torque \(T\)...
-
The state of plane stress at a critical point in a steel machine bracket is shown. If the yield stress for steel is \(\sigma_{Y}=36 \mathrm{ksi}\), determine if yielding occurs using the maximum...
-
If \(\sigma_{Y}=50 \mathrm{ksi}\), determine the factor of safety for this state of stress against yielding, based on (a) the maximum shear stress theory and (b) the maximum distortion energy theory....
Study smarter with the SolutionInn App