Gulf Trading Company reported the following January purchases and sales data for its only product for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January 2021. Date Jan. 1 Beginning inventory. Jan. Sales 10 Jan. 20 Jan. 25 Jan. 30 Purchase. Sales Purchase Activities Totals Units Acquired at Cost 140 units @ $6.00 = $ 840 60 units @ $5.00 = 180 units @ $4.50 = 380 units 300 810 $1,950 Units Sold at Retail 100 units @ $15 80 units @ $15 180 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 31st, 2021. b) Calculate cost of goods sold for the period ending on Jan 31st, 2021, c) Calculate gross profit for the period ending on Jan 31st, 2021. Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January 2021. Date Jan. 1 Beginning inventory. Jan. Sales 10 Jan. 20 Jan. 25 Jan. 30 Purchase. Sales Purchase Activities Totals Units Acquired at Cost 140 units @ $6.00 = $ 840 60 units @ $5.00 = 180 units @ $4.50 = 380 units 300 810 $1,950 Units Sold at Retail 100 units @ $15 80 units @ $15 180 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 31st, 2021. b) Calculate cost of goods sold for the period ending on Jan 31st, 2021, c) Calculate gross profit for the period ending on Jan 31st, 2021.
Expert Answer:
Answer rating: 100% (QA)
Introduction The inventory can be valued using various methods as LIFO FIFO an d average method Solu... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
What is creative thinking? How would you describe a creative thinker?
-
What is critical thinking? How would you describe a critical thinker?
-
How would you describe accounting for by-products for which no further processing is required?
-
You accepted a new job with starting salary of $52,000 per year. The salary is expected to increase 4% each year. Now it is time to make a retirement plan for the next 39 years you expect to work....
-
Consider the MitofskyWaksberg method, discussed in Example 6.12. Show that the probability that psu i is selected as the first psu in the sample is See Exercise 15 and argue that the MitofskyWaksberg...
-
The catch basin in a storm-sewer system is the interface between surface runoff and the sewer. The catch-basin insert is a device for retrofitting catch basins to improve pollutantremoval properties....
-
During your examination of the financial statements of the Gary Manufacturing Company for the year ended December 31, 19X0, you find that at January 1, 19X0, the company has installed the following...
-
Hoban Company uses special journals and a general journal. The following transactions occurred during September 2012. Sept. 2 Sold merchandise on account to H. Wash, invoice no. 101, $720, terms...
-
Discuss what police services do in the meantime when they encounter suspects engaging in behaviours that would have been illegal under the former legislation (that has not been declared...
-
Grant and Debbie enter into a contract binding Grant personally to do some delicate cabinetwork. Grant assigns his rights and delegates performance of his duties to Clarence. (a) On being informed of...
-
XYZ Ltd owns a land-based drilling rig. It is in near perfect condition and unmodified. The company wishes to establish a fair value for the rig and identified two markets where near identical rigs...
-
Kubin Company s relevant range of production is 2 4 , 0 0 0 to 3 1 , 0 0 0 units. When it produces and sells 2 7 , 5 0 0 units, its average costs per unit are as follows: Average Cost per Unit Direct...
-
How do Reports and Proposals leverage empirical evidence to substantiate assertions and foster persuasive discourse ?
-
Antaplu is committed to its quality program: it works with all areas of the company establish sound quality programs within reasonable budget guidelines. For 2 0 1 3 , it has budgeted $ 1 . 0 0 0 , 0...
-
On December 3 1 , 2 0 X 1 , certain account balances at Galaxy Company were as follows before year - end adjustments: Accounts Receivable $ 1 , 8 7 0 , 0 0 0 Allowance for Uncollectible Accounts (...
-
Miller Company s contribution format income statement for the most recent month is shown below: Total Per Unit Sales ( 4 5 , 0 0 0 units ) $ 4 0 5 , 0 0 0 $ 9 . 0 0 Variable expenses 2 7 0 , 0 0 0 6...
-
how are family experiences shaped by both individual-level factors (e.g. social class) and societal-level factors (e.g. government laws and policies)?
-
The power company must generate 100 kW in order to supply an industrial load with 94 kW through a transmission line with 0.09 resistance. If the load power factor is 0.83 lagging, find the...
-
The earliest expected finish time for a project is 138 days, and its required completion time is 130 days. What is the probability of completing the project before its required time if t (the...
-
Calculate the ES, EF, LS, and LF times and the slack for each activity in the figure below and identify the critical path for the project. Can the project be completed in 30 weeks? Discuss.
-
Describe what a functional-type organization is. Make sure you discuss the advantages and disadvantages of this structure.
-
Do the assumptions for Bernoulli trials appear to hold? Explain. If the assumptions hold, identify success and the probability of interest. (a) A TV ratings company will use their electronic...
-
Use Table 1, or software, to find (a) \(B(8 ; 16,0.40)\); (b) \(b(8 ; 16,0.40)\); (c) \(B(9 ; 12,0.60)\); (d) \(b(9 ; 12,0.60)\); (e) \(\sum_{k=6}^{20} b(k ; 20,0.15)\); (f) \(\sum_{k=6}^{9} b(k ;...
-
Which conditions for the binomial distribution, if any, fail to hold in the following situations? (a) The number of persons having a cold at a family reunion attended by 30 persons. (b) Among 8...
Study smarter with the SolutionInn App