s. The business began the second quarter (April to June) of 2020 with 15 (V380PRO) camer s at a total cost of $108,750. The following transactions relating to the "V380PR0" camera bulb ecompleted during the quarter. il 7 charges of $800 cash on each bulb to have the inventory shipped from the point of purchase to their warehouse. 90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freight il 30 The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of these bullhs were sold on account to lonastanding customers of the business)
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- The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $ 9 @ $11 @ $12 = @ $13 440 units $3,960 1,430 2,880 Jan. 20 Purchased Apr. 21 July 25 Sept. 19 Purchased 130 units Purchased 240 units Purchased 70 units 910 %3D During the year, The Shirt Shop sold 710 T-shirts for $18 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory Il || ||IIBeta Merchandising Company purchases mobiles directly from manufacturers and sells it to small retailers. The following transactions occurred during 2020: March, 21st: 80 mobiles on hand @ RO 40 each. May, 14th: 120 mobiles purchased @ RO 50 each. July, 10th: 80 mobiles purchased @ RO 60 each. September 16th: 50 mobiles purchased @ 80 each Alpha merchandising sold 300 mobiles during 2020 Required: Compute the Cost of Inventory sold during 2020 and the value of closing inventory under the following cost inventory methods. (a). First in, first out (FIFO) (b). Last in, first out (LIFO) (c) Average cost method {I want a solution with steps}INVENTORY VALUATION Miramax bookshop buys and sells textbooks and other stationery. The company uses a perpetual inventory system. You have been provided with the following information for May 2016: Date Description MAY 15 Opening balance was 2 000 textbooks with a total value of R300 000 6h Issued 800 textbooks 10th Purchased 1 000 textbooks @R160 each 14h Issued 900 textbooks 16h Returned 100 textbooks purchased on the 10th of May to the supplier 19th Customers returned 150 textbooks issued on the 14h of May 20 1000 textbooks were ordered @ R170each 22nd Issued 1000 textbooks 26h Received the textbooks ordered on the 20h 31s Stocktaking Required: Calculate the value of closing inventory for May 2016 for Miramax bookshop using the weighted average method of inventory valuation. Note: round off all TOTALS to the nearest R1 and all unit costs to TVWO decimal places.
- 2. Beta Merchandising Company purchases mobiles directly from manufacturers and sells it to small retailers. The following transactions occurred during 2020: March, 21st: 80 mobiles on hand @ RO 40 each. May, 14th: 120 mobiles purchased @ RO 50 each. July, 10th: 80 mobiles purchased @ RO 60 each. September 16th: 50 mobiles purchased @ 80 each Alpha merchandising sold 300 mobiles during 2020 Required: Compute the Cost of Inventory sold during 2020 and the value of closing inventory under the following cost inventory methods. (a). First in, first out (FIFO) (b). Last in, first out (LIFO) (c) Average cost methodQuestion C onlyAll Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: (A) Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO) method to determine the value of ending inventory at December 31, 2020, and the total amount to be assigned to cost of goods sold for the period. (B) Given that selling, distribution and administrative costs for the quarter were $23,445, $10,250 and$75,435 respectively, prepare an income statement for All Things Auto (DieHard) for the quarter ended December 31, 2020, to determine the net profit for the quarter. (C) Journalize the transactions on November 12 and November 27, assuming the business uses…Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for October. Also compute gross profit for October. For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.
- Question B All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: (A) Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO) method to determine the value of ending inventory at December 31, 2020, and the total amount to be assigned to cost of goods sold for the period. (B) Given that selling, distribution and administrative costs for the quarter were $23,445, $10,250 and$75,435 respectively, prepare an income statement for All Things Auto (DieHard) for the quarter ended December 31, 2020, to determine the net profit for the quarter. (C) Journalize the transactions on November 12 and November 27, assuming the business uses a: -…Current Attempt in Progress Pharoah Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Pharoah's purchases and sales of the ultra-lightweight snowboard in October: Date Oct. 1 10 (a) 25 Transaction 27 Beginning inventory Purchase 12 13 Purchase Sale Sale Purchase Ending inventory Cost of goods sold Save for Latur $ Units Unit Purchase Price $ 25 30 (42) 35 (45) 20 $302 309 Calculate the cost of goods sold and the ending inventory using FIFO and weighted average, assuming Pharoah uses a perpetual inventory system. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,265.25.) Weighted Average FIFO 316 322 $ Unit Sales Price $ $484 494 Attempts: 0 of 1 used Submit AnswerFirst semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
- 4. Inventory valuation Your firm had 450 units of product A on hand at January 1, 2021, costing $10 each. Purchases of product A during January, 2021 were as follows: Date Unit Cost Units 600 Jan. 10 $12 18 750 13 28 300 14 Your firm made one sale of 300 units at $20/unit on Jan. 15 and another sale of 700 units at $25/unit on Jan. 20. Required a. Determine the cost of goods sold and ending inventory on January 31, 2012 under the LIFO method and periodic inventory system is? b. Determine the cost of goods sold and ending inventory on January 31, 2012 under the FIFO method and perpetual inventory system is? c. Determine the cost of goods sold and ending inventory at January 31, 2012 under the weighted average method and periodic inventory system is?Current Attempt in Progress Carla Vista Distribution markets CDs of numerous performing artists. At the beginning of March, Carla Vista had in beginning inventory 2,500 CDs with a unit cost of $6.00. During March, Carla Vista made the following purchases of CDs. March 5 March 13 (a) 2,150 4.000 (a) @ @ Show Transcribed Text $7.00 $8.00 During March 12,000 units were sold. Carla Vista uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale Weighted-average cost per unit $ Calculate weighted-average cost per unit. (Round answer to 3 decimal places, e.g. 5.125.) Cost of goods available for sale $ Save for Later March 21 March 26 Determine the cost of goods available for sale.. Weighted-average cost per unit eTextbook and Media $ 4,800 2,150 @ During March 12,000 units were sold. Carla Vista uses a periodic inventory system. @ $ 0 $9.00 $10.00 Calculate weighted-average cost per unit. (Round answer to 3 decimal places, e.g. 5.125.)…Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 Sale June 12 June 15 June 24 Purchase Sale Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Answer is complete but not entirely correct. Ending inventory $ 3,020 × Cost of goods $ 5,400x sold