Your radiology department purchased film on the following dates and amounts: Units Price Total January 1 beginning balance 10 Units $150 price $1,500 total July 1 purchase 10 units $ 155 price 1,550 total December 1 purchase 20 units $160 price 3, 200 total Total 40 units $ 6, 250 Ending Inventory 25 Using FIFO, formula what is the ending cost of inventory?
Q: At January 1, 2023, Carla Vista Limited's outstanding shares included the following 294,000 $50 par…
A: Weighted Average Number of Stocks Outstanding is the number of shares outstanding over a reporting…
Q: Trillium, Inc. reports the following information for April: Alpha Beta Units sold 3,000 units 750…
A: Contribution Margin Ratio: The contribution margin ratio refers to the ratio of a business entity…
Q: Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2.…
A: Budgeting -Budgeting is the process of estimating future operations based on past performance.…
Q: Production budget Healthy Habits Inc. produces a Bath version and a Gym version of its popular sales…
A: PRODUCTION BUDGETProduction Budget is a Forecast of the Production for the Budgeted Peirod of an…
Q: What are the 5 income items generated by domestic and resident foreign corporations which are…
A: Income-Income generally refers to the amount of money, property, and other transfers of value…
Q: Wally is employed as an executive with Pay More Incorporated. To entice Wally to work for Pay More,…
A: a. Wally used the funds as a down payment on a speedboat and repaid the $25,000 loan (including $250…
Q: Cullumber Decorating uses a job order cost system to collect the costs of its interior decorating…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and…
A: The cost is assigned to the production on the basis of the net realizable value or physical quantity…
Q: Radar Company sells bikes for $510 each. The company currently sells 4,450 bikes per year and could…
A: SPECIAL ORDER ANALYSISUntill There is any Information is Provided, There Shall be no additional…
Q: Precision Castparts, a manufacturer of processed engine parts in the automotive and airline…
A: Notes payable are written agreements in which one party agrees to pay the other party a certain…
Q: Look Good Jewels (LGJ) is considering a special order for 30 handcrafted gold bracelets for a…
A: When the company receives a special order, the company has to decide whether to accept or reject the…
Q: Consider the following transactions for DeTrees Company for the month shown in chronological order:…
A: FIFO means "First In, First Out" and is an asset-management and valuation method in which assets…
Q: University Car Wash purchased new soap dispensing equipment that cost $243,000 including…
A: Depreciation rate - SLM = 1/ useful lifeDepreciation rate - DDB = 2*SLM depreciationBook value is…
Q: In the government-wide financial statements, the assets acquired under a capital lease would be…
A: The objective of the question is to understand how assets acquired under a capital lease are…
Q: Cool Sky reports the following for its first year of operations. The company produced 40,000 units…
A: Absorption costing:Under absorption costing, the fixed overhead cost is allocated to each product…
Q: The operations vice president of Security Home Bank is investigating the efficiency of the bank's…
A: Under the activity based costing different activity rates are computed based on the activity cost…
Q: Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made…
A: Material price variance:It is a variance between the standard price at which material should be…
Q: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an…
A: Income Statement-Companies follow marginal and absorption costing methods in the internal reporting…
Q: Blossom Enterprises uses a computer to handle its sales invoices. Lately, business has been so good…
A: Incremental analysis is especially beneficial for analyzing decisions involving limited resources,…
Q: Ranjit Inc. purchases equipment on January 1, 2025 at a cost of $500,000. The equipment has an…
A: The objective of the question is to calculate the depreciation expense for the year 2026 using three…
Q: The Donut Stop acquired equipment for $17,000. The company uses straight-line depreciation and…
A: Straight-line depreciation evenly spreads the cost of an asset over its expected useful life,…
Q: Setup At January 1, 2022, Café Med leased restaurant equipment from Crescent Corporation under a…
A: A lease is defined as a contractual agreement incorporated between two business entities where one…
Q: I need solution with explanation please,
A: The objective of the question is to determine the rate of return of a project given its net present…
Q: Required: 1. Determine Shadee's budgeted manufacturing cost per shade. (Note: Assume that fixed…
A: Budgeted cost refers to the estimated expenses a company anticipates in a specific period, typically…
Q: The following information is available to reconcile Branch Company's book balance of cash with its…
A: Bank reconciliation is a process used by businesses and individuals to ensure that the company's…
Q: Shelley Company bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000…
A: Standard costing is a management accounting technique that involves setting predetermined standards…
Q: When does the capital of a company increases? A. Drawings Decrease B. Liabilities Decrease C.…
A: Financing refers to the methodology of raising money or capital by a business using various forms…
Q: Sandra owns a small manufacturing company, Tamarisk Camping Stuff Co. The company has been working…
A: Target cost is the difference between target sales revenue and target desired return on investment.…
Q: Beavis Construction Company was the low bidder on a construction project to build an earthen dam for…
A: Gross profit recognized2023: $120,0002024: $580,000Explanation: 20232024Contract price$ 1,850,000$…
Q: Required: 1. If the total time available on the plastic injection molding machine is the constraint,…
A: Contribution margin is calculated by subtracting the variable costs from sales. It provides the…
Q: Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company…
A: Under the absorption costing, the variable costs of goods manufactured are taken into account for…
Q: Lucile Xi started a new outdoor clothing company in Year 1. The business experienced the following…
A: Under the perpetual inventory system, the inventory records are updated on a real-time basis i.e. as…
Q: The following information pertains to the month of August. As part of the budgeting process, Shelley…
A: Variable cost is the cost that changes with change in the activity of cost driver used. The variable…
Q: Blossom Corporation was organized on January 1, 2026 with the authorization of 1330000 shares of…
A: There is a rise in extra capital paid in when Treasury stock is reissued at a price greater than…
Q: Alvarado Company produced 2,200 units of product that required 3.5 standard direct labor hours per…
A: The objective of this question is to calculate the fixed factory overhead volume variance for…
Q: Margot's Ice Cream operates several stores in a major metropolitan city and its suburbs. Its budget…
A: Sales volume variances occur due to the difference between the actual quantity of units sold and the…
Q: ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities…
A: Value-added tax, or VAT, is a consumption tax on goods and services that is applied from the point…
Q: Explain how accounting influence your personal decision making?
A: Accounting can have a significant influence on personal decision making in several ways. Here are…
Q: If a project has a net present value of $1.000 when a discount rate of 10 percent is used, what can…
A: NPV means net present value is one of the methods of appraising the project. Net present value helps…
Q: ! Required information 5 [The following information applies to the questions displayed below.] S…
A: DIRECT LABOUR BUDGETDirect Labour budget is the estimation of Budgeted labour cost incurred for the…
Q: Prater Incorporated enters into an exchange in which it gives up its warehouse o 10 acres of land…
A: Realized Gain -A gain obtained by selling an item for more than the original purchase price is…
Q: Designer Furniture Company manufactures designer home furniture. Designer Furniture uses a standard…
A: The objective of the question is to calculate the standard cost per dining room table. The standard…
Q: ces Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in…
A: Given below solution Explanation:Step 1: Step 2: Step 3: Step 4:
Q: Please don't use any AI. It's strictly prohibited. Help me out asap.
A: In this question Travel Inc. He arranged the flight to Carmel so he would receive a 6% commission on…
Q: Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income…
A: Contribution format income statementThe income from the activities must be drawn and computed using…
Q: n April 7 and requests a pay advance of $1,000, which Asa will pay back in equal parts on the April…
A: Net pay:The amount that is left after all deductions from the gross wage or pay is known as net pay.…
Q: If a project has a net present value of $1.000 when a discount rate of 10 percent is used, what can…
A: The objective of the question is to determine the rate of return of a project given its net present…
Q: Garrett Company had the following activities for a recent year ended December 31: Sold land that…
A: A cash flow statement is a statement of the inflow and outflow of cash for a business during the…
Q: Bramble Corp. produces a product that requires 2.60 pounds of materials per unit. The allowance for…
A: STANDARD COSTINGUnder standard costing the cost will be estimated at the beginning based on past…
Q: Adventures Company provides event management services. The company has three employees, each…
A: Contribution Margin -The indicator that helps us determine how much of a company's net sales goes…
Step by step
Solved in 3 steps
- Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…Use the following data to calculate the cost of ending inventory using the II f o method. September 1st beginning inventory 15 units at $20 Each. September 10th purchase 20 units at $25 each. September 20th Purchase 25 units at $28 each. September 30th ending inventory 30 units. which is the best Answer? A. $825 b. $750 C. $675 D $600.Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method.January 1 Beginning Inventory 20 units at $20 eachJanuary 10 Purchase 24 units at $25 eachJanuary 31 Purchase 25 units at $28 eachOn January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c. $700 d. $600
- Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units and Cost Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 17 units 17 Purchase 10 units @ $20 30 Sale 8 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$ b. Determine the inventory on September 30.Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.Mayse Company uses a weighted average perpetual inventory system and reports the following: Date August 2 Units Acquired at Cost 10 units @ $17 = $170 15 units @ $20 = $300 August 18 August 29 August 31 14 units @ $21= $294 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Activities Purchase Purchase Sales Purchase Multiple Choice O $21.00 $22.52 O $18.80 $20.42 Units Sold at Retail 20 units sold
- Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system? Please show all calculations in order to receive credit.Show Attempt History Current Attempt in Progress You are provided with the following information for Waterway Inc. for the month ended June 30,2020. Waterway uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June Beginning inventory 42 $41 June 4 Purchase 135 46 June 10 Sale 107 67 June 11 Sale return 18 67 June 18 Purchase 52 49 June 18 Purchase return 8. 49 June 25 Sale 62 72 June 28 Purchase 32 53 (a1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg 5.25.) Weighted-average cost per unit 24 46.58 eTextbook and Media Attempts: 1 of 3 used (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to O decimal places, eg 1,250) LIFO FIFO AVERAGE-COST The ending %24 inventory The cost of goods %24 %$4 %24 sold Gross profit %24A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory. Beginning inventory 100 units at $10 cost per unitPurchase 1 . 40 units at $12 cost per unitPurchase 2 . 20 units at $14 cost per unit Compute ending inventory using the FIFO periodic system. a. $400 b. $1,460 c. $1,360 d. $300
- Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit 115 3.0 110 4.6 First Purchase Second Purchase Close Assuming Ava Co sells 155 units at $12 each, what is the ending balance in the inventory account if they use LIFO?If the begning inventory is 0 and purchases during the period are as follows: Date of purchase Units Unit Cost 1st April 120 2 7th April 80 2 12 - Aug 50 3 9th Sept 100 5 3rd Nov 150 6 2nd Feb 120 5 31st March Ending Inventory 220 What will be the COGS for the period using FIFO method Question 1Answer a. 1250 b . 1150 c. 1350 d. 1450 which is write ans plz explai step by stepBeginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1