Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone please help me with the answers to question 3 & 4. Homework Ch #5 A Saved 1 Montoure Company uses a periodic inventory

image text in transcribedimage text in transcribed

Can someone please help me with the answers to question 3 & 4.

Homework Ch #5 A Saved 1 Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail 33.33 points Units Acquired at Cost 655 units @ $45.00 per unit 510 units @ $42.00 per unit 255 units $27.00 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 1,020 units @ $75.00 per unit 155 units 555 units @ $50.00 per unit @ $46.00 per unit eBook @ $75.00 per unit 710 units 1,730 units 2,130 units Print Required: 1. Compute cost of goods available for sale and the number of units available for sale. References $ $ Cost of goods available for sale Number of units available for sale 91,060 2,130 units 2. Compute the number of units in ending inventory. Ending inventory 400 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (weighted average, and (d) specific identification. For specific identification, units sold consist of 655 units from beginning inventory, 355 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 360 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Homework Ch #5 i Saved 1 2. Compute the number of units in ending inventory. Ending inventory 400 units 33.33 points eBook 3. Compute the cost assigned to ending inventory using (a) FIFO. (6) LIFO, (weighted average, and (d) specific identification. For specific identification, units sold consist of 655 units from beginning inventory, 355 from the February 10 purchase, 255 from the March 13 purchase, 105 from the August 21 purchase, and 360 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Print References Ending Inventory $ 18,400 $ 18,000 (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Financial Management For Residential Construction

Authors: Emma Shinn

6th Edition

0867187816, 9780867187816

More Books

Students also viewed these Accounting questions

Question

What is job enlargement ?

Answered: 1 week ago

Question

what is the most common cause of preterm birth in twin pregnancies?

Answered: 1 week ago

Question

Which diagnostic test is most commonly used to confirm PROM?

Answered: 1 week ago

Question

What is the hallmark clinical feature of a molar pregnancy?

Answered: 1 week ago