The following information is for the inventory of mini-kettles at Marigold Company Limited for the month...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is for the inventory of mini-kettles at Marigold Company Limited for the month of May: Units Unit Units Unit Price Date Transaction In Cost Total Sold Total May 1 Balance 120 $4.00 $480 6 Purchase 850 4.40 3,740 Sale 330 $7.40 $2,442 10 Sale 330 7.40 2,442 12 Purchase 430 4.60 1,978 15 Sale 250 8.00 2,000 18 Purchase 300 4.60 1,380 22 Sale 430 8.00 3,440 25 Purchase 520 4.60 2,392 30 Sale 250 7.40 1,850 2,220 $9,970 1,590 $12,174 Totals *(a1) Your answer is correct. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $2898 Attempts: 2 of 3 used *(a2) X Your answer is incorrect. Try again. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.751 and final answer to 2 decimal places, e.g. 52.75.) 9970 Ending inventory $ The following information is for the inventory of mini-kettles at Marigold Company Limited for the month of May: Units Unit Units Unit Price Date Transaction In Cost Total Sold Total May 1 Balance 120 $4.00 $480 6 Purchase 850 4.40 3,740 Sale 330 $7.40 $2,442 10 Sale 330 7.40 2,442 12 Purchase 430 4.60 1,978 15 Sale 250 8.00 2,000 18 Purchase 300 4.60 1,380 22 Sale 430 8.00 3,440 25 Purchase 520 4.60 2,392 30 Sale 250 7.40 1,850 2,220 $9,970 1,590 $12,174 Totals *(a1) Your answer is correct. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory $2898 Attempts: 2 of 3 used *(a2) X Your answer is incorrect. Try again. Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.751 and final answer to 2 decimal places, e.g. 52.75.) 9970 Ending inventory $
Expert Answer:
Answer rating: 100% (QA)
Ans moving average inventory system purchase sold ba... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
The following information is for Filimonov Industries, Inc: Determine the contribution margin for(a) Cake hand-held video games and (b) West Region East West Sales volume (units): 19,000 Sea 22,500...
-
The following information is for Calle Concordia Company: For the years 2010, 2011, and 2012, compute: 1. Return on equity 2. Return on sales 3. Asset turnover 4. Assets-to-equityratio 2011 2010 2012...
-
The following information is for Kiev Derrald Company: Manufacturing overhead (actual) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $175,000 Ending raw...
-
Imagine you are a member of your local school board. You wantan answer to the very simple question, Are students learning?What can you recommend to school principals to answer thequestion?
-
Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guildas basis in her stock is $25,000. On July 31, 2014, Bill sells his stock, with a basis of $40,000, to...
-
Explain how Livents improper deferral of expenses and Rite Aids improper recognition of vendor rebates shifted the recognition of expenses from one period to a later period.
-
Brian Catchpole is the manager of the rubber hose department of the BBR Company. His department manufactures hose of a single quality, although the lengths and specific nozzle attachments comply with...
-
In a survey of 500 people, 60 percent responded with agreement to an attitude question. Calculate a confidence interval at 95 percent to get an interval estimate for a proportion.
-
4. a) At a price of $8 per ticket, a musical theatre group can fill every seat in the theatre, which has a capacity of 1500. For every additional dollar charged, the number of people buying the...
-
The following is the statement of financial position of Rasheed Brothers Corporation (amounts in thousands). Instructions Evaluate the statement of financial position presented. State briefly the...
-
XYZ Company is preparing its budgeted balance sheet. The budgeted selling price per unit is $15. Budgeted unit sales for July, August, September, October and November are 1,400 units, 2,100 units,...
-
K Use the data in the following table, which lists drive-thru order accuracy at popular fast food chains. Assume that orders are randomly selected from those included in the table. Order Accurate...
-
Ques.2: Determine the ultimate bearing capacity of strip footing, 1.5 m wide, with its base at a depth of 1 m, resting on a dry sand stratum. Take Y= 17 kN/m, = 32 and c'= 0, use Terzaghi's theory....
-
Greer Utsey earned $47,500 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of...
-
Ques.3: Using Terzaghi's theory, determine the ultimate bearing capacity of a strip footing 1.5 m wide resting on a saturated clay (cu 30 kN/m, D= 0, and Ysat 20 kN/m), at a depth of 2 m below ground...
-
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $3,600 were written off as...
-
Excel Problem 3 - Directions Guidance Corp is preparing its Master Budget for 20XX. You need to prepare Guidance's Direct Materials Budget and Schedule of Cash Disbursements for Materials Purchases...
-
Prove the following D,(cos x) = - sin x (Hint: Apply the identity cos(A + B) = cos A cos B sin A sin B)
-
The market price for Microsoft Corporation Closed at $19.40 and $30.48 on December 31, 2008, and 2009, respectively. The dividends per share were $0.46 for 2008 and $0.52 for 2009. a. Determine the...
-
Based on the data in Exercise 4-25, prepare an income statement, retained earnings statement, and balance sheet for Zeidman Security Services Co.
-
During April, Darling company incurred factory overhead costs as follows: indirect materials, $30,000; indirect labor, $78,000; utilities cost, $7,000; and factory depreciation, $55,000. Journalize...
-
The income statement of Barbra Streisand Company is shown below. Additional information: 1. Accounts receivable decreased \($280,000\) during the year. 2. Prepaid expenses increased \($150,000\)...
-
George Clooney Company's income statement for the year ended December 31 2002, contained the following condensed information. Clooney s balance sheet contained the following comparative data at...
-
The financial statements of Frank B. Robinson Company appear below. Additional information: 1. Dividends declared and paid were \($3,000\). 2. During the year equipment was sold for \($8,500\) cash....
Study smarter with the SolutionInn App