Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with all of these! please answer part two Cost per Part 2: During 2018, Kaplan Co. sold 19,000 units of its product.

image text in transcribed
image text in transcribed
image text in transcribed
i need help with all of these!
please answer part two
Cost per Part 2: During 2018, Kaplan Co. sold 19,000 units of its product. The following units were on hand or purchased during the year Units Total Cost Beginning inventory (1/1/2018) 11,000 $12.50 $137,500 Purchase #1: (3/2/18) 13,000 $13.70 $178,100 Purchase #2: (7/15/18) 20,000 $14.80 $296,000 Purchase #3: (11/31/18) 10,000 $15.35 $153,500 Total Available for Sale 54,000 $765,100 Less Sold Ending Inventory Required: In the table above, fill in the number of units sold and the number of units in Ending Inventory. Calculate ending inventory and cost of goods sold for the next 3 questions. 1) If the company used the LIFO method, what is the value of ending inventory and cost of goods sold? 2) If the company used the FIFO method, what is the value of ending inventory and cost of goods sold? 3) If the company used the average cost method, what is the value of ending inventory and cost of goods sold? Please round your calculated average cost per unit to 4 decimals (example - $18.7915) Average Cost per unit = Part 3: 1. Calculate the five critical subtotals in the multistep income statement based on the information provided in this table: Sales 912,000 Sales returns 26,300 Sales discounts 4,400 Cost of Goods Sold 235,500 Total Operating 129,250 Expenses Interest Income 9,700 Interest Expense 11,000 Income Tax Expense 18,840 Amount: a. Net Sales b. Gross Profit c. Income From Operations d. Income Before Taxes e. Net Income 2. Fill in the blanks. If costs are rising, then...... a) FIFO COGS is (greater or less than) LIFO COGS b) LIFO ending inventory is (greater or less than) FIFO ending inventory c) Net Income for a company using LIFO will be greater or less than) a company that uses FIFO If COGS is understated: (Fill in with overstated or understated): d) Ending inventory is e) Net Income is 1) Ending Retained Earnings are 9) Stockholder's Equity is h)Assets are Part 1: Prepare Revolution Co. journal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. Revolution Co. purchases $64,000 of inventory on account, terms 2/10 net 30 from Likins Company. b. Revolution Co. returns $3,650 of inventory to Likins Company from the initial purchase. c. Revolution Co. pays the balance owed to Likins Company, taking the discount. Recording Sales of Merchandise (new scenario) d. Coronado Co. sells merchandise on account for $8,425 (terms 3/10 net 30) to Titanium Co. The merchandise had cost Coronado Co. $2,250. e. Titanium Co. returns $775 of the merchandise to Coronado Co. Assume this returned merchandise had cost Coronado Co. $430. f. Titanium Co. pays Coronado Co. the balance owed within 10 days of the sale

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

Financial Accounting

Authors: Harrison, Horngren, Thomas

1st Edition

0558823513, 978-0558823511

More Books

Students also viewed these Accounting questions

Question

3.4 Define HRIS and describe its main components.

Answered: 1 week ago