Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls calculate the average cost for the ending inventory and the cost of goods sold please do the estimated cost of merchandise lost Marigold Corp.

pls calculate the average cost for the ending inventory and the cost of goods sold
image text in transcribed
image text in transcribed
image text in transcribedplease do the estimated cost of merchandise lost
Marigold Corp. Inc. had a beginning inventory of 95 units of Product RST at a cost of $6 per unit. During the year, purchases were: Marigold Corp. uses a periodic inventory system. Sales totaled 1,485 units (a) Determine the cost of goods available for sale. The cost of goods available for sale Attempts: 1 of 3 used (b1) Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237.) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125 .) The inventory of Splish Brothers Inc. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $52,500, Sales Returns and Allowances $1,400, Purchases $34,500, Freight-In $1,400, and Purchase Returns and Allowances $1,600. Determine the merchandise lost by fire, assuming: (a) A beginning inventory of $20,000 and a gross profit rate of 45% on net sales. Estimated cost of merchandise lost Attempts: 1 of 3 used (b) A beginning inventory of $38,500 and a gross profit rate of 30% on net sales. Estimated cost of merchandise lost

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 Theory

Authors: William R Scott

5th Edition

0132072866, 978-0132072861

More Books

Students also viewed these Accounting questions

Question

Describe the basic structure of a union.

Answered: 1 week ago

Question

Discuss laws affecting collective bargaining.

Answered: 1 week ago