Accounting homework ( inventory and cost of goods sold )?
hi :) i have 2 transactions 2 jan. and 4 jan. the company made one purchase and one sale..i prepared the journal entries but there are two parts in the question i didn't understand: b.Compute the balance of the Inventory account on january 6 c.Compute the cost of goods sold for the first week of January assuming use of a periodic inventory system. Use your answer to part b as the ending inventory ??
Need help with Retail Inventory Method Accounting Homework!!?
I'm on here as a last resort. I need to get this assignment done and I've been trying to figure it out, but I can't. I keep getting 208168 for EI @ retail, and it says that isn't right when I submit it. So here's the problem, any help would be appreciated: Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows: It wouldn't paste right, but the first number in each category is for cost, the second for retail. Cost Retail Beginning inventory $ 85,000 $ 170,000 Purchases $306,000 $489,600 Freight-in Cost:$9,300 Purchase returns $6,700 $10,400 Net markups Retail:$16,500 Net markdowns Retail: $11,200 Normal spoilage Retail: $2,800 Abnormal spoilage $4,200 $7,900 Sales Retail: $450,432 Sales returns Retail: $10,900 The company records sales net of employee discounts. Discounts for 2011 totaled $3,900. I have two problems: Estimate COGS, EI @ retail and EI @ cost using the average cost application and then Estimate them using the conventional (avg LCM) application.
Accounting Homework Help??? Inventory method?
A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows: January 1: Beginning balance of 18 units at $13 each January 12: Purchased 30 units at $14 each January 19: Sold 24 units at $30 selling price each January 20: Purchased 24 units at $17 each January 27: Sold 27 units at $30 selling price each If the ending inventory is reported at $276, what inventory method was used? A. LIFO method. B. FIFO method. C. Weighted-average method. D. Specific identification method. E. Retail inventory method.
Accounting Homework Help?
Futon Company, which uses a periodic inventory system, had a beginning inventory on April 1 of 400 units of Product A at a cost of $14 per unit. During April, the following purchases and sales were made. Purchases Sales April 6 375 units at $15 April 4 270 units 14 250 units at $16 8 360 units 21 300 units at $18 17 400 units 28 425 units at $22 24 235 units 1,350 1,265 Instructions Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. (a) Average - Ending Inventory = $_________; Cost of Goods Sold = $_________. (b) FIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________. (c) LIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________.
Accounting homework help! perpetual inventory system...?
During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system. Purchases: July 3 20 units @ $12 11 20 units @ $13 20 10 units @ $15 Sales: July 13 25 units July 22 10 units Under the FIFO method, the cost of goods sold for each sale is: July 13 July 22 A$300 $120 B325 130 C305 130 D375 150
Financial Accounting homework?
I have to find Ending Inventory & Cost of Goods Sold using the FIFO, LIFO & Weighted Average methods. Company X uses uses a periodic inventory system. Sales for 2010 totaled 240 units. At the end of the annual accounting period, December 31, 2010, the accounting records provided the following information: Beginning Inventory: January 1 ... Units: 120 ... Unit Cost $8 ... Total Cost $960 Purchase: March 21 ... Units: 380 ... Unit Cost $9 ... Total Cost $3,420 Purchase: August 1 ... Units: 200 ... Unit Cost $11 ... Total Cost $2,200 Here are some requirements that I have completed that I believe need to be used to find the Req. 3: Requirement 1 [COMPLETE]: Calculate units and Cost of Goods Available for sale: Units of Goods Available for sale: 700 units Cost of Goods Available for sale: $6580 Requirement 2 [COMPLETE]: Calculate the number of units in ending inventory. Ending Inventory: 460 units Requirement 3 [INCOMPLETE!] Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. FIFO: Ending Inventory _________ ? C.O.G.S __________ ? LIFO: Ending Inventory _________ ? C.O.G.S __________ ? Weighted Average: Ending Inventory _________ ? C.O.G.S __________ ?
Accounting Homework Help! Perpetual Inventory Using LIFO?
Beginning inventory, purchases, and sales for Item Echo are as follows: June 1: Inventory, 100 units at $50 June 4: Sale, 80 units June 23: Purchase, 125 units at $60 June 26: Sale, 90 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on June 26 and (b) the inventory on June 30. a. Cost of merchandise sold on June 26 $ b. Inventory on June 30 $
GENERAL JOURNAL ACCOUNTING HOMEWORK: ACCOUNTING FOR MERCHANDISE INVENTORY?
Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in inventory follow: Part Number: Quantity on Hand: Cost Per Unit: KT88 4 $17.00 EL34 23 $16.00 12AX7 6 $ 8.00 Your job is to do the following: 1) Enter the preceding beginning balances in the inventory record forms; beginning inventory is: $484.00 2) Journalize and post the following transactions: Nov. 10--- Purchases the following on account Part No. Quantity Cost per Unit KT88 25 $17.00 12AX7 37 $8.00 (Hint: Be sure to update each inventory record.) Nov. 11--- Sold 5 number KT88 units for cash at a selling price of $27.00 each. (Hint: Remember to record both the revenue and the cost. The cost data will be found in the inventory record form for this part number. Don't forget to update the form.) Nov. 13--- Sold the following for cash: Part No. Quantity Cost per Unit KT88 13 $27.00 EL34 9 $25.00 12AX7 15 $12.00 Nov. 15--- A customer brought back 2 of KT88 bought two days ago because they did not work. Nov. 16--- Salem Electronics sent back to the vendor the faulty KT88s that the customer brought back.
Homework Help! The inventory method that considers the inventory to be composed of the units of merchandise?
D is the answer. In first in first out, the merchandise we purchased the earliest is the first to be sold to our customers
Question on Accounting Homework, estimate the cost of the inventory destroyed?
Hello, i need to find cost of the inventory destroyed on this problem Kauai Store's inventory is destroyed by a fire on September 5, 2008. The following data for year 2008 are available from the accounting records. Estimate the cost of the inventory destroyed. (Omit the "$" sign in your response.) Jan. 1 inventory $ 190,000 Jan. 1 through Sept. 5 purchases (net) $352,000 Jan. 1 through Sept. 5 sales (net) $685,000 Year 2008 estimated gross profit rate 44% Cost of the inventory destroyed ?