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N76 [4]
3 years ago
12

M7-7 to M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under P

eriodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 200 M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Cost [LO 7-3] Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)
Business
1 answer:
zvonat [6]3 years ago
7 0

Answer:

Date          Units                       Unit Cost            Unit Selling Price

July 1 Beginning Inventory 50    $ 10

July 13 Purchase      250                 13

July 25 Sold (100 )                                                                  $ 15

July 31 Ending Inventory 200

Cost of Goods Available for sale= 250 units at $  13+   50 units at   $ 10

= 3250 + 500= $3750

FIFO Ending Inventory $ 2600

200 units at $ 13= $ 2600

Sales 100At $ 15= $1500

FIFO Cost Of Goods Sold  $ 1150

50 units at $ 10= $ 500

50 units at $ 13= $ 650

LIFO Ending Inventory $ 2450

50 units at $ 10= $ 500

150 units at $ 13= $ 1950

Sales 100 at $ 15= $1500

LIFO Cost Of Goods Sold  $ 1150= Cost of Goods Available for Sale Less LIFO Ending Inventory = 3750- 2450= $ 1300

100 units at $ 13= $ 1300

Weighted Average Ending Inventory 12.5 * 200= $ 2500

Total Cost/ total units= 3750/300= 12.5

Weighted Average  Cost Of Goods Sold  $ 1150= Cost of Goods Available for Sale Less Weighted Average  Ending Inventory = 3750- 2500= $ 1250

Weighted Gross Profit= Sales Less Weighted Cost Of Goods Sold= $ 1500- $ 1250= $ 250

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The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repair
Alexus [3.1K]

Answer:

Social cost of market failure

Explanation:

Market failure is an economic situation in which an imperfection in the market mechanism prevents an optimal outcome.

The $1 billion cost of lead contamination intended for the medical care of those sickened by lead, plumbing repairs and reduced earnings of those affected is called social cost of market failure.

Whenever external benefits and costs exist, the market will not produce at the optimal outcome leading to social cost of market failure by an organization.

External costs are costs that are imposed without compensation on a third party.

5 0
3 years ago
Stephanie Robbins is attempting to perform an inventory analysis on one of her most popular products. Annual demand for this pro
alexgriva [62]

Solution :

Given :

The annual demand, $D=5000$ units

Ordering cost, $S=\$30$

Carrying cost, $H=\$50$

Lead time, L = 10 days

Number of days per year = 250 days

So, average demand is d = $\frac{D}{250}$ days

                                         = $\frac{5000}{250}$  = 20 units

a). The economic order quantity, Q = $\sqrt{\frac{2DS}{H}}$

                                                               $=\sqrt{\frac{2\times 5000 \times 30}{50}}$

                                                               = 77 units

b). Average inventory = $\frac{Q}{2}$

                                    $=\frac{77}{2}$

                                    ≈ 39 units

c). Number of orders per year = $\frac{D}{Q}$

                                                  $=\frac{5000}{77}$

                                                  = 65 units

d). Time between orders = $\frac{Q}{D}$  x number of days per year

                                         $=\frac{77}{5000} \times250$

                                        = 3.85

e). Annual ordering cost = $\frac{D}{Q} \times S$

                                        $=\frac{5000}{77} \times 30$

                                        = $ 1948.05

    Annual carrying cost = $\frac{Q}{2} \times H$

                                        $=\frac{77}{2} \times 50$

                                          = $ 1925

    Total annual cost of inventory = $ 1948.05 + $ 1925

                                                       = $ 3873.05

f). Reorder point = $d \times L$

                           $=20 \times 10$

                           $=200$ units

3 0
2 years ago
Fill in the blank question. the difference between a revenue or cost item in the planning budget and the same item in the flexib
Kaylis [27]

The difference between a revenue or cost item in the planning budget and the same item in the flexible budget at the actual level of activity is a(n) activity variance.

A flexible budget is a budget or financial plan of estimated cost and revenue for different output levels. The variation happens due to the change in the volume or level of activity.

It sets the standard to measure the variances of the budget estimates and the actual performance of the company for control purposes. Further, it can be prepared either for the whole company or a specific department or unit.

In brief, a flexible budget is a budget that distinguishes the behavior of fixed and variable cost that changes. And changes that happen with the level of activity attained, or change in the revenue or other variable factors.

Learn more about flexible budget here

brainly.com/question/16017304

#SPJ4

6 0
1 year ago
Goodwin Technologies, a relatively young comply, has been wildly successful but has yet to pay a dividend. An analyst forecasts
aleksandrvk [35]

Answer:

Horizon value is $22.59  

Intrinsic value is $16.32

Explanation:

D3=1.5000

D4=1.5000*(1+7.8%)

D4=1.6170

D5=1.6170 *(1+7.8%)

D5=1.7431

D6=1.7431 *(1+3.42%)

D6=1.8027

horizon value is the same as the price of the stock(the terminal value) using the dividend in year 6

P=D5*(1+g)/(r-g)

D5=$1.7431

g is the constant growth rate of 3.42%

r is the required rate of return of 11.40%

P=$1.7431*(1+3.42%)/(11.40%-3.42%)

P=$1.8027/0.0798 =$22.59  

Goodwill Technologies share price is $22.59

Current intrinsic value is the dividends payable in relevant years plus the horizon value discount to present value as follows:

Present value of D3                =1.5000/(1+11.40%)^3=$1.0850

present of value of D4            =1.6170 /(1+11.40%)^4=$1.0500

present value of D5                 =1.7431 /(1+11.40%)^5=1.0160

present value of horizon value=$22.59/(1+11.40%)^5=13.1671

Total present values                                                       $16.32                                      

8 0
3 years ago
Jason is developing a research design for a study of wine drinkers. The target population is widely dispersed. Jason needs to co
White raven [17]

Answer:

The type of data collection which is most appropriated here is A) communication.

Explanation:

For Jason to collect the data for his study on wine drinkers , he needs to communicate the people who have tasted the wine, he needs to listen to those peoples stories , their evaluation about the wine , do they like it or not . Jason needs to meet those people to understand their communication characteristics, it will be really important on the Jason's part to get an insight in to what these people think about wine and enact their realities.

6 0
3 years ago
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