Download Guided ACCT 212 Week 5 Homework Assignment (Collection)

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Download Guided ACCT 212 Week 5 Homework Assignment Collection

 

ACCT 212 Week 5 Homework Assignment (Summer 2021)

1. Question:

a. Required:
Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit
Sales revenue = 450 units × $70 = $31,500
Gross profit = Sales revenue − Cost of goods sold
= $31,500 − $24,970 = $6,530

2. Question:

b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Sales revenue = 450 units × $70 = $31,500
Gross profit = Sales revenue − Cost of goods sold
= $31,500 − $25,410 = $6090

3. Question:

c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.)

4. Question:

d. Determine which method will result in higher profitability when inventory costs are rising.
FIFO

4. Question:

Required:
e. Calculate the cost of goods sold for each company.

5. Question:

f. Calculate the inventory turnover ratio for each company.
Cost of goods sold/average inventory (inventory beginning + inventory ending)/2 Average Inventory:
Lewis Cost of Goods Sold $197,200/ ($20,000 + $14,000)/2
$197,200/ $17,000 = 11.6
Clark Cost of Goods Sold $132,600/ ($46,000 + $56,000)/2
$132,600/ $51,000 = 2.6

6. Question:

g. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.)

8. Question:

h. Which company appears to be managing its inventory more efficiently?

9. Question:

Required:
i. Calculate ending inventory and cost of goods sold on October 31, using the specific identification method. The October 4 sale consists of purses from the beginning inventory, the October 13 sale consists of one purse from the beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

10. Question:

j. Using FIFO, calculate the ending inventory and cost of goods sold on October 31.
Ending inventory: (1 x $750) + (8 x $760)
$750 + $6,080 = $6,830
Cost of goods sold: (6 x $730) + (5 x $740) + (3 x $750)
$4,380 + $3,700 + $2,250 = $10,330

11. Question:

k. Using LIFO, calculate the ending inventory and cost of goods sold at October 31.
Date Number of Units Unit Cost Total Cost Oct 1 Begin In 6 $730 $4,380

Oct 10 Purch 5 $740 $3,700
Oct 20 Purch 4 $750 $3,000
Oct 30 Purch 8 $760 $6,080

12. Question:

l. Using weighted-average cost, calculate the ending inventory and cost of goods sold on October 31. (Round your intermediate and final answers to 2 decimal places.)

ACCT 212 Week 5 Homework – Practice:

1. Question:
a. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

2. Question:
b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

3. Question:
c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.)

4. Question:
Which method will result in higher profitability when inventory costs are declining?

5. Question: Sundance Systems has the following transactions during July.
d. Required:
Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

6. Question:
Required:
e. Calculate cost of goods sold for each company.

7. Question:
f. Calculate the inventory turnover ratio for each company.

8. Question:
g. Calculate the average days in inventory for each company.

9. Question:
– Which company appears to be managing its inventory more efficiently?

10. Question:
Required:
h. Calculate ending inventory and cost of goods sold on October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from the beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

11. Question:
i. Using FIFO, calculate the ending inventory and cost of goods sold on October 31.

12. Question:
j. Using LIFO, calculate the ending inventory and cost of goods sold on October 31.

13. Question:
k. Using weighted-average cost, calculate ending inventory and cost of goods sold on October 31. (Round your intermediate and final answers to 2 decimal places.)


ACCT 212 Week 5 Homework Assignment (Summer 2020)
  1. Question: Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018(assume sales returns are non-existent):
  • Journalize Allegheny’s inventory transactions for the year under the perpetual system. The first transaction is the purchase of inventory. Record the entry.
  • The next transaction is the sale of inventory. Do not yet record the cost related to the sale. We do this in the next journal entry.
  • The last entry is recording the cost of inventory. Record the entry.
  • Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.
  • Report sales, cost of goods sold, and gross profit on the income statement:
  1. Question: KenCompany’s inventory records for its retail division show the following on March 31. On March 31, 11 of these units are on hand. Compute the cost of goods sold and ending inventory, using each of the following four inventory methods
  • Calculate the cost of goods sold and ending inventory using the Specific Identification method with Seven$165 units and four$175 units still on hand at the end
  • Now let’s calculate the cost of goods sold and ending inventory using the Average cost method
  • Now let’s calculate the cost of goods sold and ending inventory using the First-in, first-out(FIFO)method.  Remember, KenCompany’s inventory records for its retail division show the following on March 31.  On March 31, 11 of these units are on hand.
  • Now let’s calculate the cost of goods sold using the Last-in, first-out(LIFO) method
  • Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold?
  1. Question: The Dockside Shop had the following inventory data…..
  • Company managers need to know the company’s gross profit percentage and rate of inventory turnover for 2018 under:
  • FIFO
  • LIFO
  • Which method produces a higher gross profit percentage? A higher inventory turnover?
  1. Question: The company sold 247 stoves, and on July 31, the ending inventory consisted of 53 stoves. The sales price of each stove was $44.
  • Determine the cost of goods sold and ending inventory amounts for July under the average cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar.
  • Under the FIFO method, the first costs into inventory are the first costs assigned to the cost of goods sold hence, the name first-in, first-out. Under FIFO, the cost of ending inventory is always based on the latest costs incurred.
  • Calculate the cost of goods sold under the LIFO method
  • Explain why the cost of goods sold is highest under LIFO. Be specific.
  • Prepare Camp Surplus’income statement for Report gross profit. Operating expenses totaled $3,750. The company uses the average costing for inventory. The income tax rate is 32%.

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