You are required to write the highest and lowest issue price with dates and find out the difference in both the prices. 1. LIFO - January -LIFO - JanuaryPurchasesCost of Goods SoldBalanceDateUnitsRateCostUnitsRateCostUnitsRateCost3,5006,300Jan 225014.003,50025014.00Jan 817516.002,80042514.8217516.002,800Jan 1016514.002,3108514.001,190Jan 1722515.003,37539014.585,685Jan 2019015.002,85020014.182,8353515.00525Jan 2313014.001,8203514.00490Jan 2530013.003,90043013.305,720Jan 2725013.003,25018013.722,4705013.00650Jan 2911514.001,6101514.00210Jan 3015014.002,10026514.003,710110014.2515,67583514.3311,96526514.003,710

Answer) Highest Issue Price: Highest issue price is $ 16.00 per unit. Date of Highest Price is…

1. LIFO - January - LIFO - January Purchases Cost of Goods Sold Balance Date Units Rate Cost Units Rate Cost Units Rate Cost Jan 2 250 14.00 3,500 250 14.00 3,500 Jan 8 175 16.00 2,800 425 14.82 6,300 175 16.00 2,800 Jan 10 165 14.00 2,310 85 14.00 1,190 Jan 17 225 15.00 3,375 390 14.58 5,685 Jan 20 190 15.00 2,850 200 14.18 2,835 35 15.00 525 Jan 23 130 14.00 1,820 35 14.00 490 Jan 25 300 13.00 3,900 430 13.30 5,720 Jan 27 250 13.00 3,250 180 13.72 2,470 50 13.00 650 Jan 29 115 14.00 1,610 15 14.00 210 Jan 30 150 14.00 2,100 265 14.00 3,710 1100 14.25 15,675 835 14.33 11,965 265 14.00 3,710

1. LIFO - January - LIFO - January Purchases Cost of Goods Sold Balance Date Units Rate Cost Units Rate Cost Units Rate Cost Jan 2 250 14.00 3,500 250 14.00 3,500 Jan 8 175 16.00 2,800 425 14.82 6,300 175 16.00 2,800 Jan 10 165 14.00 2,310 85 14.00 1,190 Jan 17 225 15.00 3,375 390 14.58 5,685 Jan 20 190 15.00 2,850 200 14.18 2,835 35 15.00 525 Jan 23 130 14.00 1,820 35 14.00 490 Jan 25 300 13.00 3,900 430 13.30 5,720 Jan 27 250 13.00 3,250 180 13.72 2,470 50 13.00 650 Jan 29 115 14.00 1,610 15 14.00 210 Jan 30 150 14.00 2,100 265 14.00 3,710 1100 14.25 15,675 835 14.33 11,965 265 14.00 3,710

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 4MC: The difference between merchandise available for sale and the end-of-period merchandise inventory is...

See similar textbooks

Similar questions

Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Beginning inventory, purchases, and sales for Meta-B1 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of the merchandise sold on July 26, and (c) the inventory on July 31.
Appendix 2 Cost of goods sold Identify the errors in the following schedule of the cost of goods sold for the year ended May 31, 20Y5: Cost of goods sold:
The difference between merchandise available for sale and the end-of-period merchandise inventory is called (a) gross profit. (b) net purchases. (c) net sales. (d) cost of goods sold.
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Consider the following financial statement information: Item Beginning Year Ending Inventory € 9.780 € 11.380 € 4.108 € 4.938 € 7.636 € 7.927 Accounts Receivable Accounts Payable Credit Sales Cost of Goods Sold € 89.804 € 56.384 Calculate the operating and cash cycles. How do you interpret your answer?
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days