Required Information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units @ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

Required Information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units @ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Required Informatlon [The following information apples to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 500 units @ $ 7 = January 20 April 21 July 25 September 19 $3,500 Purchased 30e units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. b. Record the above transactions In general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21, July 25 September 19 2 Purchased 580 units @ $ 9 = Purchased 380 units @ $11 = Purchased 460 units @ $14 = Purchased 270 units @ $16 = $5,220 4,180 6,440 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each. Check my w Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted average Ending Inventory
es Required information [The following information applies to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 Purchased 480 units @ $9- Purchased 200 units @ $11- Purchased 360 units @ $14- Purchased 170 units@ $16- September 19 During the year, The Shirt Shop sold 1,050 T-shirts for $25 each. $4,320 3,080 Required B b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. 5,040 2,720 Required B GJ Required 8 GJ Required B GJ Required B T LIFO FIFO WA Acc FIFO View transaction list Required B T Required BT Acc LIFO Acc WA Record the above transactions in general Journal form. (If no entry is required for a…
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 500 units @ $ 7 = Purchased 300 units @ $9 = Purchased 380 units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 500 units @ $ 7 = Purchased 300 units @ $9 = Purchased 380 units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
! Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 Purchased 440 units @ $ 8 = Purchased 240 units @ $10 Purchased 320 units @ $13 = Purchased 130 units @ $15 $3,520 2,400 July 25 4,160 September 19 1,950 During the year, The Shirt Shop sold 930 T-shirts for $24 each. = b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.)
Required information (The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 4800 units es 8 Purchased 200 units e $10 Purchased 280 units @ $13 Purchased 90 units @ $15 $3, 200 2, e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
E8.14 The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020.May 1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30 Instructions a. Assuming that periodic inventories are maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using Weighted Average. OPTIONAL: Try FIFO and LIFO, based on reading the slides and notes on these 2 methods. b. Assuming that perpetual records are maintained, calculate the ending inventory using Moving Average
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units 200 units $ 8 = $3,200 %3D Apr. 21 July 25 Sept. 19 Purchased Purchased = %$ $13 = 3,640 Purchased 000' 280 units 90 units $15 = 1,350 %3D During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.