question archive This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement
Subject:BusinessPrice: Bought3
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the "$" sign in your response.) Ending Inventory 35,200 Cost of Goods Sold Net Purchases 104,000 280,000 Profit or (Loss) Gross Profit 135,200 Beginning Inventory 76,000 79,000 190,000 Expenses 72,000 a Net Sales 280,000 470,000 630,000 790,000 b. 20,000 264,000 441,000 c. d. 160,000 135,000 280,000 160,000 280,000 450,000 189,000 234.000 140,000 e. 156,000 400,000 (15,000) 2. value: 20.00 points Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions. Units Sold at Retail Date Jan. 1 Feb. 10 Mar. 13 Mar. 15 Aug. 21 Sept 5 Sept. 10 Activities Beginning inventory Purchase Purchase Sales Purchase Units Acquired at Cost 720 units @ $46.40/unit 320 units @ $42.40/unit 160 units @ $22.40/unit owo- 580 units @ $77.40/unit Purchase 280 units @ $62.40/unit 220 units @ $50.40/unit Sales 140 units @ $77.40/unit Totals 1.700 units 720 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.) Cost of goods available for sale Number of units available for sale units 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) specific identification-units sold consist of 560 units from beginning inventory and 160 units from the March 13 purchase, and (c) weighted average cost. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the cost of Good available for sales. Round your per unit costs to 2 decimal places. Round your final answers to the nearest dollar amount. Omit the "S" sign in your response.) Ending inventory (a) FIFO (b) Specific identification (c) Weighted average cost $ $ 4. Compute gross profit earned by the company for each of the three costing methods. (Round your per unit costs to 2 decimal places and inventory balances and final answer to the nearest dollar amount.Omit the "$" sign in your response.) (a) FIFO (b) Specific identification (c) Weighted average cost Gross profit $ $ $
