At Best of the West Steakhouse, an inventory record card for beef tenderloin shows the following details in 2021. Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Cost Dec 1 47 $66 Dec 5 35 $66 12 $66 Dec 9 147 $77 12 $66 147 $77 Dec 13 12 $66 96 $77 51 $77 Dec 22 31 $80 51 $77 31 $80 Dec 26 51 $77 24 $ 80 7 $80 Dec 28 55 $84 7 $80 55 $84 Required The company uses the FIFO cost method for inventory valuation under the perpetual inventory system. Calculate the cost of goods sold for the month, and the value of ending inventory at the end of December. Do not enter dollar signs or commas in the input boxes. Cost of Goods Sold $Answer 16341 Ending Inventory = $
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- ****I JUST NEED THE LAST PART ABOUT GROSS PROFIT RATE**** You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 70 $26 Oct. 9 Purchase 125 28 Oct. 11 Sale 95 40 Oct. 17 Purchase 95 29 Oct. 22 Sale 70 45 Oct. 25 Purchase 80 31 Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $28.50 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The Ending Inventory 2660 2660 2850 The cost of goods sold 7895 7495 7695 Gross Proft 3780…The annual inventory the following information for 20 inch tires. Quantity Date Jan 11 Mar zo Jol 11 Sep 11 Nov 13 Total available for Sale Begining Inventory Purchase Purchase A 112.60 B 120.00 152.00 221.00 Purchase Purchase of Big Wheels INC. Shows. A Answer ky 50 10 40 154 Cost Total 6.50 325 24 30 22.50 22.50 20.50 26.50 If 34 tires were on hand Dec 31 What is the Value of ending inventory using the LIfo method of Inventory pricing ? 205 636 675 900 $2,741Part 1Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations duringthe 2021 calendar year.Inventory Data: 1/1/2021 Purchases 31/12/2021Raw Materials $750,000 $4,330,000 $807,000Indirect Materials 55,000 320,000 71,500Work in Progress 924,000 n/a 814,750Finished Goods 1,142,600 n/a 1,720,200The following additional information is also available:Sales Revenue $14,776,000Direct Factory Labor 4,371,000Indirect Factory Labor 1,232,250Total Depreciation 1 400,000Total Utilities 2 525,000Distribution & Customer Service Costs 76,800Insurance on Plant & Equipment 585,000Property Taxes 3 90,000Administrative Wages & Salaries 1,076,000Advertising Expenses 57,700Sales Commission 5% of Sales Revenue1 Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general andadministrative costs.2 Of the total utilities, 75% relates to manufacturing and 25% relates to general and administrative costs.3 The…
- Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $35,100 100 2019 48,900 120 2020 51,480 130 2021 62,580 140 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Year Ending inventory 2018 35,100 V 2019 %24 2020 2021 %24Acounting Q&A Library Old Rose Company's pricing structure has been established to yielda Rose Company's pricing structure has been estab Start your trial now! First week only Question Old Rose Company's pricing structure has been established to yield a gross margin of 30%. The following data pertain to the year ended December 31, 2019: Sales - P2,000,000 Inventory, January 1 2019 - 1,000,000 Purchases - P800,000 Freight cost on purchases - P20,000 Freight cost on merchandise sold - P30,000 Inventory inside the company's warehouse, per actual account on December 31, 2019 - P160,000 Credit Memo issued to customers for goods returned and received - P50,000 Credit memos issued to customers for merchandise to be returned, January 2, 2020 - P40,000 Sales Discount - P100,000 Old Rose Company is satisfied that all sales and purchases have been fully and properly recorded. REQUIRED: How much would Old Rose Company reasonably estimate as a shortage in inventory at December 31, 2019? WITH…Problem 1 Use the following data to answer the question below about actual food and beverage costs for the Marina Bay Grill for July: Ending Inventory (Food) $68,000 Ending Inventory (Beverage) $23,470 Food Purchases $305,000 Beverage Purchases Beginning Inventory (Food) Beginning Inventory (Beverage) $24,700 $72,400 $19,700 Transfers to Bar $3,870 $510 Beverage Theft/Pilferage Food Over-Portioning Expense $615 Transfers from Bar $4,100 $2,160 Complimentary Food Complimentary Beverages Employee Meal Cost Food Revenues $890 $11,225 $878,000 $116,500 Beverage Revenues What is the net cost of sales for food and beverage? Indicate dollar and percentage costs.
- Samson, Inc had the foliowing balances and transactions dunng 2025 Boginning Merchandise Inventory March 10 Juno 10 October 30 15 units at $01 Sold 12 units Purchased 45 units at 07 Sold 30 units What is the balance of the company's Merchandise Inventory, an disclosod in the December 31, 2025 batance hoet an per the periodic FIFOventory costing methoDollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $41,800 100 2019 57,540 120 2020 60,710 130 2021 73,640 140 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Year Ending inventory 2018 41,800 V 2019 69,048 X 2020 60,710 x 2021 $ 73,640 xQuestion Content Area Use the information below to answer the following question.The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to the nearest dollar according to the average cost method? a.$655 b.$690 c.$620 d.$659
- A company has the following: Dec. 1 O $110.50 Dec. 14 Dec. 19 Dec. 21 Purchase 50 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIPO? O$89.50 O $96.00 O$104.00 Units Beginning balance 30 Purchase 60 $100.00 Purchase Cost per unit $1.00 40 $1.05 $1.10The following lots of Commodity Z were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 7 units at $49 17 units at $55 55 units at $58 15 units at $61 The firm uses the periodic inventory system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,168 b. $5,383 c. $1,078View Policies Current Attempt in Progress You assemble the following information for Tamarisk Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2020 $496,800 $690,000 Purchases 883,200 1.104,000 Increase in price level for year 9% Compute the cost of the inventory on December 31, 2020, assuming that the inventory at retail is (a) $676,890 and (b) $839,845. (Round ratios for computational purposes to O decimal places, eg. 78% and final answers to 0 decimal places, eg. 28,987.) (a) Cost of the inventory on December 31, 2020 %24 (b) Cost of the inventory on December 31, 2020 %24 eTextbook and Media Save for Later Attempts: 0 of 10 used Submit Answer 16