Metro Mart Co. sells one product. Presented below is information for.pdf

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Metro Mart Co. sells one product. Presented below is information for January 2022 for Metro. Date 1/1/22 Inventory 100 units at $5 each 1/4/22 Sale 80 units at $8 each 1/11/22 Purchase 150 units at $6 each 1/13/22 Sales 120 units at $8.50 each 1/20/22 Purchase 150 units at $7 each 1/27/22 Sales 100 units at $9 each *Compute the following costs: (15 points) A) Cost of goods sold under weighted average cost (periodic). B) Cost of ending inventory under Date 1/1/22Inventory100 units at $5 each 1/4/22 Sale 80 units at $8 each 1/11/22Purchase150 units at $6 each 1/13/22Sales120 units at $8.50 each 1/20/22Purchase150 units at $7 each 1/27/22Sales100 units at $9 each *Compute the following costs:(15 points) A) Cost of goods sold under weighted average cost (periodic). B) Cost of ending inventory under FIFO (periodic). C) Cost of goods sold under LIFO (periodic) D) Cost of ending inventory under moving average (perpetual). E) Cost of goods sold under FIFO (perpetual). F) Cost of goods sold under LIFO (perpetual). *Show your computations..

Education

This document contains a 25 question multiple choice test on inventory valuation. The questions cover topics like distinguishing between product and period costs, calculating inventory costs, recording inventory adjustments, and applying the lower of cost or net realizable value principle. It is from a VCE Accounting textbook chapter on inventory valuation and is intended for students to test their understanding of this topic.

Make or Buy Decisions

Ron McFarland

fxbop01.ppt

AARJAC

This document discusses international trade and exchange rates. It provides an outline of topics including balance of payments accounting, how open the US economy is, a description of international trade, how exchange rates are determined, and how exchange rates affect import and export prices. Tables of trade and current account balance data for the US and other countries are presented. Exchange rates between currencies are defined and factors influencing exchange rate movements are described. Examples are given of how currency appreciation or depreciation impacts the dollar and foreign currency prices of goods.

Laker Company reported the following January purchases and sales data.pdf

mohammedfootwear

Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Date Jan. 1Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 220 units 170 units 370 units $14.50$ 3,190 $13.502,295 $13.004,810 Units sold at Retalil 170 units $23.50 200 units @ $23.50 370 units Totals 760 units $10,295 The company uses a periodic inventory system. For specific identification, ending inventory consists of 390 units, where 370 are from the January 30 beginning inventory value: 2.00 points Required 1. Complete the table to determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (Round cost per uni Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory per Cost ofof units Cost per Ending # of units | Cost per Cost of Goods Availableforl#of units cost unit Goods Sold in ending inventory sold unit Inventory Sale Beginning inventory Purchases Jan. 20 Jan. 30 Total Solution Answers FIFO, LIFO, Specific Identification, Weighted Average. FIFO Cost of Goods available for sale Cost of Goods Sold Ending Inventory Units Cost/unit COG for sale Units sold Cost/unit COGS Units Cost/unit Ending inventory Beginning Inventory 220 $ 14.50 $ 3,190.00 220 $ 14.50 $ 3,190.00 0 $ 14.50 $ - Purchases: 20-Jan 170 $ 13.50 $ 2,295.00 150 $ 13.50 $ 2,025.00 20 $ 13.50 $ 270.00 30-Jan 370 $ 13.00 $ 4,810.00 0 $ 13.00 $ - 370 $ 13.00 $ 4,810.00 TOTAL 760 $ 10,295.00 370 $ 5,215.00 390 $ 5,080.00 LIFO Cost of Goods available for sale Cost of Goods Sold Ending Inventory Units Cost/unit COG for sale Units sold Cost/unit COGS Units Cost/unit Ending inventory Beginning Inventory 220 $ 14.50 $ 3,190.00 $ 14.50 $ - 220 $ 14.50 $ 3,190.00 Purchases: 20-Jan 170 $ 13.50 $ 2,295.00 $ 13.50 $ - 170 $ 13.50 $ 2,295.00 30-Jan 370 $ 13.00 $ 4,810.00 370 $ 13.00 $ 4,810.00 0 $ 13.00 $ - TOTAL 760 $ 10,295.00 370 $ 4,810.00 390 $ 5,485.00 Specific Identification Cost of Goods available for sale Cost of Goods Sold Ending Inventory Units Cost/unit COG for sale Units sold Cost/unit COGS Units Cost/unit Ending inventory Beginning Inventory 220 $ 14.50 $ 3,190.00 200 $ 14.50 $ 2,900.00 20 $ 14.50 $ 290.00 Purchases: 20-Jan 170 $ 13.50 $ 2,295.00 170 $ 13.50 $ 2,295.00 0 $ 13.50 $ - 30-Jan 370 $ 13.00 $ 4,810.00 0 $ 13.00 $ - 370 $ 13.00 $ 4,810.00 TOTAL 760 $ 10,295.00 370 $ 5,195.00 390 $ 5,100.00 Average Method Cost of Goods available for sale Cost of Goods Sold Ending Inventory Units Cost/unit COG for sale Units sold Cost/unit COGS Units Cost/unit Ending inventory Beginning Inventory 220 $ 14.50 $ 3,190.00 Purchases: 20-Jan 170 $ 13.50 $ 2,295.00 30-Jan 370 $ 13.00 $ 4,810.00 TOTAL 760 13.55 $ 10,295.00 370 13.55 $ 5,013.50 390 $ 13.55 $ 5,284.50 FIFO Cost of Goods available for sale Cost of Goods Sold Ending Inventory Units Cost/unit COG for sale Units sold Cost/unit COGS Units Cost/unit Ending inventory Beginning Inventory 220 $ 1.

chapter_07.ppt

Dr. Ahmed Hassan, PhD, DBA, PMP

This document discusses inventory costing and cost of goods sold. It provides examples of how to calculate inventory and cost of goods sold using different costing methods like FIFO, LIFO, and weighted average. FIFO assigns the oldest costs to cost of goods sold and most recent costs to ending inventory. LIFO does the opposite by assigning most recent costs to cost of goods sold. Weighted average assigns an average unit cost. The choice of method affects reported income and taxes. Inventory is also reported at the lower of cost or market value. Managers may choose methods to maximize reported income and minimize taxes within GAAP.

18.3 Example of Product costing

VCE Accounting - Michael Allison

A firm purchased 100 units of stock on January 1, 2015. The product cost includes the supplier's price of $7 per unit, cartage inwards of $1 per unit, and a share of annual customs duty and delivery van depreciation. This results in a total product cost of $8 per unit. The financial statements show the firm selling the 100 units for $16 each, generating a gross profit of $600 and net profit of $100 after deducting other expenses.

E8-13Altira Corporation uses a periodic inventory system. The fo.docx

jacksnathalie

E8-13 Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available: Aug 1 Inventory on hand - 2,000 units; cost $6.10 each. Aug 8 Purchased 10,000 units for $5.50 each. Aug 14 Sold 8,000 units for $12.00 each. Aug 18 Purchased 60,000 units for $5.00 each. Aug 25 Sold 7,000 units for $11.00 each. Aug 31 Inventory on hand – 3,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: 1. First-in, First-out (FIFO) 2. Last-in, First-out (LIFO) 3. Average Cost E8-14 [This is a variation of Exercise 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011: Aug 1 Inventory on hand – 2,000 units; cost $6.10 each. Aug 8 Purchased 10,000 units for $5.50 each Aug 14 Sold 8,000 units for $12.00 each Aug 18 Purchased 6,000 units for $5.00 each Aug 25 Sold 7,000 units for $11.00 each. Aug 31 Inventory on hand – 3,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2011 balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: 1. First-in, First-out (FIFO) 2. Last-in, First-out (LIFO) 3. Average Cost E8-18 Steelcase, Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: 5. Inventories ($in millions) February 27, 2009 February 29, 2008 Raw Materials $61.3 $67.5 Work-in-Process 15.9 20.9 Finished Goods 79.9 87.9 157.1 176.3 LIFO reserve (27.2) (29.6) $129.9 $146.7 The company’s income statement reported cost of goods sold of $2,236.7 million for the fiscal year ended February 27, 2009. Required: 1. Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 27, 2009 adjusting entry to make the cost of goods sold adjustment. 2. If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year? P 8-5 Ferris Company began 2011 with 6,00o units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $9 $45,000 Jan. 18 6,000 10 60,000 Totals 11,000 $105,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8,000 units were on hand at th ...

Case 14 Name(s)______________________________.docx

jasoninnes20

Case 14 Name(s)_______________________________________ Objective: To show how Logistics System Total Costs are calculated. Information: A high-end refrigerator manufacturer near Findlay, Ohio plans to test market a new model in Detroit, Michigan. Sales: 1st Year Forecast Demand- 700 units Retail Demand- 5 units per day [2 units per day for Strategy II] Product Data: Variable Manufacturing Cost/Unit- $800 Weight Per Unit- 250 pounds Size (Packed)- 40 cubic feet/unit Logistics Costs: A-E A. Transport Costs: Ohio (plant) to Michigan (warehouse). The truck rates are as follows: Local Delivery Costs (warehouse to retail): $30 per unit Shipment Size Rate Less than 3,000 lbs. $16 per cwt* 3,000 to 24,000 lbs. $10 per cwt 24,001 lbs. and over $6 per cwt *cwt means cost per hundredweight (100 lbs.) B. Inventory Carrying Costs: C. Warehousing Costs: Public warehousing rates were based on the space needed for average inventory. D. Material Handling Costs: Large shipments require overtime labor to unload them and very small shipments underutilize workers. The following rates apply at both the Ohio plant and Michigan public warehouse: E. Order Costs: Replenishment order costs are more expensive because production set up costs are involved when order sizes change. Costs as a % of the Average Value of Yearly Inventory Opportunity Cost of Capital 13% Damage, Theft & Obsolescence 4% Inventory Taxes & Insurance 11% Relocation & Cycle Counting 2% If your Average Inventory Occupies: 0 to 1,600 cu. ft. --- $7.00 per cu. ft. of average inv 1,601 to 6,300 cu. ft. --- $5.00 per cu. ft. of average inv 6,301 cu. ft. & Over --- $3.50 per cu. ft. of average inv *There is a minimum Annual Charge of $1,000 Shipment Size Rate 0 to 6,000 lbs $7.00 per unit loaded & unloaded once 6,001 lbs to 11,000 lbs $4.00 per unit loaded & unloaded once 11,001 lbs to 18,000 lbs $2.00 per unit loaded & unloaded once 18,001 lbs and Over $9.00 per unit loaded & unloaded once Replenishment order to plant $100 per order Retail order to warehouse $20 per order Application: There are many strategies for moving the product from the Ohio plant to the Michigan retail location. For example, 700 units could be shipped to the warehouse January 1 and then monthly shipments could be sent to the store, or quarterly shipments could be sent to the warehouse and daily shipments sent to the store and so on. There are literally billions of options. Let’s use the second option mentioned to demonstrate logistics system total cost calculation. The logistics costs that must be calculated are displayed in this figure. Strategy I: Ship 4 shipments of 175 units each to the warehouse ...

1 Break-Even Analysis Marketers need to understand break-even analysis because it helps them choose the best pricing strategy and make smart decisions about the short- and long-term profitability of the product. This is an analysis that tells you how many products you need to sell to cover your costs. Profitability Profitability Definitions Revenue the money we take in from sales Cost the money it costs us to make and sell our product Profit the money we have left over from our revenue after we pay all of our costs Revenue - Costs = Profit Price the money a consumer pays for one unit of product the money we take in from one unit of product Price x Units = Revenue Revenue/Units = Price 2 Exercise 1 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 1. What was Stick-It-Up’s total sales revenue in August? 2. What was Stick-It-Up’s total profit in August? 3. What product contributed the most to sales revenue in August? What percentage of the sales revenue did it contribute? 4. What product contributed the most to profit in August? What percentage of the profit did it contribute? 5. If sales of magnetic white boards went up by 20%, how much more would it contribute to sales revenue? To profits? 6. Suppose that increasing sales of magnetic white boards by 20% would cost the company $500 per month in advertising expenses. Should they spend the $500 per month on additional advertising? Exercise 1 What was Stick-It-Up’s total revenue in August? Revenue from: Bulletin Boards 400 x $3.00 $1,200.00 Magnetic White Boards 600 x $4.00 $2,400.00 Combination Boards 250 x $5.00 $1,250.00 Total Revenue $4,850.00 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 3 Exercise 1 What was Stick-It-Up’s total profit in August? Cost of: Bulletin Boards 400 x $1.00 $400.00 Magnetic White Boards 600 x $3.00 $1,800.00 Combination Boards 250 x $3.50 $875.00 Total Cost $3,075.00 Profit = Total Revenue - Total Cost = $4,850 - $3,075 = $1,775 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 What was Stick-It-Up’s total profit in August? Profit on: Bulletin Boards 400 x ($3.00-$1.00) $800.00 Magnetic White Boards 600 x ($4.00-$3.00) $600.00 Combination Boards 250 x ($5.00-$3.50) $375.00 Total Profit $1,775.00 Product Units Sold in August Price per Unit Cost per Unit Bulletin Board 400 $3.00 $1.00 Magnetic White Board 600 $4.00 $3.00 Combination Board 250 $5.00 $3.50 Exercise 1 What product contributed the most to revenue in August? What percentage did it contribute? Bulletin Boards $1,200.00 Magnetic White Boards $2,400 ...

Akuntansi Persediaan

Syafril Djaelani,SE, MM

This document provides information about inventory accounting, including definitions of different types of inventory, methods for valuing inventory, and techniques for estimating inventory costs. It discusses inventory owned by trading companies versus manufacturing companies. It also covers concepts like FOB shipping point, FOB destination, inventory cost flow assumptions under FIFO, LIFO, and average costing methods, as well as lower of cost or market valuation. Methods for estimating inventory costs described include the retail method and gross profit method.

Exercises with solutions CHAPTER 0104 (1).pdf

MohamedAbdi347025

Macro 2.3 inflation

VICKYSUNDAR4

The document provides an overview of notes from economics lessons on inflation. It includes definitions of inflation, examples of historic inflation rates, factors that cause inflation, how to measure inflation using the Consumer Price Index and GDP deflator, and the effects of inflation on different groups. Practice problems are provided for calculating real GDP, nominal GDP, inflation rates, CPI, and the GDP deflator. The document also discusses the tradeoff between unemployment and inflation.

Macro 2.3 inflation

VICKYSUNDAR4

The document provides an overview of topics related to macroeconomics and inflation. It includes notes from class on measuring inflation using the Consumer Price Index and GDP deflator. Examples are given of calculating inflation rates, real GDP, and nominal GDP. The three main causes of inflation are also summarized: too much money supply, demand-pull inflation from excessive spending, and cost-push inflation from increased production costs. Real and nominal interest rates are defined in relation to inflation expectations.

Macroeconomics, G.Mankiw, 2-data of Macroeconomics

Dr. Arifa Saeed

This document provides an overview of key macroeconomic concepts including GDP, its components and measurement. It defines GDP as the total value of final goods and services produced, which can be measured through total expenditure or total income. GDP has nominal and real components, with real GDP adjusting for inflation using a base year. Other concepts covered include GNP, the GDP deflator, CPI, stocks and flows. Worked examples are provided to demonstrate calculating GDP and inflation rates. Limitations of CPI in measuring inflation are also discussed.

ITFT - COST ACCOUNTING

Pooja

The document discusses inventory control and different inventory costing methods. It provides details on why inventory control is important, potential inventory errors and their effects on financial statements, and assumptions of inventory cost flow. It then explains the FIFO and LIFO inventory costing methods in detail using numerical examples, showing how inventory balances and costs of goods sold are calculated under each method using perpetual inventory accounts.

Ap macro inflation_teacher

niru15

Inflation reduces the purchasing power of currency over time by increasing the prices of goods and services. It is typically measured using the Consumer Price Index (CPI), which tracks the prices of a basket of consumer goods and services. High inflation can negatively impact the economy by redistributing wealth, reducing the value of savings, and creating uncertainty that discourages spending and investment. To accurately measure economic growth, economists calculate real GDP, which factors out the effects of inflation by using a base year's price levels. This distinguishes actual growth in production from growth simply due to rising prices.

InstructionsChart of AccountsAsset AccountsLiability AccountsEqu.docx

normanibarber20063

Instructions Chart of AccountsAsset AccountsLiability AccountsEquity AccountsAcct #Acct #Acct #Cash101Notes Payable201Common Stock301Baking Supplies102Accounts Payable202Dividends302Prepaid Rent103Wages Payable203Prepaid Insurance104Interest Payable 204Baking Equipment105Misc. Supplies106Accounts Receivable107 Accumulated Depreciation108Merchandise Inventory 109Revenue AccountsThis chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.Acct #Bakery Sales401Merchandise Sales402Expense AccountsAcct #Baking Supplies Expense501Rent Expense502Insurance Expense503Misc. Expense504Business License Expense505Advertising Expense506Wages Expense507Telephone Expense508Interest Expense509Depreciation Expense510Misc. Supplies Expense511Cost of Goods Sold512 Step 1 July JournalPeyton ApprovedGeneral Journal Entries Jul-14DateAccountsDebitCredit1-JulCash15,000.00 Common Stock15,000.00Contributed cash for common stock1-JulBaking Suppllies 8,500.00 Vendor8,500.00To record Baking Supplies purchased 3-JulCash 10,000.00 Notes Payable 10,000.00To record loan from parents 7-JulLease Expense Advance1,500.00 Cash1,500.003,000.00To Record Lease Agreements10-JulBusiness License 375.00 Cash 375.00To record Buisness License Fee11-JulMiscellaneous Expense250.00 Cash250.00To record Misc. Exp. cash resgister 13-JulBaking Equipment 5,000.00 Common Stock5,000.00To record purchase baking equipment13-JulAdvertising Expense200.00 Cash200.00To record Advertising Expense 14-JulMiscellaneous Supplies300.00 Cash300.00To record Misc. Supplies 15-JulNo Entry Required 30-JulTelephone Expenses45.00 Accounts Payable 45.00To record Telephone expense 31-JulPrepaid Insurance1,200.00 Cash1,200.00To record Insurance payment 31-JulWages Expenses 120.00Wages payble 120.00To record Wage expense 31-JulCash 10,000.00Accounts Receivable 5,000.00 Bakery Sales15,000.00 Step 2 August JournalPeyton ApprovedGeneral Journal Entries Aug-14DateAccountsDebitCredit31-JulWages Payable120.00Cash120.008-AugCash3,200.00 Accounts Receivable 3,200.0010-AugAccounts Payable45.00 Cash 45.0015-AugBaking Supplies 5,000.00 Accounts Payables 5,000.0015-AugWages Expense 480.00 Wages Payable 480.0015-AugRent Expense 1,500.00 Cash 1,500.0018-AugCash 1,000.00 Accounts Receivables1,000.0020-AugAccounts Payables 8,500.00 Cash8,500.0020-AugWages Payable480.00 Cash 480.0022-AugMiscellaneous Supplies 300.00 Cash 300.0031-AugTelephone Expense45.00Accounts Payable45.0031-AugWage Expenses420.00 Wages Payable 420.0031-AugCash 12,500.00Accounts Receivable 7,500.00 Bakery Sales20,000.00 Step 3 September JournalPeyton ApprovedGeneral Journal Entries Sep-14DateAccountsDebitCredit1-SepDividends3,000.00Cash3,000.005-SepSalary and Wages Payabl.

3. inventories

Leonardo Figueroa

Ec102 may 17

Karen Magtubo

The document provides an introduction to concepts in international finance and macroeconomics, including definitions and calculations of GDP, GDP growth rate, nominal GDP, real GDP, inflation, exchange rates, and purchasing power parity. Formulas are given for computing GDP, GDP deflator, CPI, and other economic indicators. Examples are provided to illustrate foreign exchange markets and the relationship between exchange rates and purchasing power parity.

Section 8

Mohamed Mahmoud

- The document discusses accounting principles related to inventories, including calculating cost of goods sold, lower-of-cost-or-market valuation, inventory turnover ratio, and inventory cost flow methods. - Several exercises are provided to demonstrate calculating cost of goods sold, applying the lower-of-cost-or-market rule, computing inventory turnover and days in inventory, and using different inventory cost flow methods like FIFO, weighted average, and LIFO. - The answers explain step-by-step how to apply the inventory accounting concepts introduced to solve the numerical problems.

Domestic support disciplines for the 21st century: A blueprint for the WTO Tw...

IFPRI-PIM

The document discusses various scenarios for reforming domestic agricultural support policies through changes to limits on Overall Trade Distorting Support (OTDS) and product-specific caps. It analyzes the impacts of different scenarios on world prices, trade volumes, production, and exports of certain commodities. Key variables include the base years and methodology for calculating value of production, thresholds for developing vs developed countries, timelines for phased reductions, and treatments for special products and cotton. Modeling results are presented to compare outcomes across scenarios. Recommendations emphasize the need for simplified rules, special treatment for developing countries, and properly defined caps to avoid loopholes.

Mod�l 04 Tartmas - Stratejik Ortaklklar Stratejik ittifaklar, iste.pdf

Metro Mart Co. sells one product. Presented below is information for.pdf

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