Question

Inventory information for Part 311 of Buffalo Corp. discloses the following information for the month of...

Inventory information for Part 311 of Buffalo Corp. discloses the following information for the month of June.

June 1 Balance 301 units @ $15 June 10 Sold 203 units @ $37
11 Purchased 797 units @ $18 15 Sold 497 units @ $38
20 Purchased 497 units @ $20 27 Sold 298 units @ $41

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Gross Profit (FIFO) $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of...
Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June. June   1 Balance 302 units @ $17 June 10 Sold 200 units @ $40 11 Purchased 795 units @ $20 15 Sold 496 units @ $42 20 Purchased 498 units @ $22 27 Sold 299 units @ $45 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO (2)...
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of June. June   1 Balance 303 units @ $14 June 10 Sold 201 units @ $34 11 Purchased 798 units @ $17 15 Sold 498 units @ $35 20 Purchased 497 units @ $18 27 Sold 299 units @ $38 New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Assuming that the periodic inventory method is...
Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of...
Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $16 June 10 Sold 197 units @ $37 11 Purchased 797 units @ $19 15 Sold 498 units @ $39 20 Purchased 503 units @ $20 27 Sold 297 units @ $42 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
Exercise 8-10 a-c Inventory information for Part 311 of Windsor Corp. discloses the following information for...
Exercise 8-10 a-c Inventory information for Part 311 of Windsor Corp. discloses the following information for the month of June. June   1 Balance 295 units @ $12 June 10 Sold 196 units @ $30 11 Purchased 799 units @ $15 15 Sold 505 units @ $31 20 Purchased 498 units @ $16 27 Sold 296 units @ $33 Your answer is correct. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1)...
Inventory information for Part 311 of Sheridan Corp. discloses the following information for the month of...
Inventory information for Part 311 of Sheridan Corp. discloses the following information for the month of June. June   1 Balance 301 units @ $12 June 10 Sold 197 units @ $29 11 Purchased 803 units @ $14 15 Sold 500 units @ $30 20 Purchased 502 units @ $16 27 Sold 297 units @ $32 (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
Inventory information for Part 311 of Pina Corp. discloses the following information for the month of...
Inventory information for Part 311 of Pina Corp. discloses the following information for the month of June. June 1 Balance 299 units @ $16 June 10 Sold 196 units @ $38 11 Purchased 803 units @ $19 15 Sold 502 units @ $40 20 Purchased 505 units @ $21 27 Sold 297 units @ $43 (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1)...
Inventory information for Part 311 of Chi Corp. discloses the following information for the month of...
Inventory information for Part 311 of Chi Corp. discloses the following information for the month of June (beginning balance of the month =0): June 1. Purchased 600 units @ $16 June 11. Purchased 800 units @ $19 June 15. Sold 300 units @ $40 June 20. Purchased 600 units @ $21 June 27. Sold 200 units @ $43 a) If Chi Corp. uses LIFO and Perpetual system, then, what is the unit cost of the inventories sold on June 15?...
Buffalo Industries reports the following for the month of June. Date Explanation Units Unit Cost Total...
Buffalo Industries reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 131 $5 $655 12 Purchases 359 6 2,154 23 Purchases 195 7 1,365 30 Inventory 267 A sale of 371 units occurred on June 15 for a selling price of $8 and a sale of 47 units on June 27 for $9. Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g....
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST TOTAL COST UNITS ON HAND Balance on October 1 2,000 $1.00 $2,000 2,000 Purchased on October 8 1,200 $3.00 $3,600 3,200 Sold on October 20 1,500 1,700 Purchased on October 22 2,000 $4.00 $8,000 3,700 Sold on October 28 2,200 1,500 Purchase on October 29 1,000 $5.00 $5,000 2,500 Part B: Using the partially computed tables on the next three pages, compute the cost...
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month...
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $ 900.00 4 Purchased 115 units at $18.20 each 2,093.00 5                Sold 100 units 10 Purchased 75 units at $18.25 each 1,368.75 24                Sold 50 units Total cost of goods available for sale $4,361.75 30 On hand, 90 units Refer to the information provided for Klump Co. If the company uses the FIFO...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT