Question

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases...

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130 and had transactions as follows:

Mar 1st beginning inventory 5 units at $30 per unit
Mar 3rd sold 3 units
Mar 6th purchased inventory 30 units at $40 per unit
Mar 17th sold 20 units
Mar 23rd purchased inventory 25 units at $50 per unit
Mar 31st sold 30 units
Required: Use the information above to answer the questions below for First In First Out (FIFO) and Moving Weighted Average (MWA) inventory costing methods.

ROUND ALL ANSWERS TO 2 DECIMAL PLACES




What is the Cost of Goods Sold for the Mar 3rd sale under FIFO inventory costing?

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
Question text Sport Box sells a wide variety of sporting equipment. The following is information on...
Question text Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130 and had transactions as follows: Mar 1st beginning inventory 5 units at $30 per unit Mar 3rd sold 3 units Mar 6th purchased inventory 30 units at $40 per unit Mar 17th sold 20 units Mar 23rd purchased inventory 25 units at $50 per unit Mar 31st sold...
Big Apple Sporting Goods is a retail store that sells a variety of sports equipment. The...
Big Apple Sporting Goods is a retail store that sells a variety of sports equipment. The company’s fiscal year ends on December 31. Information to be used for the operating budget this coming year follows. Sales and Merchandise Purchases Budget Information Sales for this coming year ending December 31 are expected to be as follows: First quarter $600,000 Second quarter $650,000 Third quarter $660,000 Fourth quarter $800,000 Cost of goods sold is 40 percent of sales (this is the first...
The following information pertains to Julia & Company: MAR. 1ST - Begginning inventory = 30 units...
The following information pertains to Julia & Company: MAR. 1ST - Begginning inventory = 30 units @ $5.00 MAR. 3RD- Piurchased 15 units @ $4.00 MAR. 9th - Sold 25 units @ $8.00 What is the cost of goods sold for Julia & Company assuming it uses LIFO? $125. $100. $110. $85.
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 30 Direct labor $ 15 Variable manufacturing overhead $ 3 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $ 570,000 Fixed selling and administrative expenses $ 170,000 During its first year of operations, O’Brien produced 97,000 units and sold 72,000 units. During its second year of...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 30 Direct labor $ 16 Variable manufacturing overhead $ 4 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead $ 550,000 Fixed selling and administrative expenses $ 140,000 During its first year of operations, O’Brien produced 97,000 units and sold 70,000 units. During its second year of...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 28 Direct labor $ 17 Variable manufacturing overhead $ 3 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead $ 510,000 Fixed selling and administrative expenses $ 170,000 During its first year of operations, O’Brien produced...
Fifo Exercise Use the following information to calculate the value of inventory on hand on Mar...
Fifo Exercise Use the following information to calculate the value of inventory on hand on Mar 31 and cost of goods sold during March in FIFO periodic inventory system and under FIFO perpetual inventory system. Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 29 Direct labor $ 15 Variable manufacturing overhead $ 6 Variable selling and administrative $ 4 Fixed costs per year: Fixed manufacturing overhead $ 520,000 Fixed selling and administrative expenses $ 190,000 During its first year of operations, O’Brien produced 97,000 units and sold 72,000 units. During its second year of...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 27 Direct labor $ 16 Variable manufacturing overhead $ 5 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead $ 500,000 Fixed selling and administrative expenses $ 110,000 During its first year of operations, O’Brien produced 95,000 units and sold 76,000 units. During its second year of...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s...
O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 26 Direct labor $ 18 Variable manufacturing overhead $ 5 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead $ 530,000 Fixed selling and administrative expenses $ 120,000 During its first year of operations, O’Brien produced 91,000 units and sold 74,000 units. During its second year of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT