Question

Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies...

Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Transactions Units Unit Cost
  Beginning inventory, January 1 1,600 $ 7.00
  Transactions during the year:
  a.   Purchase, January 30 2,200 10.00
  b.   Sale, March 14 ($15 each) (1,000 )
  c.   Purchase, May 1 1,200 12.00
  d.   Sale, August 31 ($15 each) (1,900 )


Required:
1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,300 $ 7.00 Transactions during the year: a. Purchase, January 30 2,500 10.00 b. Sale, March 14 ($15 each) (800...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost   Beginning inventory, January 1 1,800 $ 5.00   Transactions during the year:   a.   Purchase, January 30 2,500 6.20   b.   Sale, March 14 ($10 each) (1,450...
Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies...
Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 200 $ 24 Transactions during the year: a. Purchase on account, March 2 300 26 b. Cash sale, April 1...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki’s records show the following for the month of January. The company sold 330 units between January 16 and 23. Date     Units Unit Cost Total Cost   Beginning Inventory January 1 300 $ 90 $ 27,000   Purchase January 15 400 100 40,000   Purchase January...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki’s records show the following for the month of January. The company sold 320 units between January 16 and 23. Date Units Unit Cost Total Cost Beginning Inventory January 1 260 $ 85 $ 22,100 Purchase January 15 420 95 39,900 Purchase January 24...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 260 units Date Units Unit Cost Total Cost Beginning Inventory January 1 100 $ 75 $ 7,500 Purchase January 15 360 95 34,200 Purchase January 24 240 115 27,600 Required: Calculate the...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 280 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 220 $ 90 $ 19,800 Purchase January 15 480 100 48,000 Purchase January 24 200 120 24,000 Required: Calculate the...
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies...
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost   a. Inventory, Beginning 350 $ 14   For the year:   b. Purchase, April 11 950 12   c. Purchase, June 1 700 16   d. Sale, May...
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies...
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.    Transactions Units Unit Cost a. Inventory, Beginning 250 $ 10 For the year: b. Purchase, April 11 600 12 c. Purchase, June 1 400 12 d. Sale,...
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies...
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost   a. Inventory, Beginning 300 $ 12   For the year:   b. Purchase, April 11 900 10   c. Purchase, June 1 800 13   d. Sale, May...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT