PLEASE HELP ON QUESTIONS 1-10 I REALLY APPRECIATE THANK YOU Use the following to answer questions 1
PLEASE HELP ON QUESTIONS 1-10 I REALLY APPRECIATE THANK YOU
Use the following to answer questions 1 – 6
Case 1
Case 2
Case 3
Case 4
Beginning inventory
$15,000
$75,000
$46,500
?
Ending inventory
?
39,000
78,000
65,800
Purchases
365,000
?
685,000
751,000
Cost of goods sold
375,000
578,000
?
700,000
1. $____________ For case 1, determine goods available for sale
2. $____________For case 1, determine ending inventory
3. $____________For case 2, determine goods available for sale
4. $____________ For case 2, determine Purchases
5. $____________For case 3, determine cost of goods sold
6. $____________ For case 4, determine beginning inventory
Use the following to answer questions 7 – 17
During September, KM Company sells 9,500 watches for $320.00 each. The company has the following inventory purchase transactions for September:
Date
Transaction
# of Units
Unit cost
Total Cost
1-Sep
Beginning Inventory
700
$215.00
$150,500
7-Sep
Purchase
6,000
$216.00
1,296,000
24-Sep
Purchase
3,300
$220.00
726,000
10,000
$2,172,500
7. $____________What were company’s sales for the period?
For questions 8 – 10 assume the company uses First-in, First-out (FIFO) inventory valuation.
8. $_____________Calculate ending inventory (FIFO)
9. $_____________Calculate cost of goods sold (FIFO)
10. $_____________ Calculate gross profit (FIFO)
