Recording periodic inventorytransactions using FIFOa perbased on a physical count.bloeBe2. Gross margin, $92,000RequiredE-periodic etem. Use December 31 as the date. No explanations are requiredpriate financial statement.etoloh or system calculated in E6–5, Requirement 2?bebn month of July:bloiy abiomputing FIFO andghted-averages-costpunts in a periodic system6 units at $ 60 eachBeginning merchandise inventoryPurchaseJul.15 units at $ 67 each8of goods sold, weighted-age, $1,54015Purchase10 units at $ 70 each26Purchase5 units at $ 85 eachAt July 31, Flexon counts four units of merchandise inventory on hand.a. Compute ending merchandise inventory and cost of goods sold using the FIFOinventory costing method.b. Compute ending merchandise inventory and cost of goods sold using the weighted-average-cost method.E6-11 Kelso Electrical's inventory records for industrial switches indicate the following aNovember 30, 2020:uting ending inventoryplying three inventoryg methods in a periodicory systemNov.1Beginning inventory14 units at $160cost of goods sold, $4,7708Purchase4 units at $17015Purchase11 units at $1805 units at $20026Purchaseeom 1. Lally for in a pmain

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Description: Recording periodic inventorytransactions using FIFOa perbased on a physical count.bloeBe2. Gross margin, $92,000RequiredE-periodic etem. Use December 31 as the date. No explanations are requiredpriate financial statement.etoloh or system calculated

Using FIFO method, the ending inventory consists of units that were purchased at last. Using…

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0 The periodic inventory records of Flexon Prosthetics indicate the month of July: blaiy ebio 6 units at $ 60 Jul. 1 Beginning merchandise inventory 5 units at $ 67 8 Purchase 15 Purchase 10 units at $7 26 Purchase 0-5 units at $ 85 At July 31, Flexon counts four units of merchandise inventory on E a. Compute ending merchandise inventory and cost of goods sc inventory costing method. b. Compute ending merchandise inventory and cost of goods sold

0 The periodic inventory records of Flexon Prosthetics indicate the month of July: blaiy ebio 6 units at $ 60 Jul. 1 Beginning merchandise inventory 5 units at $ 67 8 Purchase 15 Purchase 10 units at $7 26 Purchase 0-5 units at $ 85 At July 31, Flexon counts four units of merchandise inventory on E a. Compute ending merchandise inventory and cost of goods sc inventory costing method. b. Compute ending merchandise inventory and cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare journal entries to record the following transactions, assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation. Number Cost of Units per Unit A. Jan. 2, purchased merchandise for resale 300 $20 B. Jan. 12, purchased merchandise for resale 190 28 C. Jan. 16, sold merchandise for $44 per unit 250 If an amount box does not require an entry, leave it blank. Jan. 2 Jan. 12 Jan. 16 Accounts Receivable Accounts Payable Cash Purchases Sales Revenue II II II
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vi.3
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 24 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Date January 1 April 1 June 1 September 1 Total Units purchased Cost per unit 42 32 54 47 175 FIFO. Cost of Goods Sold. Ending Inven LIFO Average cost Total cost $ 6.20 6.20 5.20 6.20 $260.40 198.40 280.80 291.40 $ 1,031.00
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Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
Jesters company uses a periodic inventory system and reports the following for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? Explain why the average cost is not $6
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