1 2 3 4 5 67 8 January 01 January 10 January 20 9 January 25 556 co 11 A 10 January 30 12 13 14 Date 15 16 17 18 19 20 B Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 170 units from beginning inventory 120 units purchased on January 20 260 units purchased on January 30 Totals Units 130 170 Units Acquired at Cost Cost per unit 120 260 550 Units D 130 $9.50 $8.50 $8.00 E per unit Total cost 11 $1,615.00 $1,020.00 Cost of Goods Sold - Jan 10 Cost $2,080.00 $4,715.00 Cost of goods sold $9.50 $1,235.00 $8.50 $8.00 F $1,235.00 Units 130 130 260 G Units Sold at Retail Selling price per unit Units 0 $18.50 $18.50 H $9.50 $8.50 $8.00 Total Sales Cost of Goods Sold - Jan 25 Cost per unit $2,405.00 $2,405.00 $4,810.00 Cost of goods sold $0.00 Units 0 Ending Inventory Cost per unit $9.50 $8.50 $8.00 Inventory Compute th units remain $0.00

1 2 3 4 5 67 8 January 01 January 10 January 20 9 January 25 556 co 11 A 10 January 30 12 13 14 Date 15 16 17 18 19 20 B Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 170 units from beginning inventory 120 units purchased on January 20 260 units purchased on January 30 Totals Units 130 170 Units Acquired at Cost Cost per unit 120 260 550 Units D 130 $9.50 $8.50 $8.00 E per unit Total cost 11 $1,615.00 $1,020.00 Cost of Goods Sold - Jan 10 Cost $2,080.00 $4,715.00 Cost of goods sold $9.50 $1,235.00 $8.50 $8.00 F $1,235.00 Units 130 130 260 G Units Sold at Retail Selling price per unit Units 0 $18.50 $18.50 H $9.50 $8.50 $8.00 Total Sales Cost of Goods Sold - Jan 25 Cost per unit $2,405.00 $2,405.00 $4,810.00 Cost of goods sold $0.00 Units 0 Ending Inventory Cost per unit $9.50 $8.50 $8.00 Inventory Compute th units remain $0.00

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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A-6
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
A-7
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Show Attempt History Current Attempt in Progress X Your answer is incorrect. The following information was available from the inventory records of Sheffield Corp. for January: Units Unit Cost Total Cost Balance at January 1 9100 $9.74 $88634 Purchases: January 6 January 26 6000 10.35 62100 8300 10.73 89059 Sales January 7 (7600 ) January 31 (11200 ) Balance at January 31 4600 Assuming that Sheffield maintains perpetual inventory records, what should be the inventory at January 31, using the moving- average inventory method, rounded to the nearest dollar? (Round average cost per unit to 3 decimal places, e.g. 1.485.) O $47138. $47244. O $48550. O $47725.
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Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
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