fit,→→NW:2wollo1 26PR 7-2A LIFO perpetual inventoryOBJ. 2,3the quantity and unit cost ofval The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.nslloboMurchase.the Lowerof theOTAInstructionsthe lowers of1. Record the inventory, purchases, and cost of merchandise sold data in a perpetualinventory record similar to the one illustrated in Exhibit 4, using the last-in, first-outmethod.OPS 16 STAEL2. Determine the total sales, the total cost of merchandise sold, and the gross profit fromsales for the period.ого3. Determine the ending inventory cost as of March 31.yd Janoltbudenimonova, od to 203 pri snimisandLower of ms: Series AOBJ. 2,3The beginning inventory at Midnight Supplies and data on purchases and sales for a three-PR 7-1A FIFO perpetual inventorymonth period ending March 31, are as follows:brerionomexs 2022.2DateJan. 1102830Feb. 5101628Mar. 5142530TransactionInventoryPurchaseSaleSaleSalePurchaseSaleSalePurchaseSalePurchaseSaleNumberof Units7,50022,50011,250bo 3,7501,50054,00027,00025,50045,00030,0007,50026,250PerUnit$ 75.0085.00150.00150.00150.0087.50160.00160.0089.50160.0090.00160.00Total$ 562,5001,912,5001,687,500562,500225,0004,725,0004,320,0004,080,0004,027,5004,800,000675,0004,200,000

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Description: fit,→→NW:2wollo1 26PR 7-2A LIFO perpetual inventoryOBJ. 2,3the quantity and unit cost ofval The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.nslloboMurchase.the Lowerof t

The cost of goods sold is the cost of the goods or the value of the inventory which has been sold…

Business

Accounting

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. OPS 16 ST. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. 050 anolibudani

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. OPS 16 ST. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. 050 anolibudani

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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Please help with Question A
3. Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG). Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 Sold Mar. 11 for $120 per unit 110 $87 140 89 95
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 33 units @ $21 5 Sale 19 units 17 Purchase 34 units 30 Sale 36 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 @ $22
Suppose that Amazon uses a periodic inventory system and reports the following for the month of June: Date June 1 (a) 12 23 30 Explanation Inventory Purchase Purchase Inventory Ending inventory Cost of goods sold $ Units $ 270 630 900 336 Unit Cost FIFO $3 4 5 Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) Total Cost 2,520 $810 4,500 $ $ LIFO $ $ AVERAGE-COST