17A company's inventory records show the following data for the month of July.DateJuly 1ActivitiesJuly 5Beginning inventoryPurchaseUnits Acquired at Cost100 units @ $21Units Sold at Retail50 units @ $24$2,100$1,200July 10Sale75 units @ $50July 20July 25225 units @ $26 = $5,850PurchaseSale200 units @ $50If the company uses the weighted average method and the perpetual inventory system, what would be the cost of its endinginventory?July 1+Goods purchasedCost of Goods SoldInventory BalanceDateNumber of Cost perunitsunitNumberof unitssoldCost perunitCost of GoodsSoldNumber ofunitsCost per unit Inventory BalanceJuly 5Average cost July 5July 10July 20Average cost July 20July 25Total July 25

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Answered: 17 A company's inventory records show…

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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Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Goods SoldWeighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…
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Required information Skip to question [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 100 units @ $51.00 per unit April 4 Purchase 225 units @ $56.00 per unit April 8 Sales 260 units @ $86.00 per unit April 17 Purchase 85 units @ $61.00 per unit April 24 Purchase 150 units @ $63.00 per unit April 28 Sales 130 units @ $96.00 per unit Totals 560 units 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average.
Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40 Units Sold at Retail = $30,400 April 11 Sale 1,360 units @ $110 April 16. April 22 Purchase Sale 680 units @ $44 = : $29,920 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Apr. 3 8 11 30 May 8. 10 19 28 June 5 16 2 29 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase 28 Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225
Perpetual Inventory Using FIFO ITE The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $44 Sept. 2 Sale 5,100 units Nov. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 4,200 v 39 V $ 163,800 Apr. 19 2,600 $ 39 V $ 101,400 v 1,600 V June 30 4,400 44 $ 193,600 Sept. 2 900 V…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $41 Apr. 19 Sale 2,400 units June 30 Purchase 4,300 units at $44 Sale 5,100 units Purchase 1,800 units at $46 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 June 30 Sept. 2 Sept. 2 Nov. 15 Nov. 15 Dec. 31 Purchases Quantity Balances Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity LIFO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 00 Inventory Unit Cost Inventory Total Cost $ 000
Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 How do you figure out the inventory cost and total cost when doing sale in the weighted average cost flow method under perpetual inventory system? The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise SoldWeighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances $ $ $
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Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.
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