2 From the following prepare stores ledger records for product X using Receipts Total Cost 3 Issues Balance FIFO, LIFO, AVCO Total Cost 4 Date Total Quantity Cost Quantity Cost Quantity Cost • 20 units of the product are bought in January 2007 at a cost of$3 each Cost 10 units are bought in February at a cost of $3 50 each 7 • S units are sold in March 8 10 units are bought in April at a cost of $ 4.00 e ach 10 11 12 13 14 15 16 17 18 16 units are sold in May

2 From the following prepare stores ledger records for product X using Receipts Total Cost 3 Issues Balance FIFO, LIFO, AVCO Total Cost 4 Date Total Quantity Cost Quantity Cost Quantity Cost • 20 units of the product are bought in January 2007 at a cost of$3 each Cost 10 units are bought in February at a cost of $3 50 each 7 • S units are sold in March 8 10 units are bought in April at a cost of $ 4.00 e ach 10 11 12 13 14 15 16 17 18 16 units are sold in May

Name: ABHKMR1From the follo wing prepare stores ledger records for product
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Description: ABHKMR1From the follo wing prepare stores ledger records for product X using:ReceiptsIssuesBalanceTotalCostFIFO, LIFO, AVCO4DateTotalTotalQuantity CostQuantity CostQuantity Cost20 units of the product are bought in January 2007 at a cost of $3 eachC

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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4 Calculate the cost of goods sold dollar value for A65 Company for the month using the first in fırst out method. (FIFO) Provide the calculations. A spreadsheet works best. See example for LIFO. Number of Units Unit Cost Sales Beginning inventory Purchased 800 600 $50 52 $80 90 400 Sold Sold Ending inventory 650
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on show the following at May 31: Data Table g in of u y using ar.) May 1 Beginning inventory 10 units @ $160 = $1,600 Cos May 15 Purchase 5 units @ $161 = $805 %3D May 26 Purchase 14 units @ $170 = $2,380 Print Done ost of goods sold? Which method produces the lowest cost of goods sold? e to the next question.
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Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
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Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals LIFO Units Acquired at Cost Units Sold at Retail 230 units @ $2 = $ 460 @$8 @ $3 = Required C 372 units 280 units Ending Inventory 96 units 978 units @ $4 = Complete this question by entering your answers in the tabs below. $ 1,116 $ 1, 120 @$5 $480 $ Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Cost of Goods Sold 3,176 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 138 units 250 units 220 units 608 units @ $8 @ $8