Answered: 25 Sale 15 units Complete the…

Name: Beginning inventory, purchases, and sales data for tennis rackets are
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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 Inventory 22 units @ $1811 Purchase17 units @ $1614 Sale28 units21 Purchase12 units @ $1825 Sale15 unitsComplete the subsidiary inventory ledger assuming the bu

Business

Accounting

25 Sale 15 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using FIFO.

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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Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
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of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Selling price per unit Variable expenses per unit Traceable fixed expenses per year $ $ $ 128,000 Greengrow $ 2$ 8.00 39.00 2.90 13.00 $ 37,000 Common fixed expenses in the company total $105,000 annually. Last year the company produced and sold 38,500 units of Weedban and 24,000 units of Greengrow. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Weedban Greengrow Company 0 $
January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
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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.