33. Prepare journal entries to record the following transactions, assuming periodic inventory system is being used and first-in, first-out (FIFO cost allocation. 11/19 Purchased 1,200 units @ $6 per unit 11/22 Purchased 980 units @ $5 per unit 11/30 sold 850 units @ 10 per unit

33. Prepare journal entries to record the following transactions, assuming periodic inventory system is being used and first-in, first-out (FIFO cost allocation. 11/19 Purchased 1,200 units @ $6 per unit 11/22 Purchased 980 units @ $5 per unit 11/30 sold 850 units @ 10 per unit

Name: 1333. Prepare journal entries to record the following transactions, a
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Description: 1333. Prepare journal entries to record the following transactions, assuming periodic inventorysystem is being used and first-in, first-out (FIFO cost allocation.11/19 Purchased 1,200 units @ $6 per unit11/22 Purchased 980 units @ $5 per unit11/30 s

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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Required information [The following information applies to the questions displayed below.] 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 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 470 units Units Sold at Retail 230 units @ $85.40 per unit 100 units @ $95.40 per unit 330 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase.
Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 10 units e $ 6.00 cost 20 units e $12.00 cost 15 units e $14.00 cont Purchases on Decenber 21 Required: Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Sandhill Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase Purchase Inventory $ $ $ LA 120 380 210 265 Unit Cost Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 45 units on June 27 for $9. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $5 6 7 Total Cost $600 2,280 1,470
个 Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places) Date 1/1 3/5 5/30 12/31 Item Beginning inventory Purchase of inventory Purchase of inventory Ending inventory OA. $351 30 OB. $420.00 OC. $330.00 OD. $300.00 Unit 60 units at $10 per unit 30 units at $10 per unit 15 units at $22 per unit 30 units
ossom Company uses a perpetual inventory system and reports the following for the month of June. Date une 1 12 23 30 Explanation Units Unit Cost Inventory $5 Purchase Purchase Inventory June 1 June 12 June 15 June 23 June 27 $ $ 112 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 388 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round intermediate calculations to 0 decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $ 336 190 200 6 Total Cost $560 2,016 1,330
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
You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Units $60 Unit cost or selling price:$24 Oct. 9 Purchase Units:$140 Unit cost or selling price:$26 Oct. 11 Sale Units:$95 Unit cost or selling price: $45 Oct. 17 Purchase Units:$95 Unit cost or selling price:$ 270 Oct. 22 Sale Units: $60 Unit cost or selling price:$50 Oct. 25 Purchase Units:$70 Unit cost or selling price:$29 Oct. 29 Sale Units:$105 Unit cost or selling price: $50Calculate the gross profit rate under each of the following methods 1. LIFO.2. FIFO.3. Average - cost. (Round answers to 1 decimal ppl save e.g 51.2%)
(Appendix 68) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Units Purchased at Cost Units Sold at Retail Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 June 1 150 units $10-$1,500 200 units @ $12= $2,400 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold Cost of ending inventory. 250 units $18= $4,500 more Check My Work uses remaining 300 units @ $25 225 units @ $25 Previous
Required information [The following information applies to the questions displayed below.] 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 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60
TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21