Answered: 6 7 8 9 10 11 12 13 Date Jan 1 Jan 3…

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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Question

Can you sse the image attached (the data table ) to repare a step by step perpetual inventory record using, FIFO, LIFO, and weighted-average inventory 4 costing methods, and /determine cost of goods sold and ending merchandise inventory for each method. Also show me the formulas and step by step how to do it for each

+make sure to display 2 decimal places for weighted average unit and total cost please.

6
7
CO
8
9
10
11
12
13
14
Date
Jan 1
Jan 3
Jan 6
Jan 15
Jan 22
DATA
Description
Inventory on hand
Purchase
Sale
Purchase
Sale
Units
5,000
9,000
8,500
13,000
12,000
Per Unit
$
$
$
LA SA
$
$
13
23
15
23
HORTO
T

Expert Solution

Step 1: Notes

Number of units purchased = 9000 + 13000 = 22000
Number of units sold = 8500 + 12000 = 20500
Ending inventory (Units) = Beginning inventory + Purchases - sales

= 5000 + 22000 - 20500

= 6500

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