6. The axons using perpetual inventory system, based on given data:Sept. 1Sept.3Sept.5Sept. 12Sept.13Sept. 18Sept. 22Sept.24Sept.27Beginning inventory consisted of 10 bicycles costing $200 cach.Purchased 8 bicycles costing $250 each.Sold 15 units during the month of bicyclesPurchased 13 bicycles costing $300 each.Sold 12 units during the month of bicyclesPurchased 5 bicycles costing $300 each.Sold 4 units during the month of bicyclesPurchased 14 bicycles costing $320 cach.Sold 8 units during the month of bicycles.Required: Compute cost of goods sold and cost of ending inventory. Using the followingperpetual inventory valuation methods: FIFO LIFO, AVERGRE

Name: 6. The axons using perpetual inventory system, based on given data:Se
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 6. The axons using perpetual inventory system, based on given data:Sept. 1Sept.3Sept.5Sept. 12Sept.13Sept. 18Sept. 22Sept.24Sept.27Beginning inventory consisted of 10 bicycles costing $200 cach.Purchased 8 bicycles costing $250 each.Sold 15 units du

FIFO, or First-In, First-Out, is a listing costing method that companies use to trace the value of…

Business

Accounting

6. The axons using perpetual inventory system, based on given data: Sept. 1 Sept.3 Sept.5 Sept. 12 Sept.13 Sept. 18 Sept. 22 Sept.24 Sept.27 Beginning inventory consisted of 10 bicycles costing $200 each. Purchased 8 bicycles costing $250 each. Sold 15 units during the month of bicycles Purchased 13 bicycles costing $300 cach. Sold 12 units during the month of bicycles Purchased 5 bicycles costing $300 each. Sold 4 units during the month of bicycles Purchased 14 bicycles costing $320 each. Sold 8 units during the month of bicycles.

6. The axons using perpetual inventory system, based on given data: Sept. 1 Sept.3 Sept.5 Sept. 12 Sept.13 Sept. 18 Sept. 22 Sept.24 Sept.27 Beginning inventory consisted of 10 bicycles costing $200 each. Purchased 8 bicycles costing $250 each. Sold 15 units during the month of bicycles Purchased 13 bicycles costing $300 cach. Sold 12 units during the month of bicycles Purchased 5 bicycles costing $300 each. Sold 4 units during the month of bicycles Purchased 14 bicycles costing $320 each. Sold 8 units during the month of bicycles.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 28 units @ $30 840 Nov. 28 Purchase 46 units @ $37 1,702 98 units $3,310 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost using the FIFO method. b. Determine the inventory cost using the LIFO method. c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $29 $609 June 16 Purchase 29 units @ $32 928 Nov. 28 Purchase 46 units @ $35 1,610 96 units $3,147 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.
The following inventory was available for sale during the year for Trusted Tools: 10 units Beginning inventory...... at $160 First purchase.... at $220 Second purchase. at $280 Third purchase at $260 15 units 30 units 20 units Trusted Tools has 25 units on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the first-in, first-out method? Select one: a. $6,600 b. $11,900 c. $6,300 d. $7,800
Ac.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @ $14 5 Sale 13 units 17 Purchase 25 units @ $16 30 Sale 24 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. %$4 b. Determine the inventory on September 30. $4
Blair Enterprises recorded inventory information for the month of September as follows: Sept. 5 Sept. 65 units at $6 each 55 units at $8 each. Sept. 29 44 units at $10 each Sept. 30 70 units Determine ending inventory cost by (a) the FIFO method, (b) the LIFO method, and (c) the weighted average cost method. Round your answers to the nearest dollar. Purchase Purchase Purchase Ending inventory. 13 FIFO method: LIFO method: Weighted average cost method: 000
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-13 Periodic: Inventory costing with specific identification LO P1 Required:Monson sells 25 units for $45 each on December 15. Of the units sold, 12 are from the December 7 purchase and 13 are from the December 14 purchase and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3
Please help me
Please help me with show all Calculation thanku
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…