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

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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

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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @$23 5 Sale 14 units 17 Purchase 25 units @ $24 30 Sale 26 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. 24 b. Determine the inventory on September 30. 24 All work saved.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: 6 units at $31 16 units at $33 Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 16 units at $36 20 units at $37 There are 6 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. $ b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
New Tech Cycles started October with 12 bicycles that cost $42 each. On October 16, New Tech purchased 40 bicycles at $68 each. On October 31, New Tech sold 28 bicycles for $99 each. Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance using the LIFO method? a.$1,380 b.$1,375 c.$1,250 d.$1,510
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
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $12 5 Sale 12 units 17 Purchase 28 units @ $15 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. $
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @$17 5 Sale 13 units 17 Purchase 24 units $18 30 Sale 26 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. b. Determine the inventory on September 30.
Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units NG ER NG 73 22 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).