86 units are sold in Year 1Inventory on January 1, Year 143 @ $24Inventories purchased during the year74 @ $26Find the Profit if you sell these goods for $800 under LIFO and FIFO

LIFOLIFO stand for last in , first out.It is inventory valuation technique in which last received…

Answered: 86 units are sold in Year 1 Inventory…

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

a1
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 28 units @ $16 30 Sale 14 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. All work saved. SAMSUNG #3 $ % & 6. 7 * 00
Rakesh
Please help me dont give image in solution thanks
%24 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 19 units at $32 $608 Aug. 13 Purchase 19 units at $33 627 Nov. 30 Purchase 5 units at $34 170 Available for sale 43 units $1,405 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
Jasper & Williams made purchases of a particular product In the current year as follows: 1 Beginning inventory 7 Purchased Jan. 120 units e $2.10 @$2.20 @ $2.30 252 Mar. 250 units 55e July 28 Purchased 500 units 1,150 Oct. Purchased 69 units e$2.45 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units in ending Inventory were specifically identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.) Ending inventory Cost of goods sold
%24 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as followS: Oct. 1 Inventory 72 units @ $20 7. Sale 58 units 15 Purchase 50 units @ $24 24 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 96 units @ $18 77 units 107 units @ $20 90 units Inventory Sale July 1 8 15 Purchase 27 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
Q1
< eBook FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units @ $43 31 units @ $67 24 units @ $46 16 units @ $68 14 units @ $48 8 units @ $69 The firm uses the perpetual inventory system, and there are 19 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? X Sale First purchase Sale Second purchase Sale Show Me How b. What is the total cost of the ending inventory according to LIFO? $ Feedback
March1 Beginning inventory = 29 units @ $5.90 March3 Purchased 15 units @ 3.70 March9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO? Date Transaction Numberof Units UnitCost March 1 Beginning inventory 930 7.22 March 10 Purchase 550 7.64 March 16 Purchase 760 8.14 March 23 Purchase 580 8.54 2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be: 3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

86 units are sold in Year 1 Inventory on January 1, Year 1 43 @ $24 Inventories purchased during the year 74 @ $26 Find the Profit if you sell these goods for $800 under LIFO and FIFO