A company’s inventory records report the following: August 1 Beginning balance 32 units @ $22 August 5 Purchase 27 units @ $21 August 12 Purchase 31 units @ $22 On August 15, it sold 64 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

A company’s inventory records report the following: August 1 Beginning balance 32 units @ $22 August 5 Purchase 27 units @ $21 August 12 Purchase 31 units @ $22 On August 15, it sold 64 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

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 following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 21 units @ $21 5 Sale 12 units 17 22 units 30 Sale 24 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 Purchase @ $22
Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 86 units @ $21 8 69 units 15 95 units @ $23 27 80 units 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 Inventory Sale Purchase Sale
Bramble has the following inventory data: July 1 Beginning inventory 29 units at $5.90 Purchases 118 units at $6.50 14 Sale 78 units 21 Purchases 59 units at $7.10 30 Sale 55 units Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July? O $459.50 O $897.50 O $1357.00 O $684.60
Haresh
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @ $11 5 Sale 11 units 17 Purchase 24 units @ $12 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 Item MMM8 are as follows: November 1 Inventory 102 16 9 Sale 89 16 Purchase 128 0 25 Sale 83 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
The following units of an inventory item were available for sale during the year. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using LIFO is
Please Help
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 27 units @ $24 5 Sale 16 units 17 Purchase 29 units @ $26 30 Sale 29 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1 b. Determine the inventory on September 30.$fill in the blank 2
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, what would the (a) the cost of goods sold on July 27 and (b) the inventory on July 31 be?