A) Homework Ltd. has the following information on its inventories.DateTransaction01.01.20X1Opening inventory01.10.20X1 Purchase01.25.20X1 Purchase01.30.20X1Sale01.31.20X1 ClosingQuantity (unit) Purchase price ($/unit)Sales price($/unit)420592101721524300?Calculate the missing figures on 31st January with FIFO methodInventory balance on 31.December 20X1:$

Total Units Sold = 24 Units in FIFO Order are 4, 9 and 17 Total of first two = 13. Therefore, units…

Answered: A) Homework Ltd. has the following…

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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am.105.
eAssignment/take AssignmentMain.do?invoker=&takeAssignments The inventory data for an item for November are: 17 units at $21 9 units 30 units at $22 20 units 21 units at $22 Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $621 Ob. $797 Oc. $629 Od. $858 MAR 8 9 All work saved. Calon- M tv ♫ 8 dise لله 9
Required Information [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March S March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 69 60 FIFO LIFO Units Acquired at Cost 27.312 S 27.312 17.037 17.817 x 10,275 $ 9.495 S 60 units 265 units 65 units 110 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the M 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 440 units Weighted Average @ $50.20 per unit @$55.20 per unit 17.291 10,021 @ $60.20 per…
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Subject: accounting
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 310 units at $12 13 Sale 160 units 22 Purchase 350 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $14 13 Sale 160 units 22 Purchase 310 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
[The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit Cost Unit NRV Furniture 170 $ 82 $ 97 Electronics 47 370 285 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cost of Goods Sold Inventory
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