Accounting 1AChapter 6- InventoriesInventory Calculations Practice Problems 1The firm uses the perpetual inventory system.Inventory Costing Methods - Perpetual Inventory SystemDateUnitsJuly 1July 5July 15Beginning InventoryPurchaseSaie iPurchaseSale 2PurchaseSale 3July 20July 23July 25July 30Total Cost of Merchandise Purchased during the month05,000 units at500400 units atTotal Units Sold during the monthTotal Units in Ending Inventory at July 311,000Total Number of Units Available during the month1,200800 units atCost of Goods Sold for the month under FIFOCost of Goods Sold for the month under LIFOUnit Cost$100$105$110Cost of Ending Inventory under FIFOCost of the Ending Inventory under LIFO

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Description: Accounting 1AChapter 6- InventoriesInventory Calculations Practice Problems 1The firm uses the perpetual inventory system.Inventory Costing Methods - Perpetual Inventory SystemDateUnitsJuly 1July 5July 15Beginning InventoryPurchaseSaie iPurchaseSale

Inventory Valuation - Inventory Valuation must be done using the following method - a. FIFO Method -…

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Accounting 1A Chapter 6- Inventories Inventory Calculations Practice Problems 11 The firm uses the perpetual inventory system. Inventory Costing Methods - Perpetual Inventory System Date Units July 1 0 July 5 5,000 units at July 15 500 July 20 400 units at July 23 July 25 July 30 Total Cost of Merchandise Purchased during the month Beginning Inventory Purchase Saie i Purchase Sale 2 Purchase Sale 3 Total Units Sold during the month 1,000 Total Units in Ending Inventory at July 31 Total Number of Units Available during the month 1,200 800 units at Cost of Goods Sold for the month under FIFO Cost of Goods Sold for the month under LIFO Unit Cost $100 $105 $110 Cost of Ending Inventory under FIFO Cost of the Ending Inventory under LIFO

Accounting 1A Chapter 6- Inventories Inventory Calculations Practice Problems 11 The firm uses the perpetual inventory system. Inventory Costing Methods - Perpetual Inventory System Date Units July 1 0 July 5 5,000 units at July 15 500 July 20 400 units at July 23 July 25 July 30 Total Cost of Merchandise Purchased during the month Beginning Inventory Purchase Saie i Purchase Sale 2 Purchase Sale 3 Total Units Sold during the month 1,000 Total Units in Ending Inventory at July 31 Total Number of Units Available during the month 1,200 800 units at Cost of Goods Sold for the month under FIFO Cost of Goods Sold for the month under LIFO Unit Cost $100 $105 $110 Cost of Ending Inventory under FIFO Cost of the Ending Inventory under LIFO

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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Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
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Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In
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Question 7 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ $16.40 cost per unit June 11 Sold 3,000 units June 15 June 19 June 23 Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units June 26 June 28 Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method.
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Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,500 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form 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 Pukchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2