Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Sept 1 Inventory 20 units at $20 4. Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 O 750 800 700 Answer not shown 650

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Sept 1 Inventory 20 units at $20 4. Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 O 750 800 700 Answer not shown 650

Name: Addison, Inc. uses a perpetual inventory system. The following is inf
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Description: Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September. If Addison usesFIFO, the cost of the ending merchandise inventory on September 30 isSept 1Inventory20 units at $204Sol

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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Calculator Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Oa. $700 Ob. $650 Oc. $800 Od. $750 Previous
The Wacky Widget Company uses a periodic inventory approach. The units of items avalible for sale during the year are as follows: Jan 1: Beginning Inventory 90units@$54 each Mar 10: Purchase 112units@$55 each Aug 30: Purchase 100units@$58 each Dec 12: Purchase 98units@$60 each There are 104 units of the item in the physical inventory on Dec 31. Determine the cost of merchandise sold under the FIFO, LIFO and Weighted Average Cost methods.
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The following details taken from the books of DiDi Sdn Bhd for the year ending 31 December 2020. DiDi Sdn Bhd Statement Profit or Loss for the year ending 31 December 2020 (extract) RM RM Gross profit 44,700 Add : Discount received 410 Profit on sale of van 620 1,030 45,730 Less: Expenses Motor expenses 1,940 Wages 17,200 General expenses 830 Bad debts 520 Increase in allowance for doubtful debts 200 Depreciation : van 1,800 22,490 23,240 Statement of Financial Position as at 31 December 2019 2020 RM RM RM RM Non-current Assets Vans at cost 15,400 8,200 less Depreciation (5,300) (3,100) 10,100 5,100 Current Assets Inventory 18,600 24,000 Trade accounts receivables less provision*…
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Can i please get help with this question? 7.4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 90 units @ $50.80 per unit March 5 Purchase 220 units @ $55.80 per unit March 9 Sales 250 units @ $85.80 per unit March 18 Purchase 80 units @ $60.80 per unit March 25 Purchase 140 units @ $62.80 per unit March 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.