Ali Baba Company uses the perpetual inventory system and the FIFO method. The following information is available for the month of May: May 1 10 Purchase Beginning inventory 20 units @ RM5 20 units @ RM8 15 Sales 15 units 10 units @ RM9 15 units 18 Purchase 21 Sales 30 Purchase 10 units @ RM10 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May using (i) FIFO method and (ii) Average cost method

Ali Baba Company uses the perpetual inventory system and the FIFO method. The following information is available for the month of May: May 1 10 Purchase Beginning inventory 20 units @ RM5 20 units @ RM8 15 Sales 15 units 10 units @ RM9 15 units 18 Purchase 21 Sales 30 Purchase 10 units @ RM10 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May using (i) FIFO method and (ii) Average cost method

Name: Ali Baba Company uses the perpetual inventory system and the FIFO met
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Ali Baba Company uses the perpetual inventory system and the FIFO method. The followinginformation is available for the month of May:Beginning inventoryPurchase1020 units @ RM520 units @ RM8May 115Sales15 units10 units @ RM915 units18Purchase21Sales

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

Park Company’s perpetual inventory records indicate the following transactions in the month of June: 1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places and other amounts to the nearest dollar.) 2. Next Level Why are the cost of goods sold and ending inventory amounts different for each of the three methods？what do these amounts tell us about the purchase price of inventory during the year? 3. Next Level Which method produces…
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Can do the FIFO AND THE LIFO and also the weighted average for January 1 January 10 January 20 January 25 January 30 thank you
Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1 700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:
Can you please explain how to get the Cost of Goods Solds category using LIFO?
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending Inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Average Cost FIFO Units 2,000 LIFO Unit Cost $5 4 6,000 4,000 3,000
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
Use this inventory information for the month of March to answer the following questions. Assuming that a periodic inventory system is used, what is ending inventory (rounded) under theaverage-cost method? What is cost of goods sold on a FIFO basis? What is ending inventory under the LIFO method?
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 S 3,000 8,000 5,000 $ Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Unit Cost $ 45 47 Answer is complete but not entirely correct. LIFO Weighted Average Cost 764,000 194,250 147,000 FIFO 764,000 $ 343,000 421,000 $ 49 764,000 343,000 147,000
Subject - account Please help me. Thankyou.
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Date Particulars Units Unit CostTotal Cost May 1 Inventory 35 17 Purchases 35 20 Purchases 10 Total 9. 315 245 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method