April 1 Beginning Inventory 100 units e $4 April 2 Sales 50 units April 3 Purchases 300 units e 56 April 10 Sales 250 units April 21 Purchases 400 units @ $8 April 28 Sales 200 units Assuming a periodic inventory system is used, what is cost of goods sold under FIFO? Select one: O a. $2,400 O b. $2,100 C. $3,000 d. $3,300

April 1 Beginning Inventory 100 units e $4 April 2 Sales 50 units April 3 Purchases 300 units e 56 April 10 Sales 250 units April 21 Purchases 400 units @ $8 April 28 Sales 200 units Assuming a periodic inventory system is used, what is cost of goods sold under FIFO? Select one: O a. $2,400 O b. $2,100 C. $3,000 d. $3,300

Name: April 1Beginning Inventory 100 units @ $4April 2Sales50 unitsApril 3P
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Description: April 1Beginning Inventory 100 units @ $4April 2Sales50 unitsApril 3Purchases300 units @ $6April 10 Sales250 unitsApril 21 Purchases400 units @ $8April 28 Sales200 unitsAssuming a periodic inventory system is used, what is cost of goods sold under F

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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%24 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as followS: Oct. 1 Inventory 72 units @ $20 7. Sale 58 units 15 Purchase 50 units @ $24 24 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31
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Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
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C5
A1
Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…