EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3falseBeginning inventory, purchases, and sales for an inventory item are as follows:Sept. 1 Beginning Inventory 22 units@ $125 Sale12 units17 Purchase21 units@ $1330 Sale19 unitsAssuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale ar(b) the inventory on September 30.a. Cost of merchandise sold391b. Inventory, September 30%$4537PreviousNext3:35/9/

Name: EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3falseBeginning inventory, purchases, and sales for an inventory item are as follows:Sept. 1 Beginning Inventory 22 units@ $125 Sale12 units17 Purchase21 units@ $1330

Question is of Last -in, First - out method. So, when units are sold on September 5, there were…

Answered: Assuming a perpetual inventory system…

Business

Accounting

Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale an (b) the inventory on September 30.

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

Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 102 16 9 Sale 89 16 Purchase 128 0 25 Sale 83 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.
Under a perpetual inventory system: Multiple Choice Cost of good sold is recorded with a period-end adjusting entry. Purchase discounts are not recorded. Inventory purchases are recorded only at the end of the period. Cost of goods sold is recorded with each sale.
A periodic inventory system does not continually modify inventory amounts, but instead adjusts for purchases and sales of inventory at the end of the reporting period based on a physical count of inventory on hand Select one: O True O False
Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual Inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.
The maintains a perpetual inventory systemDetermine the cost of goods sold for each sale and the inventory balance after each sale, assuming the lastin, firstout methodPresent the data in the form illustrated in Exhibit Under LIFOif units are in inventory at two or more different costsenter the units with the LOWER unit cost the Inventory Cost
Under the perpetual inventory system, which of the following accounts is credited in the adjusting entry to reflect the expected amount of merchandise that will be returned? a. Merchandise Inventory b. Cost of Goods Sold c. Sales Returns and Allowances d. Estimated Returns Inventory
Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory system.
Inventory information for Part 311 of Bonds Corp. discloses the following information for the month of June. nstructions(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under(1) LIFO(2) FIFO.(b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?(c) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
Which inventory system records both sales and cost of goods sold at the point of sale? Group of answer choices Periodic LIFO Perpetual FIFO
The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached) 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below) Date Purchases Cost of Merchandise sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 16…
31. Under a perpetual inventory system, a.a physical count is required to determine cost of merchandise on hand b.increases in inventory resulting from purchases are debited to Purchases c.accounting records continuously disclose the amount of inventory d.the purchases returns and allowances account is credited when goods are returned to vendors
Consider the following information for Maynor Company, which uses a periodic Inventory systern: January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. Ending Inventory Cost of Goods Sold CICLOS