August 18$140$1,120August 4August 11August 13August 20August 26August 29inventorySale ($125 each)PurchaseSale ($140 each)Purchase1301081,300101201,200Sale ($150 each)Purchase11101101,100$4,720For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 saleconsists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventoryand 10 rackets from the August 20 purchase.ТextProblem 6-2B Part 55. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimalplaces.)SpecificIdentificationWeighted-FIFOLIFOaverage costSales revenueCost of goodssoldGross profit Required informationProblem 6-6B Record transactions using a perpetual system, prepare a partial income statement, andadjust for the lower of cost and net realizable value(LO6-2, 6-3, 6-4, 6-5, 6-6)[The following information applies to the questions displayed below.]At the beginning of November, Yoshi Inc.'s inventory consists of 63 units with a cost per unit of $94. The followingtransactions occur during the month of November.NovemberNovemberNovember2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30.3 Pay cash for freight charges related to the November 2 purchase, $300.9 Return 25 defective units from the November 2 purchase and receive credit.November 11 Pay Toad Inc. in full.November 16 Sell 100 units of inventory to customers on account, $12,700. [Hint: The cost of units sold fromthe November 2 purchase includes $100 unit cost plus $4 per unit for freight less $3 per unit forthe purchase discount, or $101 per unit.]November 20 Receive full payment from customers related to the sale on November 16.November 21 Purchase 57 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30.November 24 Sell 70 units of inventory to customers for cash, $7,800. (Note: For calculating the cost ofinventory sold, ignore the possible purchase discount on November 20.)Problem 6-6B Part 22. Suppose by the end of November that the remaining inventory is estimated to have a net realizable value per unit of $81, record anynecessary adjustment for the lower of cost and net realizable value. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)

Name: August 18$140$1,120August 4August 11August 13August 20August 26August
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Description: August 18$140$1,120August 4August 11August 13August 20August 26August 29inventorySale ($125 each)PurchaseSale ($140 each)Purchase1301081,300101201,200Sale ($150 each)Purchase11101101,100$4,720For the specific identification method, the August 4 sale

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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August 1 8 $140 $ 1,120 August 4 August 11 August 13 August 20 August 26 August 29 inventory Sale ($125 each) Purchase Sale ($140 each) Purchase Sale ($150 each) Purchase 10 130 1,300 10 120 1,200 11 1,100 4,720 10 110 $ 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.

August 1 8 $140 $ 1,120 August 4 August 11 August 13 August 20 August 26 August 29 inventory Sale ($125 each) Purchase Sale ($140 each) Purchase Sale ($150 each) Purchase 10 130 1,300 10 120 1,200 11 1,100 4,720 10 110 $ 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.

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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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…