Homework Help is Here – Start Your Trial Now!
Business
Accounting
Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Apr. 1 Beginning inventory Purchase 25 May 4 16 June 4 Purchase Sale Purchase Cost of goods sold Purchases $ Units 110 320 150 120 Unit Cost $17 19 21 25 Units 260 Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Sales Selling Price/Unit $33

Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Apr. 1 Beginning inventory Purchase 25 May 4 16 June 4 Purchase Sale Purchase Cost of goods sold Purchases $ Units 110 320 150 120 Unit Cost $17 19 21 25 Units 260 Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Sales Selling Price/Unit $33

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Manji 

Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Apr. 1 Beginning inventory 25 May 4 16 June 4 Purchase Purchase Sale Purchase Cost of goods sold $ Purchases Units Ending inventory 110 320 150 120 Unit Cost $17 19 21 25 Units 260 Sales Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Selling Price/Unit $33 Using the average cost formula, calculate the ending inventory at June 30. (Round per unit costs to 2 decimal places, e.g. 52.75 and final answer to O decimal places, e.g. 5,125.)
Transcribed Image Text:Ayayai Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Apr. 1 Beginning inventory 25 May 4 16 June 4 Purchase Purchase Sale Purchase Cost of goods sold $ Purchases Units Ending inventory 110 320 150 120 Unit Cost $17 19 21 25 Units 260 Sales Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Selling Price/Unit $33 Using the average cost formula, calculate the ending inventory at June 30. (Round per unit costs to 2 decimal places, e.g. 52.75 and final answer to O decimal places, e.g. 5,125.)
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS