Baghdad UnivercityHigher Institute of Accounting and Finuncial studiesDepartmet of Acounting studiesThe Second Stage /cost and Administrative A cc-Finaricial AccounitingDr. Wafea AL. HaidariQ: The Following Information is avalable fromIraq Coimpanlyunituni! C-stJanuary I, 2018 Beginning InventoryPurchases :February 10, 2018Februany 20, 2018March1200$16メ18ス。$ 22$24on April 30, s018, shows 3ece uits22 00260010, 20131600AprilAphysical Inventoryon hand.Instructions :-25, r0181200Assuming Iraq Co. Uses a periadic system, PrepareSchedules to Compute the Ending Inventory al Aprilso,2018 under each of the Following Invertorymethads (round to two decimal places).a. Specific Identification.b. FIFOC Weighted Average.Under (a), 8∞ units from the beginning Inventaryare on hand and 2200 from the February 10, pwchaeae on handO O

Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

Baghdad Univercity Hig her Institute of Accountinq and Fincuncial studies Departmet of Acounting studies The Second Stage /cost and Administrative Acc. Financial Accounting Dr. Wafea AL. Haidari Q: The Following Informotion is available from Iraq Compay unit Cst unit January , 2018 Beginning Inventory Purchases : February 10, 2018 Februany 20, 2018 March 1200 $16 18 22.00 2600 $ 22 $24 10, 213 1600 April Aphysical Inventory on hand. Instructions :- 25, 2018 1200 on April 30, scra, shows 3eee units Assuming Iraq Co. Uses a periadic system, Prepare Schedules to Compute the Ending Inventory al April so. 2018 under each of the Following Invortory methals (round to two decimal places). a. Specific Identification. b. FIFO C Weighted Average. Under (a), 2∞ units from the beginning Inventary are on hand and 2200 from the February , pwchae aue on had

Baghdad Univercity Hig her Institute of Accountinq and Fincuncial studies Departmet of Acounting studies The Second Stage /cost and Administrative Acc. Financial Accounting Dr. Wafea AL. Haidari Q: The Following Informotion is available from Iraq Compay unit Cst unit January , 2018 Beginning Inventory Purchases : February 10, 2018 Februany 20, 2018 March 1200 $16 18 22.00 2600 $ 22 $24 10, 213 1600 April Aphysical Inventory on hand. Instructions :- 25, 2018 1200 on April 30, scra, shows 3eee units Assuming Iraq Co. Uses a periadic system, Prepare Schedules to Compute the Ending Inventory al April so. 2018 under each of the Following Invortory methals (round to two decimal places). a. Specific Identification. b. FIFO C Weighted Average. Under (a), 2∞ units from the beginning Inventary are on hand and 2200 from the February , pwchae aue on had

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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Prepare journal entry, Record inventory write down to LCM / NRV
ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
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January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
ule Three Assignment - ACC X A My Home * CengageNOWv2 | Online teachir x m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogre. eBook 4 Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $17 7 Sale 51 units 15 Purchase 69 units @ $18 24 Sale 32 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 1,418 X b. Inventory on October 31 1,116 V Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases Previous Next Check My Work 10:40 AM (?)…
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KS Module Three Assignment - AC * CengageNOwv2 | Online teachir ngagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $17 7. Sale 51 units 15 Purchase 69 units @ $18 24 Sale 32 units 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 Assuming inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Check My Work Previous Next 6:38 AM 45°F 11/13/2021
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