Beginning inventory, purchases, and sales data for DVD players are asfollows:November 11015202430InventorySale37 units at $9930 unitsPurchase45 units at $104Sale25 units6 unitsSalePurchase24 units at $108The business maintains a perpetual inventory system, costing by the last-in, first-out method.Determine the cost of merchandise sold for each sale and the inventorybalance after each sale.

Step 1: Introduction to inventory valuation Inventory valuation is referred to as that method that…

Answered: Beginning inventory, purchases, and…

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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Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 140 units at $29 10 Sale 110 units 15 Purchase 150 units at $30 20 Sale 120 units 24 Sale 35 units 30 Purchase 140 units at $34 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. LIFO MethodDVD Players Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Nov. 1 Nov. 1 Nov. 1 Nov. 1…
Kiddie World uses a periodic inventory system and the retail Inventory method to estimate ending inventory and cost of goods sold. The following data are available at the end of the year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 380,000 895,000 68,200 Beginning inventory Plus. Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 520,000 1,290,000 Estimate ending Inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%.) $ 56,000 26,000 1,240,000 Cost 380,000 $ 895,000 68,200 1,343,200 $ Retail 520,000 1,290,000 56,000 1,866,000 (26,000) 1,840,000 (1,240,000) 600,000 Cost to Retail Ratio 4
Retro Clothes uses a perpetual inventory system. Journalize the following transactions for Retro Clothes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the gross method to record sales. Round all numbers to the nearest whole dollar.) View the transactions. Aug. 1: Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Date Aug. 1 Accounts Debit Credit Transactions Aug. 1 Aug. 5 Aug. 7 Aug. 8 Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Returned $400 of defective merchandise purchased on August 1. Paid freight bill of $250 on August 1 purchase. Sold merchandise inventory on account for $2,400 to Youth Outfitters. Payment terms were 2/15, n/30. These goods cost the company $1,100. Aug. 10 Paid amount owed on credit purchase of August 1, less the return and the…
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $16 11 Purchase 17 units @ $14 14 Sale 26 units 21 Purchase 10 units @ $20 25 Sale 19 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Total Cost Qty Unit Cost Date April 3 11 14 21 25 Balances Purchases Qty Purchases Unit Cost Purchases Total Cost 00 A FA 00 00 00 Inventory Qty 0000 000 Inventory Unit Cost 000 0000 $ S Inventory Total Cost
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units Dec. 20 1,710 units at $27 Dec. 14 2,280 units Dec. 31 1,140 units Question Content Area a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…
Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank you
FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (165 units @ $68/unit) Purchases (240 units @ $68/unit) Ending inventory (215 units @ $68/unit) What is the amount of cost of goods available for sale? 7 Multiple Choice O O O. $27,540 $42,160 $12,920 $30,940
Please help me. Thankyou.

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