Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 InventoryInventoryUnit CostInventoryTotal Cost姐14266Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO.19 units @ $1411 Purchase14 Sale21 Purchase14 units @ $1623 units11 units @ $2225 Sale12 units1914DatePurchasesQtyPurchasesUnit CostPurchasesCost ofGoods SoldTotal CostQtyCost ofGoods SoldUnit CostCost ofGoods SoldTotal CostInventoryQtyApril 3191114162241421112225BalancesSA242191416StSAAAफเทีS1.1*फ141616SS162222266224SAS1फ242

The concept of FIFO or First-in, first-out is that it assumes that goods that were first purchased…

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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Complete the excel sheet
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,200 units at $40 May 10 2,100 units at $42 May 12 2,940 units May 20 1,890 units at $44 May 14 2,520 units May 31 1,260 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Quantity Cost of Merchandise Sold Unit Cost Cost of…
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $18 11 Purchase 17 units @ $16 14 Sale 28 units 21 Purchase 12 units @ $18 25 Sale 15 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using FIFO. Cost of Merchandise Sold Unit Cost Date April 3 11 14 21 25 Qty. 17 12 $ Purchases Unit Cost 16 18 Total Cost $ $ 396 216 Qty. 28 16 Total cost of merchandise sold Total Cost 448 Qty. 22 22 17 $ $ $ Inventory Unit Cost 18 18 16 Ending inventory value $ $ $ Total Cost 396 272 396
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 79 units @ $97 10 Sale 54 units 15 Purchase 32 units @ $102 20 Sale 30 units 24 Sale 14 units 30 Purchase 27 units @ $106 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal…
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Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 13 units @ $17 14 Sale 27 units 21 Purchase 8 units @ $21 25 Sale 11 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 21 $ 14 $ 294 11 13 17 221 21 14 $ 294 13 $ 17 221 14 21 $ 14 2$ 294 17 102 21 8 21 168 $4 25 2$ 21 $4 168 3 21 63 Total Cost of goods sold $4 627 Ending inventory value %24 %24 %24 %24
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 12 May 1 May 10 20 14 31 2,000 units at $27 1,000 units at $29 900 units at $31 1,400 units 1,200 units. 600 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 52 units @ $74 10 Sale 37 units 15 Purchase 23 units @ $77 20 Sale 20 units 24 Sale 12 units 30 Purchase 35 units @ $81 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold…
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Date Line Item Description Units and Cost Nov. 1 Inventory 66 units at $43 10 Sale 44 units 15 Purchase 81 units at $46 20 Sale 45 units 24 Sale 12 units 30 Purchase 27 units at $48 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…
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 57 units @ $47 10 Sale 37 units 15 Purchase 30 units @ $49 20 Sale 25 units 24 Sale 17 units 30 Purchase 24 units @ $51 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold…
Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for flat screen televisions are as follows: June 1. Inventory 75 units at $40 Sale 60 units 90 units at $42 50 units 14 Purchase 19 Sale 25 Sale 20 units 30 Purchase 80 units at $45 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of ending inventory. Sales (Cost of Goods Sold) Date Purchases Inventory
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 69 units at $46 51 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 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. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 U 83 units at $48 46 units 12 units 29 units at $50 Cost of Cost of Inventory Inventory Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Nov. 30 Balances LIFO Method DVD Players

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