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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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 28 units @ $16 30 Sale 14 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. All work saved. SAMSUNG #3 $ % & 6. 7 * 00
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Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $14 11 Purchase 14 units @ $15 14 Sale 26 units 21 Purchase 14 units @ $19 25 Sale 14 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 20 %24 14 11 14 15 20 $4 14 14 %24 $ 15 14 20 14 $ 21 14 19 24 %24 25 Total Cost of goods sold Ending inventory value
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $16 11 Purchase 17 units @ $15 14 Sale 21 Purchase 25 Sale 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 Unit Cost Cost of Goods Sold Total Cost Date April 3 11 14 21 25 28 units 10 units @ $18 13 units Balances Purchases Qty 17 10 Purchases Unit Cost 15 18 Purchases Total Cost 255 180 Cost of Goods Sold Qty 28 13 E 15.75 $ 441 Inventory Qty 21 21 10000 Inventory Unit Cost $ $ 16 16 000 Inventory Total Cost 6600 000 L 336 336
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $12 11 Purchase 16 units @ $14 14 Sale 23 units 21 Purchase 10 units @ $21 25 Sale 15 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 LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value SAMSUNG SC DII 女 %23 $ &. 2 3 5 6 8 e t y a S C V alt alt
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
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 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…
Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 Inventory 12 units @ $25 11 Purchase 13 units @ $27 14 Sale 18 units 21 Purchase 9 units @ $30 25 Sale 10 units Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under Last-in, first-out: Question 21 options: cost of merchandise sold $771; ending inventory $150 cost of merchandise sold $120; ending inventory $621 cost of merchandise sold $621; ending inventory $145 cost of merchandise sold $150; ending inventory $771
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…
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $16 11 Purchase 17 units @ $14 14 Sale 23 units 21 Purchase 8 units @ $18 25 Sale 12 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 LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value 00
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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