Beginning inventory, purchases, and sales for an inventory item are as follows: Beginning inventory 150 units @ $755 Sale 120 units First purchase 400 units @ $785 Sale 200 units Second purchase 300 units (@ $805 Sale 290 units The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to FIFO? O 193200 O 187700 O 190000 O 180000

Beginning inventory, purchases, and sales for an inventory item are as follows: Beginning inventory 150 units @ $755 Sale 120 units First purchase 400 units @ $785 Sale 200 units Second purchase 300 units (@ $805 Sale 290 units The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to FIFO? O 193200 O 187700 O 190000 O 180000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year:: Beginning inventory 34 units at $45 Sale 23 units at $68 First purchase 21 units at $46 Sale 18 units at $69 Second purchase 23 units at $48 22 units at $69 Sale The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? x b. What is the total cost of the ending inventory according to LIFO?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $4 b. What is the total cost of the ending inventory according to LIFO? $
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 35 units at $46 Sale 30 units at $67 First purchase 33 units at $47 Sale 30 units at $67 Second purchase 28 units at $49 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the yea a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO?
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units at $42 7 units at $65 Sale First purchase 32 units at $45 Sale 31 units at $66 Second purchase 25 units at $48 20 units at $66 Sale The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? 1,104 V b. What is the total cost of the ending inventory according to LIFO? X
Help me please with both FIFO and LIFO
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Units Sold at Retail Activities Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 Date Beginning Inventory May 1 Purchase 5 140 units @$20.00 Sales 10 100 units @ $13.00 Purchase 15 Sales 90 units@ $21.00
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
9
What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115
The following units of inventory item is available for sale durning the year : beginnig inventory 10 units at $55 first purchase 25 units at $60 second purchase 30 units at $65 third purchase 15 units at $70 the firm uses the periodic inventory system. Durning the year 60 units of items were sold the value of ending inventory using lifo is
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $45 15 units at $63 26 units at $48 Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? 18 units at $65 16 units at $50 15 units at $67 b. What is the total cost of the ending inventory according to LIFO?