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.

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.

Name: Beginning inventory, purchases, and sales for an inventory item are a
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Beginning inventory, purchases, and sales for an inventory item are as follows:Sep. 1 Beginning Inventory 22 units @ $155 Sale15 units17 Purchase28 units @ $1630 Sale14 unitsAssuming a perpetual inventory system and the last-in, first-out method:a.

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

Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period.Date Activity Units Purchase Price (per unit)Sale Price(per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Cost of Goods Sold (units) Total COGS after…
Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 37 units @ $22 9 Sale 31 units 13 Purchase 37 units @ $25 28 Sale 10 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Aug. 13 Purchase Nov. 30 Purchase Available for sale There are 22 units of the item in the physical Inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). 20 units at $29 7 units at $31 9 units at $32 36 units $580 217 288 $1,085 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted averi Chapter 7 homework assignment take frame
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 102 units @ $35 8 Sale 82 units 15 Purchase 113 units @ $37 27 Sale 95 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59
What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice A) $18.00 B)$17.42 C)$19.63 D)$14.00 E)$15.80