Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 104 units @ $34 Sale 83 units 15 Purchase 115 units @ $36 27 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFOO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31

Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 104 units @ $34 Sale 83 units 15 Purchase 115 units @ $36 27 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFOO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31

Name: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sal
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:Mar. 1Inventory104 units @ $34Sale83 units15Purchase115 units @ $3627Sale97 unitsAssuming a perpetual inventory system and using the last-in, first

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

Use the weighted-average inventory method to calculate the cost of the ending inventory for the inventory table below. Units Cost per Total Retail price Total retail cost per unit $1,067 $189 $150 $490 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory purchased unit 97 $11 21 $9 $10 $14 15 35 168 89 79 (Round to the nearest cent as needed.) $1,896 $17 $12 $18 $21 *** value $1,649 $252 $270 $735 $2,906
You are given the following data in relation to two items held in inventory. Item A Item B Purchase price Select one: O a. 230 b. 240 O c. 170 d. 196 e. 206 160 40 200 Costs incurred to date 20 10 30 Estimated selling price 170 80 250 Selling costs 24 20 44 What is the aggregate amount at which inventories of these items should be stated in the statement of financial position?
Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1Beginning inventory 90 units @ $36 each May 6Sold 75 units @ $50 each May 15Purchased 125 units @ $38 each May 24Sold 80 units @ $51 each What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system?
What is the correct ending balance of Inventory under the LIFO method given the following information? Beginning Inventory: 35 units @€17, Purchase 1: 10 units @€22, Purchase 2: 15 units @€35, Ending Inventory: 40 units. Assume that the sale occurs after all inventory purchases. Answer: X
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
answer in text form please (without image)
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 110 $49 Purchased Mar. 2 170 51 Sold Mar. 31 for $70 per unit 87 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin $1 %24 %24
Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method.January 1 Beginning Inventory 20 units at $20 eachJanuary 10 Purchase 24 units at $25 eachJanuary 31 Purchase 25 units at $28 eachOn January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c. $700 d. $600
Required:Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
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.