Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. During December, the store made the following purchases. (Click the icon to view the purchases.) Best Yet uses the periodic inventory system, and the physical count at December 31 indicates that 85 units of merchandise inventory are on hand. Read the requirements Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO Data table Dec. 3 Dec. 12 Dec. 18 Print 20 units @ $82 each 30 units @ $87 each 45 units @ $90 each Done . X -

Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. During December, the store made the following purchases. (Click the icon to view the purchases.) Best Yet uses the periodic inventory system, and the physical count at December 31 indicates that 85 units of merchandise inventory are on hand. Read the requirements Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO Data table Dec. 3 Dec. 12 Dec. 18 Print 20 units @ $82 each 30 units @ $87 each 45 units @ $90 each Done . X -

Name: Best Yet Electronic Center began December with 80 units of merchandis
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each. DuringDecember, the store made the following purchases:(Click the icon to view the purchases.)Best Yet uses the periodic inventory system, and the p

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

The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached) 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below) Date Purchases Cost of Merchandise sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 16…
The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,900 units at $5 Feb. 17 Purchase 2,800 units at $7 Jul. 21 Purchase 3,200 units at $9 Nov. 23 Purchase 1,100 units at $11 There are 1,400 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
ddison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is
Zonkey Enterprises uses LIFO with a periodic inventory system to keep track of its inventory. It began the year with 100 units that cost $10 each. It made the following purchases: January 7, 100 for $12 each; January 22, 100 for $13 each. During the month it sold 120 units. How much ending inventory should be reported on the balance sheet, COGS on the January income statement, and cost of goods available for sale during the month? How is ending inventory being calculated?
Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Sant Summa is a retailer that purchases merchandise inventory from Lee Co. Sant Summa record inventory purchases using the gross method and the perpetual inventory system. Sant Summa started the month of July with $2,000 in inventory. Required: Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information. 2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point. (Inventory cost Lee $4,000) 3-Jul Paid $350 for shipping charges for the May 2 purchase. 4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co. (inventory cost to Lee of $170) 13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts. (Lee…
Cullumber Company uses a periodic inventory system. Its records show the following for the month of April, with 25 units on hand at April 30: Units Unit Cost Total Cost April 1 Inventory 30 $8 $240 12 Purchases 45 10 450 16 Purchases 17 11 187 Total 92 $877 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. )