Complete the following table using the perpetual FIFO method of inventory flow.Cost ofGoods SoldPurchasesDateQty Unit CostTotal CostQtyJuly 2600 $12.005200$13.00300325 $14.00300$150 $$13.0050 $205$120$180 $330 $15.0070571012182225283131 Bal25000Unit Cost00Total Cost$$$$Qty$$$InventoryUnit Cost000Total Cost$$$$$000

The FIFO method stands for first in first out, where older inventory is sold first. Under perpetual…

Complete the following table using the perpetual FIFO method of inventory flow. Cost of Goods Sold Purchases Date Qty Unit Cost Total Cost Qty July 2 600 $12.00 5 200 $13.00 7 300 325 $14.00 300 150 $13.00 50 205 120 180 330 $15.00 70 10 12 18 22 25 28 31 F 250 Dal in 5 Unit Cost $ $ Total Cost 200 0000 Qty 3000 000 Inventory Unit Cost $ 000 0 Total Cost GA 19 40 40 69 19 69 0000 000

Complete the following table using the perpetual FIFO method of inventory flow. Cost of Goods Sold Purchases Date Qty Unit Cost Total Cost Qty July 2 600 $12.00 5 200 $13.00 7 300 325 $14.00 300 150 $13.00 50 205 120 180 330 $15.00 70 10 12 18 22 25 28 31 F 250 Dal in 5 Unit Cost $ $ Total Cost 200 0000 Qty 3000 000 Inventory Unit Cost $ 000 0 Total Cost GA 19 40 40 69 19 69 0000 000

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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I have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Can you help me figure this out? Date Transaction # of Units Unit Cost Total Cost Jan. 1 Beginning Inventory 300 $5 $1500 Jan. 19 Purchase 400 6.50 2600 Feb. 2 Purchase 600 7 4200 Mar. 30 Purchase 500 8.50 4250 Apr. 10 Purchase 350 9 3150 May 29 Purchase 700 9.50 6650 Total Purchases: 2550 units--$20850 Jun. 1 Sale 1000 units
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.
Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
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