Could you please do perpetual and periodic? Thank you!

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Could you please do perpetual and periodic? Thank you! 

29
Moving Average, FIFO, LIFO, Arthur Lloyd Associates provided the following information regarding its
inventory for the current year, its second year of operations.
SMU Co
Transaction
Units
Sales in Units
Unit Cost
Total Cost
Beginning inventory 1/1
$18
$ 180,000
Purchases
February 8
E10-1
460,000
March 15
18,600
22
409,200
Subtotal
51,600
$1,049,200
Units Sold-April 2 at $41
49,500
April 30
28
1,036,000
July 15
12,400
31
384,400
Subtotal
$2,469,600
Units Sold-September 1 at $47
November 9
34,500
1,000,500
Total available for sale
135,500
$3,470,100
Total units sold
(75,500)
Ending inventory
00 0n0,
Required»
Compute Arthur Lloyd's ending inventory and cost of goods sold under each of the following cost-flow
methods assuming the company uses-a-perpetual-inventory system (round your answer for cost per unit to
two decimal places):
a. Moving Average
periodic
c. LIFO
b. FIFO
Transcribed Image Text:29 Moving Average, FIFO, LIFO, Arthur Lloyd Associates provided the following information regarding its inventory for the current year, its second year of operations. SMU Co Transaction Units Sales in Units Unit Cost Total Cost Beginning inventory 1/1 $18 $ 180,000 Purchases February 8 E10-1 460,000 March 15 18,600 22 409,200 Subtotal 51,600 $1,049,200 Units Sold-April 2 at $41 49,500 April 30 28 1,036,000 July 15 12,400 31 384,400 Subtotal $2,469,600 Units Sold-September 1 at $47 November 9 34,500 1,000,500 Total available for sale 135,500 $3,470,100 Total units sold (75,500) Ending inventory 00 0n0, Required» Compute Arthur Lloyd's ending inventory and cost of goods sold under each of the following cost-flow methods assuming the company uses-a-perpetual-inventory system (round your answer for cost per unit to two decimal places): a. Moving Average periodic c. LIFO b. FIFO
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 7 images

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education