culatorAddison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:Sept. 1Inventory20 units at $20Sale10 units10Purchase30 units at $2517Sale20 units30Purchase10 units at $30If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 isOa $650Ob. $800Oc. $700Od. $750( Previous

Workings: By following FIFO method cost of ending merchandise inventory on September,30 is $ 800.

Answered: culator Addison, Inc. uses a perpetual…

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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Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan 1 Inventory 50 units at $15.00 7 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 24 and (b) the inventory on January 31.
Perpetual System-Calculating Ending Inventory and Cost of Sales using FIFO Upland Co.'s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,600 $8.00 June 3 Purchases 3,200 8.40 Sales (at $16 per June 7 unit) 2,240 June 20 Purchases 2,176 9.00 Sales (at $16 per June 22 unit) 3,520 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. a. Ending inventory on June 30 $ 0 x b. Cost of goods sold for June $
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning inventory 29 units at $50 Sale 22 units at $70 First purchase 19 units at $51 Sale 17 units at $70 Second purchase 17 units at $54 Sale 12 units at $72 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?fill in the blank 1 of 2$ b. What is the total cost of the ending inventory according to LIFO?
The inventory data for an item for November are: Nov. 01 Inventory 20 units at $25 04 Sale 8 units 10 Purchase 32 units at $27 17 Sale 19 units 30 Purchase 23 units at $29 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a.$1,013 b.$713 c.$1,342 d.$689
Calculator Addison, 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 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Oa. $700 Ob. $650 Oc. $800 Od. $750 Previous
On March 1, 2021 Lesley Company issued at 103 plus accrued interest 4,000 of 9% P1,000 face value bonds. The bonds are dated January 1, 2021 and mature on January 1, 2031. Interest is payable semiannually on January 1 and July 1. The entity paid bond issue cost of P200,000. What is the net cash received from the bond issuance?
Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$12.20 = Purchase @$17.20 = Sales Purchase @ $22.20 = Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 255 units 410 units 455 units 155 units 1,275 units @ $27.20 $ 3,111 7,052 10,101 4,216 $ 24,480 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 profit for FIFO method and LIFO method. Units Sold at Retail 210 units 350 units 430 units 990 units @ $42.20 @ $42.20 @ $42.20
Mena Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory 20 units @ $3,000/unit Apr. 6 Purchase 30 units @ $3,500/unit Apr. 9 Sales 35 units @ $12,000/unit Apr. 17 Purchase 5 units @ $4,500/unit Apr. 25 Purchase 10 units @ $4,580/unit Apr. 30 Sales 25 units @ $14,000/unit Total 65 units 60 units Required Calculate the amount of Gross Profit by using FIFO method Weighted Average Method
Oriole Company completed the following transactions in October: Oriole uses a perpetual inventory system. Credit Sales Sales Returns Date Amount Terms Date Amount Date of Collection Oct. 3 $800 2/10,n/30 Oct. 11 1,500 3/10, n/30 Oct. 14 $300 Oct. 17 5,500 1/10, n/30 Oct. 20 1,250 Oct. 21 1,740 2/10, n/30 Oct. 23 440 Oct. 23 6,900 2/10, n/30 Oct. 27 500 (a) Indicate the cash received for each collection. Show your calculations. Oct. 8 Oct. 16 Oct. 29 Oct. 27 Oct. 28
Steven Company uses a perpetual inventory system. It sells its product to customers for $60 per unit. Below is information regarding inventory transactions for April. The company uses the FIFO method. Apr.1 Beginning Inventory 60 units @ $22 = $1,320 Apr. 12 Purchase 1 30 units @ $23 = $690 Apr. 18 Sale 1 15 units Apr. 20 Purchase 2 15 units @ $25 = $375 Apr. 29 Sale 2 50 units Using the FIFO inventory method, what is the cost of Ending Inventory? Show your calculations Blank 1. Fill in the blank, read surrounding text. Cost of Ending Inventory Blank 2. Fill in the blank, read surrounding text.
A please
Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost $10.50 950 400 12.00 Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 200 13.25 600 14.00 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Date Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $…

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