**Inventory and Sales Transactions**This table summarizes inventory and sales transactions over a few months, detailing the date, type of transaction, number of units involved, the price per unit, and the total amount for each transaction. - **April 3** - **Transaction:** Inventory - **Number of Units:** 72 - **Per Unit:** $600 - **Total:** $43,200- **April 8** - **Transaction:** Purchase - **Number of Units:** 144 - **Per Unit:** $720 - **Total:** $103,680- **April 11** - **Transaction:** Sale - **Number of Units:** 96 - **Per Unit:** $2,000 - **Total:** $192,000- **April 30** - **Transaction:** Sale - **Number of Units:** 60 - **Per Unit:** $2,000 - **Total:** $120,000- **May 8** - **Transaction:** Purchase - **Number of Units:** 120 - **Per Unit:** $800 - **Total:** $96,000- **May 10** - **Transaction:** Sale - **Number of Units:** 72 - **Per Unit:** $2,000 - **Total:** $144,000- **May 19** - **Transaction:** Sale - **Number of Units:** 36 - **Per Unit:** $2,000 - **Total:** $72,000- **May 28** - **Transaction:** Purchase - **Number of Units:** 120 - **Per Unit:** $880 - **Total:** $105,600- **June 5** - **Transaction:** Sale - **Number of Units:** 72 - **Per Unit:** $2,100 - **Total:** $151,200- **June 16** - **Transaction:** Sale - **Number of Units:** 96 - **Per Unit:** $2,100 - **Total:** $201,600- **June 21** - **Transaction:** Purchase - **Number of Units:** 216 **FIFO Method Table: For the Three Months Ended June 30**This table illustrates the First-In, First-Out (FIFO) accounting method for inventory management. It is divided into three primary sections: Purchases, Cost of Merchandise Sold, and Inventory. The table provides detailed data for the period ending June 30, with specific dates noting purchases and stock management. Here's the breakdown:### Purchases- **April 3:** - Quantity: 144 - Unit Cost: $720 - Total Cost: $103,680- **April 8:** - Transaction data echoes April 3- **April 11:** - No data- **April 30:** - No data- **May 8:** - Quantity: 120 - Unit Cost: $800 - Total Cost: $96,000- **May 10:** - No data- **May 19:** - No data- **May 28:** - Quantity: 120 - Unit Cost: $880 - Total Cost: $105,600- **June 5:** - No data- **June 16:** - No data- **June 21:** - Quantity: 216 - Unit Cost: $960 - Total Cost: $207,360- **June 28:** - No data### Cost of Merchandise Sold- **April 11:** - Quantity: 72 - Unit Cost: $600 - Total Cost: $43,200- **May 8:** - No data- **May 10:** - No data- **May 19:** - Quantity: 36- **May 28:** - No correct data- **June 16:** - Quantity: 72- **June 21:** - No data- **June 28:** - No data### Inventory- **April 30:** - Quantity: 72- **May 8:** - Quantity: 60 - Quantity: 120- **June 5:** - No data- **May 28:** - No data-

Name: **Inventory and Sales Transactions**This table summarizes inventory a
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Description: **Inventory and Sales Transactions**This table summarizes inventory and sales transactions over a few months, detailing the date, type of transaction, number of units involved, the price per unit, and the total amount for each transaction. - **April

Business

Accounting

Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Quantity 144 ✓ 120 120 ✔ 216 V Purchases Unit Cost 720 ✓ 800 ✓ 880 ✓ 960 ✔ Total Cost $ 103,680 96,000 105,600 207,360 ✓ FIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 72 ✔ $ 36 ✓ 72 ✓ 96 ✔ Unit Cost 600✔ $ 720 X W Total Cost 43,200 ✔ Quantity 72 ✓ 72 ✓ ✓ $ 144 ✓ 60 ✓ Inventory 120 ✔ Unit Cost Total Cost

Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Quantity 144 ✓ 120 120 ✔ 216 V Purchases Unit Cost 720 ✓ 800 ✓ 880 ✓ 960 ✔ Total Cost $ 103,680 96,000 105,600 207,360 ✓ FIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 72 ✔ $ 36 ✓ 72 ✓ 96 ✔ Unit Cost 600✔ $ 720 X W Total Cost 43,200 ✔ Quantity 72 ✓ 72 ✓ ✓ $ 144 ✓ 60 ✓ Inventory 120 ✔ Unit Cost Total Cost

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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Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…
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