**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 $
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▶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…
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
Instructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost. May 5th 100 units for $7 May 10th 70 units for $8 June 3rd 44 units for $5 July 5th 90 units for $6 July 8th 70 units for $4 Total units: 374 units Total cost: $2,300 Number of units sold: 300