Date Blankets Units Cost May 3 Purchase $15 10 Sale 17 Purchase 12 $18 20 Sale 23 Sale s23 30 Purchase Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost metho Oa. sz07 Ob. 54 Oc. 545 Od. s00

Date Blankets Units Cost May 3 Purchase $15 10 Sale 17 Purchase 12 $18 20 Sale 23 Sale s23 30 Purchase Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost metho Oa. sz07 Ob. 54 Oc. 545 Od. s00

Name: DateBlanketsUnitsCostMay 3Purchase$1510Sale317Purchase12$1820Sale523S
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: DateBlanketsUnitsCostMay 3Purchase$1510Sale317Purchase12$1820Sale523Sale330Purchase$23Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.Oa. s20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: July 1 Inventory 94 units @ $30 5 Sale 75 units 11 Purchase 104 units @ $34 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 73 units @ $18 7 Sale 47 units 15 Purchase 54 units @ $20 24 Sale 33 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) inventory on October 31
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 39 units @ $15 Oct. 7 Sale 31 units Oct. 15 Purchase 39 units @ $17 Oct. 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24 fill in the blank 1 of 2b. Inventory on October 31 fill in the blank 2 of 2
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88 - HX are as follows: Mar. 1 Inventory 104 units @ $168 Sale 83 units 15 Purchase 115 units @ $20 27 Sale 97 units Assuming a perpetual inventory system and using the last -in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goodssold on Mar. 27 $ fill in the blank 1 b. Inventory on Mar. 31 $ fill in the blank 2
The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20 7 Sale 31 units 15 Purchase 35 units @ $23 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 300 units at $9 200 units 400 units at $11 300 units Oct. 1 13 22 Inventory Sale Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit 29 b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. Feedback
Ow.com 20om eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $24 7. Sale 32 units Purchase II 15 45 units @ $29 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 621 X b. Inventory on October 31 1,073 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost inventory in terms of "layers". Determine how much in b. The ending inventory is made up of the
TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21