Date Total $510.00 $504.00 $798.00 $220.00 $26.00 $1,300.00 Item Quantity 30 28 Cost Per Unit 1-May Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase $17.00 $18.00 $19.00 $22.00 42 10 50 Sold 135 Units @ $37 each Sales

Date Total $510.00 $504.00 $798.00 $220.00 $26.00 $1,300.00 Item Quantity 30 28 Cost Per Unit 1-May Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase $17.00 $18.00 $19.00 $22.00 42 10 50 Sold 135 Units @ $37 each Sales

Name: DateTotal$510.00$504.00$798.00$220.00$26.00 $1,300.00ItemQuantity3028
Uploaded: 2024-03-20T06:32:37.000Z
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Description: DateTotal$510.00$504.00$798.00$220.00$26.00 $1,300.00ItemQuantity3028Cost Per Unit1-May Beginning Inventory8-May Purchase15-May Purchase22-May Purchase29-May Purchase$17.00$18.00$19.00$22.00421050Sold 135 Units @ $37 eachSales

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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Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 20 80 Jun-13 Purchase 150 1.4 210 230 Jun-18 Sales 100 130 Jun-20 Purchase 100 1.6 160 230 Jun-30 Purchase 150 1.8 270 380 750 Round your answer to the nearest dollar. (eg $54.4.input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System Cost of Good Sold Ending Inventory Average Cost Periodic System Cost of Good Sold Ending Inventory FIFO Perpetual System Cost of Good Sold Ending Inventory Average Cost Perpetual System Cost of Good Sold Ending Inventory
Activities Units Acquired at Cost Units Sold at Retail Date 3e0 units $14.00 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales - $ 4, 200 258 units a $44.00 520 units e $19.00 9,88e 468 units e $44.00 see units $24.00 12, 000 f 2 488 units e $44.00 Oct. 26 Purchase 200 units e $29.00 5,800 Totals 1,520 units $31,888 1,198 units :13:51 Required: Hemming uses a perpetual inventory system. 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 margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Coat Cost of Gooda sold Cost per unit Inventory Balance Cost # of unite #…
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
Units Cost Beginning inventory 50 $10 Purchase (June 5) 10 16 Purchase (June 15) 30 14 Sale (June 20) 40 Sale (June 25) 20 Purchase (June 30) 10 20 26. Refer to Exhibit 7-4. Assuming RJ uses a perpetual moving average cost flow assumption, cost of goods sold for June would be a. $512 b. $560 c. $768 d. $720 27. Refer to Exhibit 7-4. Assuming RJ, Inc. uses a periodic weighted average cost flow assumption, ending inventory for June would be a. $512 b. $560 c. $768 d. $720
Activities Units Acquired at Cost 3e0 units $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 18 Sales - $ 4, 200 250 units e $44.00 Mar.14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase 520 units e $19.00 9,880 468 units e $44.00 see units a $24.00 12, 800 488 units e $44.00 200 units e $29.00 5,800 Totals 1,528 units $31,88e 1,198 units Required: Hemming uses a perpetual inventory system. 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 margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per unit Inventory Balance Cost of Goode Sold TCost per unit Cost # of unite #…
e Acco Q Acco Unit Acco G the i G Whe G A me O Que: O Chap G A me + Accc ассо асco om Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold Ending inventory Gross profit b. First-in, first-out (FIFO) Cost of goods sold %24 Ending inventory Gross profit c. Weighted-average (round the unit…
C7 Exercises O eBook E E Print Item Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units Mаy 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances Check My Work 2 more Check My Work uses remaining. Previous…
Number of Units Date Transaction Cost Apr. 1 Beginning inventory Apr.20 Purchase 480 $2.0 35e 2.68 Dunbar sold 590 unts of inentory during the month Endng inventory assuning welhted average cost would be decimal pisces and final enswer to the neerest doller amount)
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lem Set GO GO ALGO ALGO 2.ALGO 12 5.01. ALGO 5.06 05.04 ] 06.07 ALGO E.06.04 ALGO E.06.06 ALGO eBook < N Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units at $41 Sale 38 units at $62 First purchase 20 units at $42 Sale 17 units at $64 Second purchase 28 units at $43 Sale 19 units at $65 The firm uses the perpetual inventory system, and there are 18 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? S b. What is the total cost of the ending inventory according to LIFO?
Question 1 PioneerLtd is a company operating in the retail sector. The beginning inventory of Pioduct EF50S9 and information about purchases and sales made dhuing June are shown below: 1. 6000 unit: @$2.00 per unit 4500unit: @$2.25 per unit June 1 Inventory 4 Purchas es Sales 4000 units 12 Purchas es 4000 units @$2.30 per unit 21 Sales 3000 units 24 Sales 2800 units 26 Purchas es 3000 unit: @$2.35 per unit 30 Sales 2500 units Selling price for product EF5OS9 is $5 perunit. Other expenses for the monthwere $523 Required: А. Record the infomation on a peipetual inventory record using each of the following methods: 1. FIFO 2. moving a verage 3 LIFO
Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of…