Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO. cost first in the Inventory Unit Cost column.
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- Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
- Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Inventory 39 units @ $57 30 units 23 units @ $60 13 units Date Apr. 1 Apr. 10 Apr. 15 Apr. 1 10 15 Apr. 20 Apr. 24 Apr. 30 20 24 30 Apr. 30 Balances Sale The business maintains a perpetual inventory system, costing by the first-in, first-out method. Quantity Purchased Purchase a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Sale Sale Purchase 9 units 36 units @ $62 Purchases Purchases Unit Total Cost Cost Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold Cost of Cost of Merchandise Merchandise Sold Sold…Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 45 units @ $44 10 Sale 38 units 15 Purchase 23 units @ $46 20 Sale 13 units 24 Sale 13 units 30 Purchase 20 units @ $48 The business maintains perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Purchases Purchases Cost of Merchandise Inventory Inventory Unit Total Quantity Purchased Sold Date Cost Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding…Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 79 units @ $97 10 Sale 54 units 15 Purchase 32 units @ $102 20 Sale 30 units 24 Sale 14 units 30 Purchase 27 units @ $106 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal…
- Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 60 units @ $81 10 Sale 49 units 15 Purchase 31 units @ $85 20 Sale 20 units 24 Sale 14 units 30 Purchase 31 units @ $89 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal…Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 43 units @ $57 10 Sale 32 units 15 Purchase 22 units @ $59 20 Sale 15 units 24 Sale 14 units 30 Purchase 25 units @ $63 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 53 units @ $92 10 Sale 37 units 15 Purchase 67 units @ $98 20 Sale 38 units 24 Sale 9 units 30 Purchase 30 units @ $104 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory…
- Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 65 units @ $62 10 Sale 55 units 15 Purchase 32 units @ $65 20 Sale 14 units 24 Sale 15 units 30 Purchase 34 units @ $68 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal…Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 40 units @ $86 10 Sale 31 units 15 Purchase 50 units @ $89 20 Sale 28 units 24 Sale 8 units 30 Purchase 24 units @ $93 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Perpetual Inventory AccountLIFO MethodPortable Game Players Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal Cost InventoryQuantity InventoryUnit Cost…Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 73 units @ $100 10 Sale 51 units 15 Purchase 96 units @ $105 20 Sale 54 units 24 Sale 13 units 30 Purchase 28 units @ $109 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.