5: Chapter 6 Homework ×<CengageNOWv2 | Online teachBeginning inventory, purchases, and sales for an inventory item are as follows:Sep. 1 Beginning Inventory 23 units @ $115 Sale17 Purchase30 Sale14 unitsCheck My Work26 units @ $1414 unitsAssuming a perpetual inventory system and the last-in, first-out method:a. Determine the cost of the goods sold for the September 30 sale.Sb. Determine the inventory on September 30.$+SearchAll work saved.hASUS VIVOBOOKE

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Description: 5: Chapter 6 Homework ×<CengageNOWv2 | Online teachBeginning inventory, purchases, and sales for an inventory item are as follows:Sep. 1 Beginning Inventory 23 units @ $115 Sale17 Purchase30 Sale14 unitsCheck My Work26 units @ $1414 unitsAssuming a

In the perpetual system of inventory and LIFO, the units purchased last are sold first. Perpetual…

Answered: - Determine the inventory on September…

Business

Accounting

- Determine the inventory on September 30.

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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Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
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Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
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