($) ('$) Unit Total Balance Cost in Units 50 Date Explanation Units Cost Jun-01Beginning inventory 50 1.0 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 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 COGS Ending Inventory Average Cost Periodic System COGS Ending Inventory FIFO Perpetual System COGS $ Ending Inventory Average Cost Perpetual System COGS Ending Inventory %24 %24 %24 %24 %24

($) ('$) Unit Total Balance Cost in Units 50 Date Explanation Units Cost Jun-01Beginning inventory 50 1.0 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 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 COGS Ending Inventory Average Cost Periodic System COGS Ending Inventory FIFO Perpetual System COGS $ Ending Inventory Average Cost Perpetual System COGS Ending Inventory %24 %24 %24 %24 %24

Name: ('$)('$)UnitTotalBalanceDateExplanationUnitsCostCostin UnitsJun-01Beg
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Description: ('$)('$)UnitTotalBalanceDateExplanationUnitsCostCostin UnitsJun-01Beginning inventory501.05050Jun-06Purchase501.260100Jun-10Sales6040Jun-13Purchase1501.4210190Jun-20Purchase1001.6160290Jun-25Purchase1501.8270440Jun-30Sales150290Round your answer to

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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Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.
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Ee 453.
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How to do this. Please explain. Thank you.
# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
Knowledge Check 01 A company has gathered the following per unit cost and replacement cost information relating to Its inventory: - Item A: 5 units with a cost of $50 and a net realizable value of $45 Item B: 7 units with a cost of $60 and a net realizable value of $65 Item C: 9 units with a cost of $30 and a net reallizable value of $25 Under the lower of cost or net realizable value method, what is the amount of ending inventory that should be reported on the company's balance sheet? Ending inventory 45 Form 1040Sch....pdf Form1040 Sch...pdf f1040 Schedul..pdf Form8829 (1).pdf MacBook Air
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).