Required information[The following information applies to the questions displayed below.]Trends by Taisha sells high-end leather purses. The company has the following inventory transactions for the year.DateJanuary 1April 9TransactionsBeginning inventoryPurchaseOctober 4PurchaseJanuary 1 to December 31SalesRequired:1. Using FIFO, calculate ending inventory and cost of goods sold.Ending inventoryCost of goods soldUnits1911114133Unit Cost$310330360Total Cost$5,8903,6303,960$13,480

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Description: Required information[The following information applies to the questions displayed below.]Trends by Taisha sells high-end leather purses. The company has the following inventory transactions for the year.DateJanuary 1April 9TransactionsBeginning inve

Answer : FIFO = This method ensures that the inventory that purchase first is sold first . Ending…

Answered: e uary 1 il 9 ober 4 2 uary 1 to…

Business

Accounting

e uary 1 il 9 ober 4 2 uary 1 to December 31 Transactions Beginning inventory Purchase Purchase Sales Units 19 11 11 41 33

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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Exercise 5-11 Perpetual: Inventory costing methods-FIFO and LIFO P1 Tree Seedlings has the following current year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Jan. 3 Beginning inventory Sales.. 40 units @ $2 = $ 80 30 units @ $8 Feb. 14 Purchase 70 units @ $3 = $210 Feb. 15 Sales.. 60 units @ $8 June 30 Nov. 6 Purchase Sales... 90 units @ $4 = $360 86 units @ $8 Nov. 19 Purchase Totals 20 units @$5-$100 220 units $750 176 units Required The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross profit for each method.
EX 7-12 Periodic inventory by three methods The units of an item available for sale during the year were as follow Jan Feb 17 July 21 Nov. 23 Inventory Purchase Purchase Purchase 1,000 units at $120 1.375 units at $128 1.500 units at $136 1,125 units at $140 OBJ. 2. 4 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method (b) the last-in, first-out method; and (c) the weighted average cost method.
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?
Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
1 rt 1 of 2 56 its 01:23:07 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales. Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Required 1 Required 2 Required 3 Date Units Acquired at Cost 300 units @ $14.00- - 520 units @ $19.00 = Complete this question by entering your answers in the tabs below. Goods Purchased 500 units # of units 200 units 1,520 units Cost per # of units sold unit 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 profit for FIFO method and LIFO method. Determine the costs assigned to ending inventory and to cost of goods sold…
PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBJ. 3 May 1 12 23 26 Inventory Sale Purchase Sale 50 units at 580 35 units 60 units at $90 55 units Asoming a perpetual inventory systen and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandiNe sold on May 26, and (c) the inventory on May 31.
Question 23 Al-Ahmed Co. uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during December 2011, were as follows: Units Unit Cost Total Cost 14 $ 400 $5 17 18 Beginning Inventory 1/1 1/20 Purchase 7/25 Purchase 10/20 Purchase 100 400 200 300 1.000 2,000 1,400 2.400 16.200 At December 31, the sales of this product consisted of 600 units, Required: Determine the cost of the year-End Inventory and the Cost Of Goods Sold for this product under the First-in. first out method of inventory valuation The Wr
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.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…
Avoid solution image based thnx And answer both questions by 1 FIFO 2 LIFO
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