Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand O More Info Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Nov 2 Nov. 2 Purchased 12 gallons @ $1.90 each 6 Purchased 3 gallons @ $2.20 each 8 Sold 4 gallons of milk to a customer 13 Purchased 2 gallons @ $2.35 each 14 Sold 6 gallons of milk to a customer

Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand O More Info Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Nov 2 Nov. 2 Purchased 12 gallons @ $1.90 each 6 Purchased 3 gallons @ $2.20 each 8 Sold 4 gallons of milk to a customer 13 Purchased 2 gallons @ $2.35 each 14 Sold 6 gallons of milk to a customer

Name: Pass N Go, a regional convenience store chain, maintains milk invento
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Description: Pass N Go, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Charlotte, North Carolina, location follow:A (Click the icon to view the purchases and sales)Read the requiremen

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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Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.
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