**Exercise 2: Journalizing Inventory Transactions**Journalize Golf Unlimited’s inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.)- Under the FIFO method, the first items purchased are the first ones to be sold.- Record the transactions in a perpetual inventory system.- Ensure accuracy in reflecting both the ending inventory and cost of goods sold for the month.Note: As this is an educational exercise, practical application should follow proper guidelines and consult with accounting standards. **Inventory and Sales Records for Golf Unlimited****Use the following information to answer Exercises E6-16 through E6-18.**Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters:| **Date** | **Item** | **Quantity** | **Unit Cost** ||----------|------------|--------------|---------------|| Nov. 1 | Balance | 24 | $53 || 6 | Sale | 20 | || 8 | Purchase | 30 | $70 || 17 | Sale | 30 | || 30 | Sale | 2 | |This table provides detailed records of transactions involving putters, including opening balance, sales, and additional purchases made during November. The unit cost for purchases is also noted where applicable.

Under perpetual inventory system, entry for cost of goods sold is made at each sales. Under FIFO,…

ese he following information to answer Exercises Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Unit Cost Item Quantity Date 24 $ 53 Nov. 1 Balance Sale 20 70

ese he following information to answer Exercises Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Unit Cost Item Quantity Date 24 $ 53 Nov. 1 Balance Sale 20 70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Done Jedi Knights_Prob.pdf Q Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units 200 600 400 Unit Cost $150 160 170 Required: Show your work! 1.) What is the cost of goods available for the company? $ D Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $
Sh15
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
The annual inventory the following information for 20 inch tires. Quantity Date Jan 11 Mar zo Jol 11 Sep 11 Nov 13 Total available for Sale Begining Inventory Purchase Purchase A 112.60 B 120.00 152.00 221.00 Purchase Purchase of Big Wheels INC. Shows. A Answer ky 50 10 40 154 Cost Total 6.50 325 24 30 22.50 22.50 20.50 26.50 If 34 tires were on hand Dec 31 What is the Value of ending inventory using the LIfo method of Inventory pricing ? 205 636 675 900 $2,741
Rahul
Godo
find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 310 units 150 units 210 units $ 7- $2,170 $9- 1,350 $10- 2,100 90 unite $12 - 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average, b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
Haresh
Required Informatlon [The following Information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptions