Exercise 1 Perpetual Inventory RecordGuitars and More had a large inventory of guitars and other musical instruments. Using the FIFO methodand the perpetual inventory system, the company recorded initial inventory, purchases and sales.Determine the cost of merchandise sold and the inventory value.DateDetailsCuantityUnit CostMay 1Initial inventory$789.Sale14|Pபோrchase129013Sale30Sale

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Answered: Exercise 1 Perpetual Inventory Record…

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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Cullumber Corporation issues $430,000 of bonds for $447,200. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit
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Question 8 0.5 points Save Answer Jlo uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning Inventory (Jan.1) 16 units @ $11 each 14 units @ $18 each Purchase Jan. 11 Purchase Jan. 20 23 units @ $22 each On January 24, the company sold 25 units of this product. The other 28 units remained in inventory at January 31. Assuming average cost flow, the total value of ending inventory at January 31 is: Round ONLY your final answer to the nearest dollar. GIVE ANSWERS FOR ALL NUMERIC COMPUTATIONS AS A SINGLE TOTAL DOLLAR AMOUNT WITHOUT USING $ SIGN Moving to another question will save this response. <
Question Content Area Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 8 $18 10 Sale 3 17 Purchase 11 $16 20 Sale 6 23 Sale 3 30 Purchase 9 $20 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $288 b. $256 c. $320 d. $292
ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
Ow.com 20om eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $24 7. Sale 32 units Purchase II 15 45 units @ $29 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 621 X b. Inventory on October 31 1,073 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost inventory in terms of "layers". Determine how much in b. The ending inventory is made up of the
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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
Question content area top Part 1 Zephron Music purchased inventory for $ 4 comma 200 and also paid a $ 380 freight bill. Zephron Music returned 20% of the goods to the seller and later took a 2% purchase discount. Assume Zephron Music uses a perpetual inventory system. What is Zephron Music's final cost of the inventory that it kept? (Round your answer to the nearest whole number.)
Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 6.00 per kilo $ 20.00 per hour $ 6.00 per hour Direct materials 8.5 kilos Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units Raw materials used in production 29,030 kilos Purchases of raw materials 31,600 kilos Actual direct labor-hours 1,160 hours $ 195,920 $ 22,736 $ 7,540 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for August is:
Exercise 3 Perpetual Inventory Log Guitars and more had a large inventory of guitars and other musical instruments. Using the average inveteracy method and the Perpetual Inventory System, the company recorded initial Inventory, purchases, and sales. Determines the cost per unit and cost of the merchandise sold. Date Detail Amount Unit cost (unit cost) May 1 Initial inventory $75 Sale 4. 8. Purchase 11 85 13 Sale 30 Sale 5,

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