FER-8= use excelThe following information is available for Juddo Inc., a merchandising business in St. Catharines,Ontario. The business uses the perpetual inventory system and controls its inventory using theFIFO method.Description NumberDateUnit CostSellingof UnitsPriceMay 1Opening150$4May 12Purchase50$5May 22Sale158$12May 30Purchase 90$6Calculate the cost of goods sold and the ending inventory, using a perpetual inventory system.In addition, provide the entries for all the transactions (the chart is provided on the next page.)NOTE: more rows have been provided than you require. Assume all sales and purchases weremade for cash.

The objective of the question is to calculate the cost of goods sold (COGS) and the ending inventory…

Answered: FER-8= use excel The following…

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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Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 O Multiple Choice O Activities Beginning Inventory Purchase Sales Purchase Sales $5.555 $4.990 $5,000 $5.565 Units Acquired at Cost 280 units @ $13 285 unite à $15 165 unite# $16 Units Sold at Retail 205 units @ $23 155 units $24
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $16 11 Purchase 17 units @ $14 14 Sale 26 units 21 Purchase 10 units @ $20 25 Sale 19 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Total Cost Qty Unit Cost Date April 3 11 14 21 25 Balances Purchases Qty Purchases Unit Cost Purchases Total Cost 00 A FA 00 00 00 Inventory Qty 0000 000 Inventory Unit Cost 000 0000 $ S Inventory Total Cost
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $14 11 Purchase 14 units @ $15 14 Sale 26 units 21 Purchase 14 units @ $19 25 Sale 14 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 20 %24 14 11 14 15 20 $4 14 14 %24 $ 15 14 20 14 $ 21 14 19 24 %24 25 Total Cost of goods sold Ending inventory value
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $12 11 Purchase 16 units @ $14 14 Sale 23 units 21 Purchase 10 units @ $21 25 Sale 15 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value SAMSUNG SC DII 女 %23 $ &. 2 3 5 6 8 e t y a S C V alt alt
es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 57 units @ $47 10 Sale 37 units 15 Purchase 30 units @ $49 20 Sale 25 units 24 Sale 17 units 30 Purchase 24 units @ $51 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold…

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